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GC Asia
BNP Paribas, CS and ING to cut Amazon oil financing
Three of the most active banks in financing oil exports from the Ecuadorian Amazon — an environmentally destructive industry with a long track record of trampling on indigenous people’s rights — have agreed to cease important parts of their financial support, after pressure from NGOs and a devastating oil spill in 2020.
BNP Paribas, Credit Suisse and ING were among six European banks criticised by Amazon Watch and Stand.Earth in a report last year for providing trade finance to companies exporting oil from the region.
These three banks have now all told the NGOs they will withdraw from the business. ...Already a subscriber? Login
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