Financing Marine Destruction: The LNG Boom and Bank Responsability

The report contends that the global expansion of LNG infrastructure, supported by major banks, threatens marine biodiversity through thermal pollution, habitat destruction, and increased shipping traffic. It specifically critiques the 'Argentina LNG' project in the Golfo San Matías and the proliferation of import terminals in the Philippines' Verde Island Passage, calling for banks to stop financing LNG developers to meet their climate pledges.

• Global LNG infrastructure is expanding rapidly, with 156 new onshore and floating LNG terminal projects planned by 2030, consisting of 64 export and 92 import terminals. The global LNG fleet has more than doubled since 2014 and is projected to reach 1,032 vessels, including 324 currently under construction.
• LNG terminals negatively impact marine environments and coastal communities through underwater noise from increased shipping, thermal pollution from cooling water discharges, habitat destruction from port expansion, and water pollution from processing and transport.
• The 'Argentina LNG' project, led by YPF and involving Shell and Eni, is estimated to cost US$30 billion and includes a 600 km pipeline and four floating LNG vessels with a total capacity of over 30 million tonnes per annum by 2030. The project is located in the Golfo San Matías, where the Rio Negro province revoked the area's protected status in 2022.
• In the Philippines, the Verde Island Passage (VIP) hosts two existing LNG import terminals and is the proposed site for seven more, developed by entities including San Miguel Corporation and Shell. This expansion occurs despite a renewable energy potential estimated at 1,200 GW.
• Major banks continue to finance LNG developers despite climate pledges. Between 2021 and 2023, Eni received US$29 billion from the 60 banks tracked by Banking on Climate Chaos, with Intesa Sanpaolo and UniCredit as top financiers, while YPF received US$679 million, primarily from Santander.

APA

Martin, L. (2025). Financing Marine Destruction: The LNG Boom and Bank Responsability. Reclaim Finance. https://reclaimfinance.org/site/en/2025/06/12/financing-marine-destruction-the-lng-boom-and-bank-responsability/

Chicago

Martin, Léo. Financing Marine Destruction: The LNG Boom and Bank Responsability. Reclaim Finance, 2025. https://reclaimfinance.org/site/en/2025/06/12/financing-marine-destruction-the-lng-boom-and-bank-responsability/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Financing Marine Destruction: The LNG Boom and Bank Responsability |publisher=Reclaim Finance |date=12 June 2025 |url=https://reclaimfinance.org/site/en/2025/06/12/financing-marine-destruction-the-lng-boom-and-bank-responsability/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2025financing, author = {Martin, Léo}, title = {{Financing Marine Destruction: The LNG Boom and Bank Responsability}}, publisher = {Reclaim Finance}, year = {2025}, month = jun, url = {https://reclaimfinance.org/site/en/2025/06/12/financing-marine-destruction-the-lng-boom-and-bank-responsability/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }