* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 29, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

    How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

    Ostin Technology (OST): Volatility’s Warning or Contrarian Opportunity? – AInvest

    Ostin Technology (OST): Navigating Market Volatility – Red Flag or Hidden Opportunity?

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

    How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

    Ostin Technology (OST): Volatility’s Warning or Contrarian Opportunity? – AInvest

    Ostin Technology (OST): Navigating Market Volatility – Red Flag or Hidden Opportunity?

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home General

Pressure grows on governments and banks to stop supporting Amazon oil and gas 

July 25, 2023
in General
Pressure grows on governments and banks to stop supporting Amazon oil and gas 
Share on FacebookShare on Twitter

An upcoming summit on protecting the Amazon has become the focus of a Indigenous and civil society-led campaign to set up an exclusion zone for fossil fuels

South American nations and international financial institutions are coming under increasing pressure to stop exploiting oil and gas in the Amazon ahead of key political talks in Brazil.

Leaders will be meeting next month at the Amazon Summit in Belém, a city also due to host the Cop30 climate talks in 2025, to discuss the 45-year-old Amazon Cooperation Treaty for the first time in several years.

The final guest list is not yet clear, but nations across Latin America are expected to be represented as well as some from Europe.

Brazilian president Luiz Inacio Lula da Silva has rebooted the summit in the hope of using it to build support for his commitment to end illegal deforestation in the Amazon by 2030, but curbing fossil fuel extraction does not appear to be on the agenda.

G20 divisions over key climate goals pile pressure on Cop28 hosts

However, a grassroots campaign led by Indigenous groups and civil society argues such a move is essential to combat climate change, and to protect biodiversity and the Indigenous people that live there.

The campaign builds on an existing effort to get a global pact for the permanent protection of four-fifths of Amazonia by 2025. Focusing specifically on oil and gas, it calls for an Amazon exclusion zone where no fossil fuels can be exploited, in line with the International Energy Agency’s (IEA) warning that there can be no new fossil fuel projects if the world is to stay under a 1.5°C warming threshold.

Domestic exploitation

A number of South American countries in which the Amazon rainforest lies have been trying to boost domestic oil and gas exploration and extraction in recent years. 

Peru is proposing to place 31 oil blocks over 435 indigenous communities, while Bolivia recently finalised an ‘Upstream Reactivation Plan’.

Meanwhile, the result of a forthcoming Ecuadorian referendum about oil exploitation in the Yasuní rainforest will be hugely significant for that part of the Amazon but will also send a wider message about the region’s priorities.

In Brazil, a far-right Congress is proposing to gut the powers of both the ministries of the environment and Indigenous peoples, throwing Lula’s deforestation pledge into doubt. 

The Brazilian president’s own ambitions of positioning himself as climate leader have also been called into question over his stance on an oil drilling project at the mouth of the Amazon river. He recently said he found it “difficult” to believe that oil exploration in the Amazon basin would damage the region’s rainforest.

EU and Argentina strike gas, hydrogen & renewables deal

Ahead of the Amazon Summit, Indigenous groups will be meeting in Brazil to share fossil fuel resistance strategies, with the support of campaign group 350.org. 

“From this we hope will come a very powerful document that will inform the discussions of the presidents in Belém,” said Ilan Zugman, 350.org’s Latin America managing director. “Hopefully it will have some very strong messages saying no new fossil fuel projects in the Amazon.”

Petro’s lead

Zugman said Colombian president Gustavo Petro had been a “very loud voice” in support of this idea. 

In a recent opinion piece for the Miami Herald, Petro called on Amazon countries and their partners in the Global North to end new oil and gas exploration in the Amazon.

He said that, while ending deforestation was “fundamental”, it had to be accompanied by “an ambitious transnational policy to phase out fossil fuels”.

Dozens of oil & industry lobbyists attended secretive shipping emissions talks

Petro said some countries, like Colombia, could allocate a “substantial amount of resources” to protect the Amazon. 

But he stressed that curbing oil and gas exploitation would have a big economic impact on poorer South American nations and called on countries like the US to help with financial mechanisms such as debt-for-climate swaps, a multilateral fund that funds environmental protection services by inhabitants of these territories, or the kind of financial reforms being progressed by the Bridgetown initiative. 

At a recent meeting, the Colombian and Brazilian presidents pledged to cooperate to protect the Amazon but the latter did not appear to make any concessions on oil and gas.

“We need to convince other presidents like Lula.. to step up as well and really play this leadership role,” said Zugman, “to not allow fossil fuel exploration in one of the most important places of the world.” 

Banking spotlight

Campaigners are also stepping up pressure on financial institutions to stop financing oil and gas projects in the region.

A report, published today by NGO Stand.earth and the Coordinator of Indigenous Organizations of the Amazon Basin (COICA), shows that US$20 billion has been provided to explore and exploit reserves in Peru, Colombia, Brazil and Ecuador over the past 15 years.

More than half of this (US$11 billion) came from just eight banks: JPMorgan Chase, Citibank, Itaú Unibanco, HSBC, Santander, Bank of America, Banco Bradesco and Goldman Sachs.

Six of these banks are either headquartered in the US or act through their US subsidiary and operate in deals across the region, while the two Brazilian companies – Itaú Unibanco and Banco Bradesco – are highly connected to specific oil and gas projects in that country. 

The report is accompanied by a database of all the banks involved in Amazon oil and gas through directly traceable and indirect financing, for example by providing loans or underwriting bond deals for upstream and midstream development and transport of oil and gas in Amazonia. 

The EU-Mercosur trade deal will harm Brazil’s indigenous communities

JPMorgan Chase tops the list, having directly provided US$1.9 billion in direct financing to oil and gas in the region over the past decade and a half.

Together with HSBC, it was a major backer of Petroperú’s Talara refinery expansion project, which is driving the exploitation of oil on Indigenous land in the Peruvian Amazon.

JPMorgan Chase has ruled out support for the highly controversial East African Crude Oil Pipeline project, but made no such commitment on oil and gas activity in the Amazon or wider fossil fuel expansion. 

Made with Flourish

The Stand.earth report says an Amazon exclusion for financial institutions is an “essential strategy” to protect the region from oil, gas, and other extractive industries.

Although no banks have completely ruled out funding fossil fuels in Amazonia – the geographic region around the Amazon basin – the report does praise some companies for starting to recognise the risks involved. 

Exclusion policies

 In May 2022, BNP Paribas pledged to no longer finance or invest in companies producing from oil and gas reserves in the Amazon or developing related infrastructure, becoming the first major bank to adopt a geographical exclusion of oil and gas in this area.

And in December 2022, HSBC amended its policies to exclude all new finance and advisory services for any client for oil and gas project exploration, appraisal, development, and production in the Amazon Biome.

The EU-Mercosur trade deal will harm Brazil’s indigenous communities

Stand.earth says these two companies, along with some others, are “sending important signals” that banks should be willing to review their relationship to Amazon destruction and take steps to manage that risk.

These also go some way towards the Exit Amazon Oil and Gas principles devised by international advocacy groups including Stand.earth and Amazon Indigenous leaders.

Clear boundaries

Angeline Robertson, lead researcher of Stand Research Group, said efforts to restrict fossil fuels should cover the wider Amazonia area “to avoid confusion or allow banks to define the exclusion zone themselves.

This was an issue with Arctic exclusions, where banks used different boundaries in their policies.”  Standard Chartered’s and BNP Paribas’ exclusions, for example, cover the ‘Amazon’ or ‘Amazon Basin’, while Société Générale and Intesa Sanpaolo’s policies include only the Amazon regions of Ecuador and Peru.

Zugman said both governments and financial institutions had a big role to play in protecting the region. “Governments need to step up first. And banks… should be there by their side to support these bold decisions and to help accelerate the just energy transition.”

He added that banks could play an important role in the Amazon by supporting a just energy transition. “Energy access is still a big deal in the Amazon and banks could, in consultation with communities, be helping them have clean access to energy instead of investing in businesses that are going to destroy their lands.”

Zugman said the Belém summit was vital because it would inform about protection of the Amazon at Cop28 in December as well as the next G20 meeting which Brazil is due to host. “We’re really pushing together for this moment.” 

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ClimateHomeNews – https://www.climatechangenews.com/2023/07/25/amazon-oil-and-gas-brazil-banks/

Previous Post

G20 divisions over key climate goals pile pressure on Cop28 hosts

Next Post

3 ways CSOs have evolved to key corporate advisors

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

June 29, 2025
Fireworks sales support Folsom youth sports: ‘This is our biggest fundraiser’ – Sacramento Bee

Fireworks Sales Ignite Support for Folsom Youth Sports: “This Is Our Biggest Fundraiser

June 29, 2025
Murder, she measured: The impressive science behind Agatha Christie’s poisons – Big Think

Deadly Secrets Unveiled: The Fascinating Science Behind Agatha Christie’s Poisons

June 28, 2025
Science and social norms – Golf Course Management magazine

How Science is Revolutionizing Social Norms in Golf Course Management

June 28, 2025
Study Links Skipping Breakfast to Poor Diet and Lifestyle Habits in Teens – Olive Oil Times

Study Links Skipping Breakfast to Poor Diet and Lifestyle Habits in Teens – Olive Oil Times

June 28, 2025
What Worries the World – June 2025 – Ipsos

Top Global Concerns Shaping June 2025

June 28, 2025
Small business owners aren’t jumping for joy about the US economy – but they still aren’t jumping ship – The Guardian

Small Business Owners Hold Firm Amid Ongoing Uncertainty About the US Economy

June 28, 2025
U.S. uninsured rates could resurge if Trump’s budget bill passes – NPR

U.S. Uninsured Rates Could Surge if Trump’s Budget Bill Becomes Law

June 28, 2025
Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

June 28, 2025
Axios Event: Media execs are betting big on women’s sports – Axios

Axios Event: Media execs are betting big on women’s sports – Axios

June 28, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (699)
  • Economy (722)
  • Entertainment (21,613)
  • General (15,611)
  • Health (9,761)
  • Lifestyle (727)
  • News (22,149)
  • People (723)
  • Politics (728)
  • Science (15,939)
  • Sports (21,219)
  • Technology (15,707)
  • World (702)

Recent News

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

June 29, 2025
Fireworks sales support Folsom youth sports: ‘This is our biggest fundraiser’ – Sacramento Bee

Fireworks Sales Ignite Support for Folsom Youth Sports: “This Is Our Biggest Fundraiser

June 29, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version