European lenders exit Amazon oil trade after scrutiny by campaigners

[Judi Lynn]

Source: Reuters

JANUARY 24, 2021 10:04 PMUPDATED AN HOUR AGO

By Brenna Hughes Neghaiwi, Matthew Green, Simon Jessop

6 MIN READ


ZURICH/LONDON (Reuters) - Credit Suisse, Dutch lender ING and France’s BNP Paribas have decided to stop financing the trade in crude oil from Ecuador, the banks said on Monday, following pressure from campaigners aiming to protect the Amazon rainforest.

The role of European lenders in backing the trade came under scrutiny in August, when a report by advocacy groups Stand.earth and Amazon Watch named six European banks as major financiers of Ecuadorean oil exports to U.S. refineries.

Indigenous leaders battling to prevent further oil exploration in their territory said the banks’ role had made them complicit in oil spills, violations of land rights and the destruction of rainforest by Ecuador’s oil industry.

“The banks’ commitment is a milestone,” Marlon Vargas, president of the Confederation of Indigenous Nationalities of the Ecuadorian Amazon, told Reuters. “The banks should finance other forms of economic development, but not oil extraction.”

The August report had named the three banks alongside France’s Natixis, Switzerland’s UBS and Dutch bank Rabobank as the main backers of the shipment of about $10 billion of Ecuadorean oil to the United States over the past decade.

Read more: https://www.reuters.com/article/climate-change-banks/european-lenders-exit-amazon-oil-trade-after-scrutiny-by-campaigners-idUSL8N2JW50S?rpc=401&

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[marble falls]

1. Are we getting a 'Post Election Spring'?

[OldBaldy1701E]

2. So, where is all that oil going again?

When there is a buyer, there will always be a seller. Stop the glut of oil being consumed by the US and you will stop a lot of this exploitation of smaller countries. I won't be holding my breath on this one either...