Banks fuel climate risk with $200 billion for new gas projects

A surge of liquefied natural gas projects could generate emissions rivaling all coal power plants worldwide, raising fears over climate goals.

The Guardian reports.

In short:

A report from Reclaim Finance highlights $213 billion invested in liquefied natural gas (LNG) terminals, which could emit 10 gigatonnes of greenhouse gases by 2030.
Global LNG capacity is projected to grow nearly 50% by the decade’s end, far outpacing demand and risking reliance on cheap fossil fuels over renewables.
Critics argue banks and investors lack policies to curb LNG investments, undermining their climate commitments and threatening the Paris Agreement targets.

Key quote:

“Oil and gas companies are betting their future on LNG projects, but every single one of their planned projects puts the future of the Paris agreement in danger.”

— Justine Duclos-Gonda, campaigner at Reclaim Finance

Why this matters:

Expanding LNG infrastructure locks in fossil fuel dependency and increases methane emissions, a potent driver of climate change. Redirecting investments to renewables is essential to avoid surpassing global temperature thresholds.

www.theguardian.com

TransAlta head office building in Calgary, Alberta, Canada

Credit: Jeff Whyte Photography/BigStock Photo ID: 449639657

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