JPMorgan Chase Adds Enhanced Reviews to Amazon Rainforest

JPMorgan Chase has expanded its enhanced review framework to include the Amazon biome, according to its sustainability report published in October 2025.

The development comes as COP30 takes place in the Amazon, drawing focus to the institution's position as the largest financier of oil and gas activity 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. 

Recent financing recipients include Gran Tierra, Petrobras and Hunt Oil Peru.

It remains unclear whether the newly announced policy will alter financing for these companies given their continuing presence in the region. 

The bank's disclosures do not detail forthcoming changes to business relationships with these or similar clients.

Recognising the Amazon biome

COP30 has offered a platform for increased examination of JPMorgan's approach.

Martyna Dominiak, Senior Climate Finance Campaigner at Stand.earth, says JPMorgan "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 according to the RAISG geospatial standard, widely recommended by both Indigenous leaders and technical experts.

Policy limitations

The new policy stops short of excluding financing for oil and gas projects in the Amazon.

President of the Autonomous Territorial Government of the Chapra Nation (Peru), Olivia Bisa, says: “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.

Indigenous rights and investor engagement

JPMorgan modified its policy on Indigenous Peoples' rights following investor engagement led by United Church Funds and Investor Advocates for Social Justice.

The company now states 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.

In 2024, JPMorgan faced criticism from 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.

Mary Mijares, Corporate Campaigns Manager at Amazon Watch, says that: “Years of steadfast organising 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.”