Citigroup: Top Financier of State-Run Oil Companies in the Amazon
Tuesday April 26, 2022

This risk alert released in partnership with Amazon Watch for the Exit Amazon Oil and Gas campaign spotlights Citigroup's exposure and central role in providing billions in financing and investments to oil and gas companies in the Amazon. Indigenous leaders and federations directly impacted by oil drilling are calling on Citigroup to commit to exit Amazon oil and gas.

The Amazon is the last place on the planet that the oil industry and industrial extraction should be expanding and it is time for banks to step up and ensure that they aren’t complicit in harming Indigenous rights and the continued degradation of this critical region. With the Amazon rainforest at the tipping point of ecological collapse, Citigroup's lack of an exclusion policy and exit strategy on Amazon oil and gas presents a significant reputational risk.

About Exit Amazon Oil and Gas

The Exit Amazon Oil and Gas campaign, led by Stand.earth and Amazon Watch, in collaboration with the Confederation of Indigenous Nationalities of the Ecuadorian Amazon (CONFENIAE) and the Coordinating Body of Indigenous Organizations of the Amazon Basin (COICA), is calling on banks to commit to exclude financing for oil and gas in the Amazon biome, starting with ending its expansion.

The campaign follows research completed by Stand.earth and Amazon Watch that exposes links between leading banks in the Global North and the Amazon oil and gas trade:

Read the press release: "Citigroup “Climate Forward” Reputation Remains Tainted with Impacts of Fossil Fuel Financing in Amazon Rainforest" 

Visit exitamazonoilandgas.org 

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