FROZEN GAS, BOILING PLANET

The report exposes how 400 banks and 400 investors provided billions in support for LNG expansion between 2021 and 2024, despite IEA warnings that no new export facilities are necessary for a 1.5C pathway. It highlights a significant gap between the net-zero pledges of financial institutions and their actual lending and investment practices, noting that most top funders lack effective LNG-specific policies. The document details the climate risks of methane leakage and the social impacts of LNG projects, while calling for a complete end to financial services for new LNG export and import terminals.

• Between 2021 and 2023, 400 analyzed international banks provided US$213 billion to the LNG expansion plans of the top 150 LNG developers, while 400 investors held US$252 billion in exposure to LNG expansion as of May 2024.
• US financial institutions are the primary drivers of LNG expansion, with US banks providing 24% of total financing and US investors accounting for 71% of total investment as of May 2024.
• The 63 planned LNG export terminal projects could release over 10 gigatonnes of carbon dioxide equivalent (CO2e) by 2030, a figure comparable to the 12 Gt of CO2e emitted annually by all operating coal plants worldwide.
• Methane leaks throughout the LNG value chain, particularly in the upstream phase, can negate the climate advantages of gas over coal; upstream and midstream emissions contribute an average of 47% of the total GHG footprint of LNG.
• There is a critical lack of effective LNG policies among top financial institutions; none of the top 10 banks financing LNG expansion have an LNG-specific policy, and only seven European banks have policies that only cover export terminals.
• A 'double standard' exists where some banks, such as BNP Paribas and Credit Agricole, have stopped issuing conventional bonds for oil and gas producers but continue to support LNG developers, including a US$1.1 billion bond for Sempra in March 2024.
• LNG expansion is hindering the transition to renewable energy in Southeast Asia, where planned fossil gas projects and import terminals would add 139 GW of gas power and 96.3 Mtpa of capacity, despite 328 GW of planned renewable energy.
• LNG projects have caused significant human rights and environmental damage, such as the Calcasieu Pass LNG project in Louisiana causing public health risks and the Donggi-Senoro terminal in Indonesia affecting local fishermen's livelihoods.

APA

Duclos-Gonda, J., Williams, C., & Delaporte, L.-M. (2024). FROZEN GAS, BOILING PLANET. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2024/11/Frozen-gas-boiling-planet.pdf

Chicago

Duclos-Gonda, Justine, Clara Williams, and Louis-Maxence Delaporte. FROZEN GAS, BOILING PLANET. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/11/Frozen-gas-boiling-planet.pdf.

Wikipedia

{{cite report |last1=Duclos-Gonda |first1=Justine |last2=Williams |first2=Clara |last3=Delaporte |first3=Louis-Maxence |title=FROZEN GAS, BOILING PLANET |publisher=Reclaim Finance |date=December 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/11/Frozen-gas-boiling-planet.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{duclosgonda2024frozen, author = {Duclos-Gonda, Justine and Williams, Clara and Delaporte, Louis-Maxence}, title = {{FROZEN GAS, BOILING PLANET}}, institution = {Reclaim Finance}, year = {2024}, month = dec, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/11/Frozen-gas-boiling-planet.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }