U.S. and European banks are invested in oil extraction that threatens the Amazon biome, and their environmental and social risk (ESR) policies aren’t strong enough to prevent its worst impacts, says a new report by Amazon Watch and Stand.Earth. The report assigned scores to 14 banks that were based on an analysis of their ESR policies and their current portfolio of investments. Eleven were listed as being at “high” or “very high” risk of contributing to deforestation, corruption, pollution, and the violation of Indigenous rights. “A lot of banks have deforestation commitments related to their forest and agricultural policies, but they didn’t extend these to the oil sector policies they drafted,” said Angeline Robertson, a senior researcher with Stand.Earth and co-author of the report. The worst offenders, called “laggards” in the report, were JPMorgan Chase, HSBC, and Deutsche Bank. They received low marks due to the relative weakness of their ESR policies along with their high exposure to investments in the Amazon oil trade. Deutsche Bank, for example, was cited as having particularly weak biodiversity protection policies to go along with its large investments in state oil companies like Brazil’s Petrobras, Ecuador’s PetroAmazonas, and Colombia’s Ecopetrol. Conversely, Dutch banks Rabobank, ABN AMRO, and ING were listed as having a combination of relatively strong risk management policies and low exposure to the Amazon oil trade. Still, no bank among the 14 earned higher than a “B” in the report’s scorecard. Where some of the banks did have exclusion policies preventing them…This article was originally published on Mongabay Läs mer

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