BNP Paribas
$250 million estimated in direct Amazon Oil and Gas since 2016, Rank #13
Key Findings
Recent financing
Since 2024, the bank provided only $4 million in direct financing, dropping its rank to 35th in recent financing — showing a positive sign of scaling down of its exposure, likely due to the application of its policy. While some loopholes remain, this case demonstrates how robust corporate-level policies can reverse financing trends and set an example for others.
Has Amazon Exclusion Policy with gaps:
In 2022, BNP Paribas pledged it would no longer finance or invest in any oil and gas projects and related infrastructure in the Amazon, using a technical definition that includes: International Union for Conservation of Nature’s categories I to IV areas,34 Ramsar Convention and World Heritage Sites, identified Key Biodiversity Sites, and the Amazon Sacred Headwaters. The bank will also not provide any financial product or service to, or invest in companies in the energy sector holding oil and gas reserves in the Amazon region or actively developing infrastructures related to oil activities in this region. In 2021, BNP Paribas excluded financing the seaborne exports of oil from the Esmeraldas region in Ecuador.
Moderate Achiever in Oil and Gas Policy
Moderate Achiever in Human Rights and Indigenous Policy
Recommendations
BNP needs to apply the RAISG definition of the Amazon to its policy, and additionally include the Mouth of the Amazon sedimentary basin. Plan for a total exit from Amazon oil and gas by 2030, to close the existing policy loopholes that allow financing for companies with a small percentage of operations in the Amazon, like Petrobras.