One of the world’s biggest carbon sinks is at risk from oil exploration, a new report by Global Witness reveals. Drilling in climate-critical peatland forests in the Republic of Congo could pave the way to the release of billions of tonnes of carbon. Potential financiers of the project also risk being exposed to corruption and could be left empty handed...

In August 2019, a company controlled by one of Africa’s richest men, Claude Wilfrid Etoka, announced the discovery of a reportedly vast oil reserve in Republic of Congo. It is located in a region where in 2014 scientists discovered the existence of the world’s largest tropical peatlands, storing an estimated 30 billion tonnes of carbon – equivalent to three years’ worth of global fossil fuel emissions...Global Witness reveals that...this oil project poses a direct threat to these climate-critical peatlands. Its environmental impact study almost entirely predates the peatlands’ discovery and contains no analysis of the risk to peatlands from drilling...

“The Ngoki project is characterised by corruption risks and the potential to inflict irreversible environmental harm,” said Colin Robertson of Global Witness. “Its links to Congo’s ruling clan and a seemingly reckless handling of environmental issues mean any investor would run significant risks by backing this project.”...

“The Congo peatlands are the last place on Earth that extracting more fossil fuels should be considered. Oil majors, in particular Total and ENI, should publicly state that they will not invest in oil exploration anywhere in or around the Congo Basin peatlands. Banks should also refuse to finance any drilling there, and aid donors should insist no exploration occurs,” said Colin Robertson...