Major European Lenders Back Out of Oil Trade in Ecuadorian Amazon
An oil pipeline in the Amazon Sacred Headwaters region.
Ivan Castaneira/Stand.earth
Three major European banks — Credit Suisse, ING, and BNP Paribas — have announced they will no longer finance the trade of oil extracted from the Amazon Sacred Headwaters region in Ecuador. The decision is seen as a major victory for environmental and Indigenous rights activists, who campaigned heavily to stop the international financing of fossil fuel development in the region, Reuters reported.
Together, Credit Suisse, ING, and BNP Paribas are responsible for financing the trade of $5.5 billion of Amazon-sourced oil to the United States since 2009.