FROZEN GAS, BOILING PLANET

The report finds that Canadian financial institutions are major global contributors to LNG expansion, with nine banks providing US$16.7 billion and 21 investors holding US$15.8 billion in LNG assets between 2021 and May 2024. Despite commitments to a 1.5°C pathway, major banks like RBC and Scotiabank have increased their financing for LNG export development. The document highlights the climate risks of this expansion, including methane leakage and the potential for stranded assets, particularly in Europe. It calls for an immediate end to financial services for new LNG projects and the adoption of transition plans aligned with the IEA's Net Zero Emissions by 2050 scenario.

• Between 2021 and 2023, nine Canadian banks provided US$16.7 billion in financing for LNG expansion, with six banks accounting for 97% of this total: RBC (US$6.1 billion), Scotiabank (US$5.5 billion), CIBC (US$1.9 billion), TD (US$1.4 billion), National Bank of Canada (US$1.2 billion), and BMO (US$656 million).
• Canada is the second most exposed country globally to LNG expansion through its investment companies, with 21 investors holding US$15.8 billion in LNG assets as of May 2024. Brookfield Asset Management is the most exposed Canadian investor, holding US$5.3 billion, primarily in Cheniere Energy.
• Financial support from major Canadian banks for LNG export development increased significantly between 2021 and 2023, with RBC seeing a 164% increase, Scotiabank a 59% increase, and the National Bank of Canada multiplying its financing by over 100 from 2022 to 2023.
• The report argues that new LNG infrastructure creates a long-term fossil fuel lock-in and risks becoming stranded assets, particularly in Europe where three-quarters of LNG import capacity could be unused by 2030.
• LNG expansion contributes to significant greenhouse gas emissions, with 63 planned export terminal projects potentially releasing over 10 gigatonnes of CO2e by 2030. Upstream and midstream methane leaks are a major driver, contributing an average of 47% of the total GHG footprint when combined with energy used for production.
• Canadian banks' oil and gas policies are described as limited, mostly excluding only dedicated financing for production in the Arctic region, which does not address LNG expansion.

APA

Werlé, N.-P., Duclos-Gonda, J., Williams, C., & Delaporte, L.-M. (2024). FROZEN GAS, BOILING PLANET. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2024/12/Frozen-gas-boiling-planet-country-brief-Canada.pdf

Chicago

Werlé, Noam-Pierre, Justine Duclos-Gonda, Clara Williams, and Louis-Maxence Delaporte. FROZEN GAS, BOILING PLANET. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/12/Frozen-gas-boiling-planet-country-brief-Canada.pdf.

Wikipedia

{{cite report |last1=Werlé |first1=Noam-Pierre |last2=Duclos-Gonda |first2=Justine |last3=Williams |first3=Clara |last4=Delaporte |first4=Louis-Maxence |title=FROZEN GAS, BOILING PLANET |publisher=Reclaim Finance |date=December 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/12/Frozen-gas-boiling-planet-country-brief-Canada.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{werl2024frozen, author = {Werlé, Noam-Pierre and 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/2024/12/Frozen-gas-boiling-planet-country-brief-Canada.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }