FROZEN GAS, BOILING PLANET

The report finds that US financial institutions are primary drivers of global LNG expansion, providing billions in financing and investments despite climate pledges. Between 2021 and 2023, 85 US banks provided US$51.2 billion to LNG expansion, with six major banks accounting for 80% of this total. US investors held US$179.6 billion in assets of top LNG developers as of May 2024. The document highlights a significant gap between these institutions' net-zero commitments and their actual policies, which lack restrictions on LNG. It warns that new LNG infrastructure risks creating stranded assets, particularly in Europe, and contributes to substantial greenhouse gas emissions, including high levels of methane leakage from US shale gas fields.

• US financial institutions are major contributors to global LNG expansion; 85 US banks provided US$51.2 billion in financing between 2021 and 2023, and 216 US investors held US$179.6 billion in assets of top LNG developers as of May 2024.
• Financing from US banks is highly concentrated, with six institutions—JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo—providing 80% of the total US bank financing for LNG expansion from 2021 to 2023.
• US asset managers also show high concentration, with BlackRock, Vanguard, State Street, Fidelity Investments, Capital Group, and JPMorgan Chase responsible for half (US$86.3 billion) of total US investor exposure to LNG expansion.
• There is a stark contradiction between the climate pledges of US banks and their actions; while many are members of the Net Zero Banking Alliance (NZBA), none have implemented restrictions on LNG, and Wells Fargo doubled its LNG expansion financing between 2021 and 2023.
• New LNG import terminals in Europe face a high risk of becoming stranded assets due to declining gas consumption; IEEFA estimates that three-quarters of Europe's LNG import capacity could be unused by 2030.
• LNG production, particularly from the US, involves significant methane leakage, with upstream and midstream emissions contributing an average of 47% of the total greenhouse gas footprint of LNG when energy for production is included.

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-US.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-US.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-US.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-US.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }