JPMorgan Chase Tightens Fossil Fuel Financing in Amazon
JPMorgan Chase adds new limits on fossil fuel financing in Amazon. While acknowledging some progress, experts call for stronger policies.
JPMorgan adds Amazon Biome review
Nearly $2 billion financed since 2016
No consent from Indigenous communities
Indigenous rights policies improved
Concerns over Petroperú funding
Upcoming press conference on fossil fuel expansion
JPMorgan Chase has updated its policy on fossil fuel financing in the Amazon rainforest, responding to growing concerns over environmental impacts and Indigenous rights. The changes were announced during COP30, highlighting the need for stronger commitments in this area.
New Financing Review for Amazon Biome
As part of its latest sustainability report, JPMorgan Chase has added the Amazon Biome to regions requiring enhanced reviews for financial services clients. The bank has financed nearly $2 billion in Amazon oil and gas projects since 2016, including $326 million since 2024.
This financing has often continued without consent from affected Indigenous communities. The impact of this policy update on future financing for these companies remains unclear.
Indigenous Rights and Policy Limitations
Martyna Dominiak from Stand.earth noted that while JPMorgan’s policy uses a recommended geospatial definition of the Amazon Biome, it still lacks best practices for Indigenous rights. Experts emphasize that this policy does not fully exclude financing for harmful projects.
JPMorgan has improved its Indigenous Peoples’ rights policies and committed to avoiding financing clients who violate human rights. However, it does not explicitly support the right of Indigenous Peoples to say no to fossil fuel projects.
Concerns Over Petroperú Funding
The bank has faced backlash from various Indigenous groups regarding its continued funding of Petroperú, a company criticized for decades of oil contamination. The scrutiny raises concerns about the environmental accountability of JPMorgan’s financing practices.
A press conference titled “The Foreign Money Driving Fossil Fuel Expansion in the Amazon” will take place at COP30 to discuss these developments and share recent research findings.
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