An exit strategy for Amazon oil and gas financing and investment

1. No new oil and gas financing and investment

Immediately commit to no new oil and gas project financing and no new financing and investment in companies involved in all types of oil and gas infrastructure in the Amazon.

2. End current oil and gas financing and investment

Where possible, exit all existing oil and gas financing and investment, including but not limited to multiyear revolving credit facilities and long dated bonds, for projects and companies in the Amazon as soon as possible and no later than 2030.

3. End trade financing for oil and gas

Immediately implement exclusions for new and existing oil and gas trade across all of the Amazon. These policies should be crafted to clearly exclude crude oil and refined products that are exported out of key identified ports.

4. End corporate financing for oil and gas traders

Commit to exit all current loans, letters of credit, revolving credit facilities and investment for all oil traders active in the Amazon as soon as contractually possible and no later than 2030, especially those who have been implicated in corruption controversies.

5. Commit to increase regional financing of just and equitable climate solutions

Set targets to improve energy supply financing ratios and direct financing into real climate solutions that respect Indigenous and local community rights including projects that repair and remediate damages caused to communities and the Amazon Biome. These could include afforestation programs, locally supported energy systems, and other projects that advance climate resiliency, mitigation and reduce emissions.

6. Strengthen Indigenous and human rights policies and their implementation

Adjust deficiencies in existing Indigenous and human rights policies by requiring a proof of compliance with Indigenous Peoples’ Right to Free, Prior, and Informed Consent (FPIC) as outlined by the United Nations Declaration of the Rights of Indigenous Peoples (UNDRIP). This means explicitly recognizing Indigenous Peoples’ right to self-determination and to not give consent to projects that impact them.

Corporate-level policy

Exclusion policy covering new financing, in all forms, of all clients involved in oil and gas operations in the Amazon Biome.

Path to complete exit

Plan to end financing of all clients operating in the Amazon Biome by 2030.

Clear definition

Uses the RAISG29 definition of the Amazon Biome and additionally includes the Mouth of the Amazon sedimentary basin.

All types of services

Includes all types of financing and advisory services.

Included sectors and companies

Excludes all companies engaged in exploration, appraisal, development, and production of oil and gas reserves in the Amazon, as well as companies involved in developing and servicing related infrastructure such as refineries, pipelines, and export terminals.

Oil traders

Excludes companies trading oil from the Amazon, especially those implicated in corruption controversies.

Full respect of FPIC and the right to self determination

Requires proof of compliance with Indigenous Peoples’ Right to FPIC as outlined by UNDRIP. This means, explicitly recognizing Indigenous Peoples’ right to self-determination and to not give consent to projects that impact them.

Deforestation

Include oil and gas as an industry that poses a threat to the forests in bank anti-deforestation policies.

The most commonly accepted definition of the Amazon uses hydrological, ecological, and biogeographical boundaries, dividing the Biome into 5 subregions. For an in-depth map of the Amazon Biome, see the RAISG5 online map. An Amazon Exclusion should also apply to the ‘Foz do Amazonas’ and ‘Para Maranhão’ basins – areas of offshore drilling at the mouth of the Amazon River. These are defined as exploration and production (E&P) areas by the Brazilian National Petroleum Agency (ANP).