· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: Five of the world’s biggest banks—Citibank, JPMorgan Chase, Itaú Unibanco, Santander, and Bank of America—are accused of "greenwashing" their role in the destruction of the Amazon
• A report by Stand.earth and COICA claims these banks financed billions to oil and gas companies involved in harmful Amazon projects
🔭 The context: The report highlights that these banks' environmental and social guidelines fail to cover more than 70% of the Amazon
• Despite their claims of ethical policies, the investigation found significant gaps in their ability to monitor and achieve these goals, with most financing coming through broadly defined syndicated bonds
🌍 Why it matters for the planet: The Amazon is a critical terrestrial carbon sink and biodiversity hotspot
• Ensuring that banks adhere to stringent ESG guidelines is crucial for protecting the rainforest and mitigating climate change
⏭️ What's next: The report urges banks to adopt a comprehensive geographic exclusion policy for all oil and gas transactions in the Amazon
• Some banks, like HSBC, have already implemented such exclusions, demonstrating that more responsible banking practices are possible
💬 One quote: “We are literally living in a rainforest on fire... The banks try to wash their hands of the blame through vague policies but must be held accountable for the damage their money is causing,” said Fany Kuiru, general coordinator of COICA
📈 One stat: JPMorgan Chase and Citibank have made over $2.4 billion available to companies operating oil and gas projects in the Amazon over the past two decades
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