Major Banks Pour $3B Into Amazon Gas Project Despite Climate Pledges

A massive natural gas complex deep in Peru’s Amazon rainforest is receiving billions in funding from major global banks, even as these same institutions publicly commit to environmental protection, according to a new report from nonprofit Stand.earth.

The Camisea Gas Complex, operated by Argentina’s Pluspetrol, has carved a sprawling industrial footprint from pristine rainforest. While the facility now supplies 70% of Peru’s cooking gas, it has come at a steep cost to local communities and ecosystems. Over two decades of operations have resulted in multiple gas leaks contaminating the forest, threats to isolated Indigenous populations, and widespread environmental damage. In September, the Organisation for Economic Co-operation and Development officially held Pluspetrol responsible for these violations.

Despite this troubling track record, the money keeps flowing. The “Banks vs. The Amazon” report reveals that Pluspetrol and its consortium partners have received $3.1 billion in financing since 2016. At least 16 major banks—including household names like Citibank, JPMorganChase, and HSBC—provided funding in just the past year alone.

This financial backing highlights a concerning disconnect between banks’ climate commitments and their actual investments. As the Amazon rainforest plays a crucial role in regulating global climate patterns, continued funding for fossil fuel extraction in this critical ecosystem undermines international efforts to combat rising temperatures. The report exposes how financial institutions remain complicit in Amazon destruction, prioritizing short-term profits over long-term environmental stability and Indigenous rights.