A new website ExitLNG.org is exposing the unprecedented LNG boom and the financial players behind it. It includes detailed case studies on projects, including the Rovuma LNG project of ExxonMobil and Eni in the Rovuma Basin, offshore Cabo Delgado province, Mozambique.
AN UNPRECEDENTED LNG BOOM
- 279 LNG terminal projects are currently planned worldwide – representing as many new fossil gas projects that put the planet and local communities at risk
- 40% of the expected increase in LNG export capacity is expected to occur in the U.S — a massive boom driven in particular by Donald Trump’s deregulation agenda, his push for fossil fuels and LNG expansion, and his administration’s use of LNG as a diplomatic tool.
- If all planned projects are built, the LNG market will face its largest-ever wave of additional supply by 2030, according to an October report by the International Energy Agency.
- This expansion would be a social, environmental, climate, and economic disaster – threatening local livelihoods, public health, and biodiversity around LNG facilities, while worsening the climate crisis.
- By 2030, planned LNG export projects alone could contribute to release over 10 gigatonnes of CO₂ equivalent, which is [Choose comparison]:
◦ comparable to burning over 11 billion tonnes of coal — more than the entire world’s coal consumption in 2024.
◦ equivalent to the annual emissions of the U.S. and the EU combined.
◦ like adding 2.5 billion new cars on the road for one year —twice the number of cars that exist on Earth today.
FINANCIAL PLAYERS BEHIND IT
- However, banks and insurers are fueling the global LNG boom
- The 65 largest banks have funneled over US$174 billion into LNG expansion between 2021 and 2024 — and 25 of them have even increased their support during that period.
- Nearly three-quarters of this financing comes from banks in just five countries: the US, Japan, China, Canada, and France. Together, banks from these countries provided US$128 billion.
- The top three backers of LNG expansion between 2021 and 2024 are the Japanese banks Mitsubishi UFJ and Mizuho, and the U.S bank JPMorgan Chase, each contributing over US$10 billion.
- Eight European banks rank among the world’s 20 biggest backers of LNG expansion between 2021 and 2024. The largest European financiers are Santander (8th globally – US$6.6 billion), ING (13th globally – US$5.7 billion) and Crédit Agricole (14th globally – US$5.6 billion).
OUR CALL TO ACTION
- Visit ExitLNG.org to find the latest data on fossil gas, the companies and the financial support behind it.
- Finance: Banks must adopt comprehensive policies to end all financial services for new LNG projects, associated methane carriers, and LNG export developers.