QUANTITATIVE EASING AND CLIMATE 2: Fueling the fossil gas frenzy

The European Central Bank (ECB) is accused of fueling a 'fossil gas frenzy' through its asset purchase programs. Reclaim Finance identifies 24 companies benefiting from ECB quantitative easing that are actively operating or planning gas infrastructure globally and in Europe. The document highlights that 11 of these companies plan 62 new fossil gas projects, with Total, Shell, Engie, and Enel being major developers. It argues that natural gas is not a low-carbon alternative due to high life-cycle emissions and methane leaks, and is more expensive than wind or solar energy. The briefing calls for the ECB to immediately exclude corporations developing new fossil fuel projects from its asset purchases.

• The European Central Bank (ECB) planned to purchase €1470 billion in assets during 2020-2021, a volume representing over 50% of its holdings as of June 1, 2020. This quantitative easing supports polluters, including 38 fossil fuel companies (10 of which are coal companies).
• Twenty-four companies receiving ECB support are driving natural gas expansion. In Europe, these entities operate 123 gas power plants and extract gas from 48 sites, with plans for 8 more plants and 2 more sites. Globally, they operate 96 gas pipelines and 97 LNG terminals, with plans for 11 additional pipelines and 41 additional terminals.
• Eleven companies supported by the ECB plan to develop 62 new fossil gas projects. Four companies—Total, Shell, Engie, and Enel—are particularly prominent, being involved in 45 projects, 35 of which are related to liquified natural gas (LNG) development.
• The document challenges the narrative of gas as a 'bridge fuel' or low-carbon energy, noting that its combustion emits 320 kg CO2/boe (roughly 59% of coal and 79% of crude oil) and that life-cycle LNG emissions are 134% of combustion emissions. Furthermore, wind and solar energy are projected to be 46% and 49% cheaper than gas, respectively, by 2025.

APA

Schreiber, P., & Pinson, L. (2020). QUANTITATIVE EASING AND CLIMATE 2: Fueling the fossil gas frenzy. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-and-climate-2-The-ECB-is-fueling-the-gas-frenzy.pdf

Chicago

Schreiber, Paul, and Lucie Pinson. QUANTITATIVE EASING AND CLIMATE 2: Fueling the fossil gas frenzy. Reclaim Finance, 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-and-climate-2-The-ECB-is-fueling-the-gas-frenzy.pdf.

Wikipedia

{{cite report |last1=Schreiber |first1=Paul |last2=Pinson |first2=Lucie |title=QUANTITATIVE EASING AND CLIMATE 2: Fueling the fossil gas frenzy |publisher=Reclaim Finance |date=September 2020 |url=https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-and-climate-2-The-ECB-is-fueling-the-gas-frenzy.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{schreiber2020quantitative, author = {Schreiber, Paul and Pinson, Lucie}, title = {{QUANTITATIVE EASING AND CLIMATE 2: Fueling the fossil gas frenzy}}, institution = {Reclaim Finance}, year = {2020}, month = sep, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-and-climate-2-The-ECB-is-fueling-the-gas-frenzy.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }