European Lenders Exit Amazon Oil Trade After Scrutiny by Campaigners
January 24, 2021Reuters

European Lenders Exit Amazon Oil Trade After Scrutiny by Campaigners

Credit Suisse, Dutch lender ING and France's BNP Paribas have decided to stop financing the trade in crude oil from Ecuador, the banks said on Monday, following pressure from campaigners aiming to protect the Amazon rainforest. The role of European lenders in backing the trade came under scrutiny in August, when a report by advocacy groups Stand.earth and Amazon Watch named six European banks as major financiers of Ecuadorean oil exports to U.S. refineries.

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