As part of our End Amazon Crude campaign, Amazon Watch is launching a new public action in partnership with the Sacred Headwaters Initiative and Indigenous nations of Peru. This initiative seeks to hold financial institutions accountable for their financing of gross polluter Petroperú and the subsequent impacts of its operations that take an immense toll on the lives of Indigenous communities and the well-being of the Amazon. Join the Autonomous Indigenous Wampís, Achuar, and Chapra Nations in solidarity and continue holding financial institutions accountable!
Financial institutions continue to pour billions of dollars into oil companies that disregard Indigenous rights and the climate – such as Petroperú. Stand with Indigenous Wampís, Achuar, and Chapra nations of the Peruvian Amazon demanding financiers Stop the Flow of Money to Oil Company Petroperú!
Petroperú scrutinized by members of the Italian parliament and press
Indigenous nations in the Peruvian Amazon continue to combat Petroperú’s plans to expand fossil fuel projects in their territories. The nations seek to prevent financing from commercial banks and other financial institutions, including a potential $500 million deal from Italian export credit agency SACE, one of the largest fossil fuel financiers among public financial institutions. This deal to finance Petroperú’s Talara Refinery could provide the impetus for more oil exploration and extraction in the Amazon.
The consequences of Petroperú’s proposed oil activities surfaced in Italy in July 2023, shortly after the release of a public letter from the Peruvian Federation of the Achuar Nationality (FENAP), Autonomous Territorial Government of the Wampís Nation (GTANW), Cabo Blanco Fishing Association, and Amazon Watch that denounced SACE’s potential financing of Petroperú’s Talara Refinery.
With support from Italian-based NGO ReCommon, members of the Italian Parliament confronted Italian ministries representing SACE, for supporting problematic financing that could accelerate the destruction of the Amazon and the climate. Such actions would be in grave contradiction to Italy’s climate commitments that have promised to align its public financing initiatives to phase out fossil fuels with the Glasgow Statement.
This public questioning, coupled with pressure from AW supporters, led to even more pressure from the Italian press, such as coverage in Il Manifesto, and just last month in Il Fatto Quotidiano – one of Italy’s most prominent news outlets. These efforts effectively put the multimillion dollar deal at a stalemate and prevented Petroperú from attaining new long-term financing for the Talara Refinery in the past six months. The company was also recently denied financing by the Peruvian government, creating more financial challenges.
Petroperú’s renewed efforts to drill in Block 64: Indigenous Nations say, “commercial banks must say no to new financing!”
Amid its continued financial difficulties, Petroperú still seeks to expedite efforts to exploit Block 64, which will likely require additional financing and capital. This public announcement comes shortly after a unified statement from seven Indigenous nations, that denounces oil exploration and exploitation in the block, and also calls for no new Petroperú financing, especially with the company’s previous financiers, such as U.S. and European commercial banks, which are prime candidates for new financing.
These banks include: Citibank, Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank, and HSBC – the first five of which a Peruvian delegation met in person with representatives in late 2022 to contest claims made by Petroperú. In late November, these banks were made aware of Indigenous demands.
To support communities, Amazon Watch, with the help of our supporters, will amplify the demands of the communities and intends to break the money pipeline to this company, by pressuring financial institutions to commit to no new financing for Petroperú.
