JPMorgan Chase Tightens Review of Amazon Fossil Fuel Clients

JPMorgan Chase has added the Amazon Biome to the list of regions where its financial services clients undergo enhanced review, as detailed in the company’s latest sustainability report released in October 2025.

The policy update coincides with COP30 in the Amazon, placing renewed attention on the bank’s activities as the largest financier of oil and gas in the region since 2016. 

Data compiled in Stand.earth’s Amazon Oil and Gas Financing Database indicate that since 2016, the bank has channelled nearly US$2bn into Amazon-based oil and gas operations, with US$326m allocated since 2024. 

Notable recent recipients of financing include Gran Tierra, Petrobras, and Hunt Oil Peru, all operating without the consent of affected Indigenous communities.

At the same time, industry experts highlight that it remains unclear whether the newly announced policy will alter financing for these companies, given their continuing presence in the region. 

The company’s disclosures do not specify forthcoming changes to business relationships with these or similar clients.

Calls for Robust Exclusion Policies

COP30 has provided a forum for further scrutiny of JPMorgan’s approach. 

Stand.earth Senior Climate Finance Campaigner Martyna Dominiak remarks that the bank “is finally acknowledging that the Amazon rainforest and Indigenous Peoples’ rights are worth protecting.” 

Martyna adds that, while the region's inclusion is a positive step, enhanced review alone does not constitute sufficient action, and she emphasises the gap between stated intentions and outcomes.

JPMorgan’s policy defines the Amazon Biome in line with the RAISG geospatial standard, which is widely recommended by both Indigenous leaders and technical experts. 

This choice is seen as significant by observers. However, experts express concern that the commitment falls short of current best practices for risk management, Indigenous Peoples’ rights, and environmental protection, especially while sector-wide calls mount for significant fossil fuel phase-outs in the Biome.

The new policy stops short of excluding financing for oil and gas projects in the Amazon. Examples continue to surface of banks claiming to conduct due diligence while reportedly contributing to ongoing harm. 

Additionally, indications show that while progress is being made in the Amazon, JPMorgan is reportedly relaxing restrictions in other areas, drawing further attention to the bank’s wider approach to fossil fuel financing and exclusion criteria.

Indigenous and Investor Responses

President of the Autonomous Territorial Government of the Chapra Nation (Peru), Olivia Bisa, notes: “The change announced by JPMorgan is merely a gesture, not a real transformation. We will not stop the climate crisis with small steps. 

“The Amazon must be declared an Exclusion Zone for all extractive activities and the financing that enables them.” 

Olivia calls for a policy of financing exclusions for all extractive companies operating in the region, at both the project and corporate levels.

Earlier in the year, JPMorgan modified its policy on Indigenous Peoples’ rights following investor engagement led by United Church Funds and Investor Advocates for Social Justice. 

The bank now says it will not finance clients found to have violated human rights, and will assess risks related to Indigenous communities prior to transactions. 

Policy details include commitments to Free, Prior, and Informed Consent (FPIC) reviews, but the updated language does not specifically recognise Indigenous Peoples’ right to self-determination or the ability to refuse fossil fuel projects.

Allison Fajans-Turner, Senior Campaigner at Rainforest Action Network, states that JPMorgan has taken “an essential—if long-overdue—step” in acknowledging its role as a significant backer of oil and gas extraction in the Amazon. 

Allison says that promises to respect Indigenous and human rights remain insufficient without more rigorous exclusions and enforcement across the region.

Wider Sector Impact and Future Outlook

In 2024, JPMorgan was criticised by Indigenous Achuar, Wampís, and Chapra nations of northern Peru for its financing of Petroperú and the Talara refinery, which have longstanding pollution issues.

Indigenous organisations and advocacy groups such as Amazon Watch note the bank’s ongoing support for Petroperú, despite documented oil contamination over several decades, much of which remains inadequately managed.

Mary Mijares, Corporate Campaigns Manager at Amazon Watch, maintains that: “Years of steadfast organizing under the leadership of Amazonian Indigenous peoples have successfully pressured JPMorgan, the world’s largest fossil financier, to take a crucial step towards recognizing Indigenous and human rights in its corporate-level financing. 

“However, JPMorgan must demonstrate that its policies have real teeth. As governments push to drill more Amazon crude, JPMorgan must commit not to support destructive expansion plans in Peru’s Block 64 and Ecuador’s oil round – both in clear violation of FPIC. 

“Financing oil expansion ambitions will only bring our planet closer to the brink of deadly ecological and societal collapse.”