Photo: truthout.org
"Big Banks Invest $2B in Amazon Oil as Petrobras Moves to Drill"
Big banks, including Bank of America, JPMorgan Chase, and Itaú Unibanco, have invested $2 billion in fossil fuel financing as Petrobras starts drilling near the Amazon rainforest.
- Petrobras has received a license to drill for oil near the Amazon River, prompting immediate drilling despite environmental concerns over local wildlife.
- Since 2024, major financial institutions like Bank of America, JPMorgan Chase, HSBC, and BNP Paribas have collectively invested $2 billion in fossil fuel projects in the Amazon rainforest.
- The announcement comes ahead of the 2025 United Nations climate conference in Belém, Brazil, where environmental issues will be a focal point of discussion.
Why It Matters
This development raises significant environmental concerns as drilling threatens biodiversity in the Amazon rainforest, highlighting the tension between fossil fuel investments and climate initiatives ahead of major global conferences.