HSBC
$1.223 billion estimated in direct Amazon Oil and Gas since 2016
Key Findings
Recent financing
Since 2024, the bank provided $12 million in direct financing, dropping its rank to 17th in recent financing — showing a positive step toward scaling down its exposure, most likely due to the application of its Amazon policy.
Frontrunner in Amazon Exclusion Policy
In 2022, HSBC committed to not provide new finance or new advisory services to any client for the purpose of oil and gas exploration, appraisal, development, or production, including associated infrastructure. Importantly, the bank also does not provide new finance or advisory services at the corporate level to companies where it determines that the client’s overall operations are substantially in environmentally and socially critical areas (which includes the Amazon as de fined by RAISG.
100% of the Amazon covered in ESRM policies
Moderate Achiever in Oil and Gas Policy
Follower in Human Rights and Indigenous Policy
Recommendations
Include the Mouth of the Amazon sedimentary basin in the bank’s Amazon Biome definition.
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, Repsol, or oil traders.
In 2025, HSBC exited the Net Zero Banking Alliance, contributing to the initiative’s collapse, and began weakening parts of its climate policies and targets. It remains to be seen whether these changes will affect the bank’s financing in the Amazon, but HSBC cannot afford to backtrack on its climate commitments.