FROZEN GAS, BOILING PLANET

The briefing reveals that German financial institutions continue to pour billions into LNG expansion despite climate pledges. Between 2021 and 2023, nine German banks provided US$7.6 billion in financing, with Deutsche Bank and LBBW accounting for 65% of this total. Additionally, eight German investors held US$5.8 billion in assets of top LNG developers as of May 2024, led by Allianz and Deutsche Bank/DWS. The report highlights a significant gap between these institutions' net-zero commitments and their actual financial activities, noting that Deutsche Bank's financing to LNG expansion rose by 35% between 2021 and 2023. Reclaim Finance argues that this infrastructure locks in long-term fossil fuel dependence and risks creating stranded assets, especially in Europe where gas consumption is declining.

• A small number of institutions dominate German financial support for LNG: Deutsche Bank (US$3.9 billion) and Landesbank Baden-Württemberg (LBBW) (US$1 billion) provided nearly 65% of all bank financing to LNG expansion from 2021 to 2023. Among investors, Allianz (US$2.7 billion) and Deutsche Bank/DWS (US$1.7 billion) account for 76% of total exposure as of May 2024.
• There is a stark contradiction between the climate pledges of German banks and their actions; Deutsche Bank's financing to LNG expansion increased by 35% from US$1 billion in 2021 to US$1.35 billion in 2023, despite its commitment to a 1.5°C pathway via the Net Zero Banking Alliance (NZBA).
• German financial institutions support high-emitting global LNG developers, including Venture Global, Cheniere Energy, and QatarEnergy. QatarEnergy's planned export terminals are projected to contribute more than 1 gigatonne of CO2e emissions by 2030.
• The expansion of LNG infrastructure risks creating stranded assets, particularly in Europe, where gas consumption is declining and three-quarters of import capacity could be unused by 2030.
• German banks lack restrictive policies on LNG; Deutsche Bank does not have an oil and gas policy, and LBBW's policies do not address LNG expansion, placing them behind scientific recommendations to limit warming to 1.5°C.

APA

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

Chicago

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

Wikipedia

{{cite report |last1=Duclos-Gonda |first1=Justine |last2=Williams |first2=Clara |last3=Delaporte |first3=Louis-Maxence |last4=Werlé |first4=Noam-Pierre |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-Germany.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{duclosgonda2024frozen, author = {Duclos-Gonda, Justine and Williams, Clara and Delaporte, Louis-Maxence and Werlé, Noam-Pierre}, 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-Germany.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }