This video accompanies a case study in Banking on Climate Chaos: Fossil Fuel Finance Report 2022, produced in collaboration with Amazon Watch and Stand.earth. Citi is the top bank providing financing and underwriting to companies active in the Amazon oil and gas industry, with an estimated total of 42 billion USD in open or recently matured deals, according to preliminary research completed by Stand Research Group in April 2022, in partnership with Amazon Watch and Stand.earth. This includes over 14.6 billion USD in direct lending, mostly to state oil companies such as PetroEcuador (Ecuador), EcoPetrol (Colombia), and PetroBras (Brazil). It also includes over 9 billion USD in indirect finance and underwriting for oil traders who trade millions of barrels of Amazon oil to California each year. In addition to being the top financier of the Amazon oil industry, Citibank is a major deal maker, taking leading roles in creating financial instruments for the oil industry.
Citi: Still Financing Indigenous Rights Violations & Biodiversity Loss in the Amazon
- Post author:admin
- Post published:June 29, 2022
- Post category:Daily News