Frozen Gas, Boiling Planet: How the support of banks and investors to LNG fuels a climate disaster

The report identifies a massive boom in LNG infrastructure, with 156 new terminals planned by 2030, supported by hundreds of billions of dollars from global banks and investors. Despite IEA guidance that new export terminals are unnecessary for net zero, financing has increased, led primarily by US and Japanese banks and US-based investors, with almost no financial institutions effectively restricting services for LNG expansion.

• LNG developers intend to significantly increase operations by 2030, planning 156 new terminals. Of these, 63 are export terminals that are estimated to produce 10 gigatonnes of greenhouse gas emissions by the end of the decade.
• Between 2021 and 2023, 400 banks provided US$213 billion for LNG expansion, representing a 25% increase in financing over that period. As of May 2024, 400 investors held US$252 billion in exposure to LNG expansion.
• Financial support is dominated by US and Japanese institutions. Mitsubishi UFJ Financial Group is the top bank financier, alongside JP Morgan, SMBC, and Bank of America in the top 10. US investors provided 71% of total investment in LNG expansion as of May 2024, with BlackRock, Vanguard, and State Street accounting for 24% of all such investments.
• There is a significant gap between financial activity and climate commitments. Among the 30 largest banks and 30 largest investors backing LNG, none have ended all financial services for LNG expansion. Only seven entities, all of which are European banks, mention LNG in their sector policies, and none do so effectively.

APA

Martin, L. (2024). Frozen Gas, Boiling Planet: How the support of banks and investors to LNG fuels a climate disaster. Reclaim Finance. https://reclaimfinance.org/site/en/2024/12/05/frozen-gas-boiling-planet-how-the-support-of-banks-and-investors-to-lng-fuels-a-climate-disaster/

Chicago

Martin, Léo. Frozen Gas, Boiling Planet: How the support of banks and investors to LNG fuels a climate disaster. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/12/05/frozen-gas-boiling-planet-how-the-support-of-banks-and-investors-to-lng-fuels-a-climate-disaster/.

Wikipedia

{{cite report |last1=Martin |first1=Léo |title=Frozen Gas, Boiling Planet: How the support of banks and investors to LNG fuels a climate disaster |publisher=Reclaim Finance |date=4 December 2024 |url=https://reclaimfinance.org/site/en/2024/12/05/frozen-gas-boiling-planet-how-the-support-of-banks-and-investors-to-lng-fuels-a-climate-disaster/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{martin2024frozen, author = {Martin, Léo}, title = {{Frozen Gas, Boiling Planet: How the support of banks and investors to LNG fuels a climate disaster}}, institution = {Reclaim Finance}, year = {2024}, month = dec, url = {https://reclaimfinance.org/site/en/2024/12/05/frozen-gas-boiling-planet-how-the-support-of-banks-and-investors-to-lng-fuels-a-climate-disaster/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }