Citi
$1.491 billion estimated in direct Amazon Oil and Gas since 2016
Key Findings
Recent financing:
Since 2024, the bank provided $283 million in direct financing, ranking fourth in recent financing. The new financing however is less than Citi’s American peers and the bank’s rank has slightly dropped. This may be due to improvements to their policy enacted in 2024. However, it is too early to say what the long term impact of the bank’s new policy is.
Has Amazon Exclusion Policy with gaps:
In 2024, Citi updated its policy to exclude financing for project-related financial products or services for expansion of oil and gas operations in the Amazon. Project-related deals are estimated to be only 12.5% of Citi’s overall direct financing for Amazon oil and gas, leaving out an estimated 87.5% of the bank’s financing in the Amazon. The policy mentions also corporate level financing, however it does not go as far as ruling out financing for companies. Any general corporate purposes transaction for clients with operations in the Amazon requires enhanced ESRM due diligence.
54% of the Amazon not covered in any ESRM policies
Laggard in Oil and Gas Policy
Moderate Achiever in Human Rights and Indigenous Policy
Recommendations
As soon as possible, enhance the existing Amazon policy by phasing out all corporate financing and advisory services for oil and gas companies with substantial operations in the Amazon, and plan for a total exit from Amazon oil and gas by 2030.
Citi needs to apply the RAISG30 definition of the Amazon to its policy, and additionally include the Mouth of the Amazon sedimentary basin.