European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest.
) said it already had declined some crude oil transactions from the region due to concerns about indigenous land rights.
But providing the specialist financing that enables a global trade in cargoes of oil, natural gas and coal - known as trade finance - is coming under greater scrutiny. An Ecuadorian court ruled last year that the Waorani people had not been properly consulted and banned drilling on half a million acres of their territory.
And plans to drill hundreds of additional oil wells in Ecuador’s Yasuni National Park, which sits atop a major concession, have caused alarm. Home to jaguars, howler monkeys, pink dolphins, macaws and toucans, the UNESCO World Heritage Site is one of the most species-rich habitats on the planet. “We share many concerns outlined in the report and have been seriously looking into the matter internally,” it said.
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