French banks make millions from fossil fuel investments polluting the Amazon basin

illuminem summarizes for you the essential news of the day. Read the full piece on France24 or enjoy below:

🗞️ Driving the news: French banks, including Credit Agricole, BNP Paribas, and BPCE, are discreetly profiting from investments in oil and gas projects in the Amazon basin despite their ecological commitments
• These banks fund corporations like Repsol, Ecopetrol, and Chevron, earning dividends and interest exceeding €45 million annually

🔭 The context: The investigation by Disclose, FRANCE 24, and RFI highlights how these banks use subsidiaries like Amundi, Natixis, and BNP Paribas Asset Management to invest in fossil fuel projects, often without the knowledge of their clients
• Credit Agricole alone holds over €240 million in Repsol shares and bonds, making it a significant investor in Amazon fossil fuel ventures

🌍 Why it matters for the planet: These investments directly support deforestation, ecosystem disruption, and pollution in one of the world’s most vital biodiversity reserves
• Such financial backing undermines global efforts to combat climate change and preserve natural habitats

⏭️ What's next: NGOs like Reclaim Finance are calling on banks to divest from companies that do not align with credible energy transition goals
• Without systemic changes, these financial practices risk accelerating environmental degradation

💬 One quote: “Banking groups need to make sure that their asset management subsidiaries no longer invest in the new bonds from companies developing fossil fuel projects.” – Lara Cuvelier, Reclaim Finance

📈 One stat: Credit Agricole earns €30 million annually in dividends and interest from its fossil fuel investments in the Amazon

Click for more news covering the latest on oil & gas and corporate governance