"Indigenous people living in the Sacred Headwaters of the Amazon in Ecuador and Peru have called on banks to stop financing oil development in the region, as it poses a threat to them and the surrounding ecosystem," the updated policy said.
While ING did not directly finance oil and gas exploration and production in the country, it had previously financed those who move it out of the region. ING's move comes as policymakers meet in Scotland for global climate talks, aiming to accelerate action to cap global warming, a key plank of which included fresh steps to protect the world's forests. The role of European lenders in backing the trade from the Amazon came under scrutiny in August 2020 after a report by advocacy groups Stand.earth and Amazon Watch looking at oil exports from the region to the United States. Yet the forest is rapidly being destroyed, with devastating consequences for climate and biodiversity. Scientists see conserving the Amazon, the world's largest rainforest, as critical to staving off catastrophic climate change because of the vast amount of greenhouse gas it absorbs. The move marks an expansion of its policy after it stopped similar financing in Ecuador earlier this year alongside peers including Credit Suisse and BNP Paribas, after pressure from campaigners. GLASGOW, Nov 4 (Reuters) - Dutch lender ING (INGA.AS) will not finance the trading of oil and gas in Peru amid concern about the impact of the industry on indigenous people in the Sacred Headwaters region of the Amazon, a policy document seen by Reuters showed.
Campaigners call for broader Amazon exclusion policy.Local communities pushing all banks to stop trade.Follows decision to exit trade in Ecuador in January.
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