FROZEN GAS, BOILING PLANET

The report finds that Japanese financial institutions are among the world's largest supporters of LNG expansion, providing billions in financing despite public commitments to carbon neutrality. It highlights a significant gap between these climate pledges and actual financial flows, particularly from four major banks and the Government Pension Investment Fund (GPIF). The document argues that this support locks in long-term fossil fuel dependence and risks creating stranded assets, especially in Europe and South Korea where gas demand is declining.

• Between 2021 and 2023, 23 Japanese banks provided US$30.2 billion in financing for LNG expansion, and 12 Japanese investors held US$5.9 billion in LNG assets as of May 2024.
• Four Japanese banks—Mitsubishi UFJ Financial (MUFG), Mizuho Financial, SMBC Group, and Nomura Holdings—are responsible for 95% of all financing to LNG expansion provided by Japanese banks between 2021 and 2023, totaling US$10.2 billion, US$9.2 billion, US$7.8 billion, and US$1.7 billion respectively.
• The Government Pension Investment Fund (GPIF) is the most significant Japanese investor in LNG expansion, accounting for 45% (US$2.6 billion) of the total exposure of Japanese investors, with nearly half of its exposure concentrated in ExxonMobil, Shell, and TotalEnergies.
• Despite pledging to align with a 1.5C pathway, MUFG and Mizuho increased their LNG expansion financing by 84% and 55% respectively between 2021 and 2023, significantly outpacing the 25% increase seen among 400 global counterparts.
• Japanese financial institutions support LNG projects in regions where gas consumption is declining, such as Europe and South Korea, increasing the risk of stranded assets; for example, IEEFA suggests three-quarters of LNG import capacity in both regions could be unused by 2030.
• The four largest Japanese banks and GPIF have not implemented any specific oil and gas policies or restrictions on LNG, which the report claims places them among the poorest performers globally compared to some European banks like ING.

APA

Delaporte, L.-M., Duclos-Gonda, J., Williams, C., & 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-Japan.pdf

Chicago

Delaporte, Louis-Maxence, Justine Duclos-Gonda, Clara Williams, 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-Japan.pdf.

Wikipedia

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

BibTeX

@techreport{delaporte2024frozen, author = {Delaporte, Louis-Maxence and Duclos-Gonda, Justine and Williams, Clara 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-Japan.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }