Amazonia - Fossil Free RBC

Amazonia

RBC’s corporate colonialism extends beyond Canada – financing projects like the rainforest of Amazonia. It is a critical time for Amazonia, as the rainforest is facing a tipping point due to extractive activities like deforestation, oil and gas project expansion, agriculture, and mining. But despite the urgency of protecting at least 80% of the rainforest in order to prevent permanent destruction, RBC provided over $199 million in financing to oil and gas companies in the region.

The Details on Amazonia

Credit: Amazonia 80×25

The Amazon rainforest is nearing a tipping point due to the massive degradation of this interconnected ecosystem. Scientists define the tipping point as the moment at which enough deforestation occurs that the Amazon will no longer be able to sustain itself, which will trigger the dieback of the entire rainforest. Due to the looming nature of these threats, which would have massive implications in the region and for the global climate, Indigenous leaders and environmental groups are calling for banks to stop investing in oil expansion and large-scale extractivism in the Amazon biome.

Credit: Amazonia 80×25

Indigenous leaders in Amazonia have called oil and gas financing in Amazonia a direct threat to their health, safety and wellbeing of their communities. Yet, RBC continues to provide over $199 million in financing to oil and gas companies in the region.

 

Project Details:

  • Location

    Amazonian Rainforest

  • Project Type

    Oil Drilling Operations, Deforestation, Oil and Gas Project Expansion

  • RBC's Direct Financing

    RBC has financed $199 million in direct financing to companies like Gran Tierra and Frontera for their Amazon oil drilling operations

  • RBC's Indirect Financing

    RBC has financed $199 million in direct financing to companies like Gran Tierra and Frontera for their Amazon oil drilling operationsRBC has contributed $3.4 billion in indirect financing in Amazonia