FROZEN GAS, BOILING PLANET

The report examines the role of Italian financial institutions in funding the global expansion of liquefied natural gas (LNG). It finds that between 2021 and 2023, 12 Italian banks provided US$6 billion to the top 150 LNG developers, with Intesa Sanpaolo and UniCredit accounting for over 85% of this total. The document highlights a gap between these banks' net-zero pledges and their continued financing of LNG projects, including support for Eni and Enel. It warns that this support risks creating stranded assets and locking in long-term fossil fuel reliance, particularly in Europe where gas consumption is declining.

• Between 2021 and 2023, 12 Italian banks provided US$6 billion in financing to the 150 largest LNG developers globally, who together represent over 90% of the planned new LNG capacity by 2030.
• Intesa Sanpaolo and UniCredit are the dominant financiers of LNG expansion in Italy, providing US$3.8 billion and US$1.5 billion respectively between 2021 and 2023, representing over 85% of all such financing by Italian banks.
• Intesa Sanpaolo and UniCredit have significantly increased their LNG financing between 2021 and 2023, with growth rates of 38% and 78% respectively, far exceeding the 25% average increase among 400 global banks analyzed.
• The two largest Italian banks are primary external financiers for Eni's LNG expansion; UniCredit provided US$1.2 billion and Intesa Sanpaolo provided nearly US$1 billion, totaling more than 18% of the US$12.1 billion Eni received from global banks for these activities.
• Despite declining gas consumption in Europe, Intesa Sanpaolo and UniCredit continue to fund LNG import projects, including Enel's Sicilia LNG facility (capacity of 5.88 Mtpa, commissioned in 2025) and Snam's efforts to expand LNG capacity via FSRUs.
• The report argues that Intesa Sanpaolo and UniCredit lack strong restrictions on LNG, ranking them among the worst performers in European financial institutions regarding alignment with 1.5°C scientific recommendations.

APA

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

Chicago

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

Wikipedia

{{cite report |last1=Duclos-Gonda |first1=Justine |last2=Williams |first2=Clara |last3=Delaporte |first3=Louis-Maxence |last4=Werlé |first4=Noam-Pierre |last5=De Guio |first5=Susanna |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-Italy.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 and De Guio, Susanna}, 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-Italy.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }