Ending the financing of new LNG import terminals in Europe

The document warns that Europe is creating substantial LNG import overcapacities despite declining gas consumption, risking the creation of stranded assets and locking the continent into a polluting energy system. It specifically calls out power utilities ENGIE, Enel, and RWE, and urges their financial backers to demand a halt to new terminal projects and long-term contracts.

• Europe is experiencing a disconnect between increasing LNG import capacity and decreasing gas demand. While import capacity grew by 22% between 2021 and 2023 and is projected to grow by 62% by 2028 (relative to 2021), gas consumption fell by 19% and is expected to drop by 29% in the same 2021-2028 period.
• The proliferation of LNG infrastructure, including 16 new terminal projects planned by 2030 across more than 10 countries, risks creating stranded assets and financial losses. Terminal utilization rates in the EU-27 dropped from 62% to 38% between June 2023 and June 2024.
• Major power utilities are driving this expansion, with France's ENGIE specifically focusing on extending the Fos Cavaou and Montoir-de-Bretagne terminals and utilizing long-term LNG import contracts that extend beyond 2040.
• The reliance on US LNG imports, which accounted for 46% of European imports in 2023, increases emissions due to hydraulic fracturing and methane leaks. US LNG is estimated to have 28% higher emissions than coal and 20% to 45% higher emissions than pipeline gas.
• Financial institutions provide critical 'corporate' financing to utilities rather than project-specific financing. For ENGIE, top French bank supporters between 2021 and 2023 included Société Générale (546 million USD), Crédit Agricole (364 million USD), and BPCE Group (305 million USD), while Caisse des Dépôts et Consignations was a top investor in 2023 (1,551 million USD).

APA

Martin, L. (2025). Ending the financing of new LNG import terminals in Europe. Reclaim Finance. https://reclaimfinance.org/site/en/2025/02/03/ending-the-financing-of-new-lng-import-terminals-in-europe/

Chicago

Martin, Léo. Ending the financing of new LNG import terminals in Europe. Reclaim Finance, 2025. https://reclaimfinance.org/site/en/2025/02/03/ending-the-financing-of-new-lng-import-terminals-in-europe/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Ending the financing of new LNG import terminals in Europe |publisher=Reclaim Finance |date=3 February 2025 |url=https://reclaimfinance.org/site/en/2025/02/03/ending-the-financing-of-new-lng-import-terminals-in-europe/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2025ending, author = {Martin, Léo}, title = {{Ending the financing of new LNG import terminals in Europe}}, publisher = {Reclaim Finance}, year = {2025}, month = feb, url = {https://reclaimfinance.org/site/en/2025/02/03/ending-the-financing-of-new-lng-import-terminals-in-europe/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }