A day after the Brazilian state-run oil firm Petrobras announced it would begin drilling for oil near the mouth of the Amazon River “immediately” after obtaining a license despite concerns over the impact on wildlife , an analysis on Tuesday revealed that banks have added $2 billion in direct financing for oil and gas in the biodiverse Amazon Rainforest since 2024.

The report from Stand.earth — and Petrobras’ license — come weeks before officials in Belém, Brazil prepare to host the 2025 United Nations Climate Change Conference (COP30), where advocates are calling for an investment of $1.3 trillion per year for developing countries to mitigate and adapt to the climate emergency .

Examining 843 deals involving 330 banks, Stand.earth found that US banks JPMorgan Chase

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