Banks are driving “the biggest fossil fuel buildout of our lifetime”

The world is facing an unprecedented fossil fuel boom based on Liquid Natural Gas (LNG) development. According to a new mapping project launched on 2 December, 279 new LNG projects are in the planning stage around the world.

Banks pushing fossil fuel

Backed by global banks, this is driving gas expansion and will add billions of tons of greenhouse gas emissions, destroying any hope of achieving global climate goals.

It also threatens the health and wellbeing of local communities and impacts biodiversity. The organisations behind the new ExitLNG website are urging the banks involved to withdraw their support.

A new online map identifies plans to build 279 new LNG projects, showing the extent of countries impacted by LNG expansion. The site also highlights the companies involved, the banks that finance them, and the risks for communities and biodiversity.

US and China leading the charge

It shows that the United States is dominating the boom in LNG exports, accounting for 40% of the increase in planned export capacities (38 projects), driven in part by US President Donald Trump’s fossil fuel agenda, followed by Russia (20%, 18 projects) and Qatar (8%, 3 projects).

The highest number of planned import facilities are in the Asia Pacific region, with the most terminals in China (34% of the increase in planned import capacities, 49 projects), followed by India (8%, 11 projects) and Vietnam (7%, 14 projects).

Final investment decisions for new export terminals have surged in 2025, adding to the expected wave in gas supply, according to the International Energy Agency. This is driving the development of new gas fields and threatening international targets to limit average global temperature rise to 1.5C.

Overall, the new export facilities are estimated to generate more than 10bn tonnes of carbon dioxide equivalent (CO2e) emissions by 2030, comparable to the annual emissions of the United States and the European Union combined.

Steering us towards disaster

Justine Duclos-Gonda, Oil & Gas Campaigner at Reclaim Finance, says:

The worldwide rush to build is steering us towards disaster – for the climate and for local communities, and we will all pay the price. It is no wonder that people are increasingly raising their voices against these projects, which threaten their health and livelihoods. But despite these concerns, banks keep pouring billions into LNG expansion, regardless of the social and climate costs.

QatarEnergy and the US-based company Venture Global are the biggest export terminal developers, with their planned LNG export terminal projects that will result in emission of over 1.2bn tonnes of CO2e by 2030.

The French major TotalEnergies ranks fifth, with projects estimated to result in over 300m tonnes of CO2e by 2030.

We don’t need fossil fuel expansion

Ruth Breech, LNG Campaign Manager at Rainforest Action Network, says:

Communities are suffering from climate impacts and economic devastation. Liquefied gas is making things worse. The world does not need any fossil fuel expansion: not a single new frack field, pipeline, LNG tanker or terminal. Yet, the US government, fossil fuel companies, banks and insurance companies are pushing gas around the globe, creating the biggest fossil fuel buildout of our lifetime.

Despite these impacts, global banks have continued to back LNG developers, funneling US$174bn into LNG expansion between 2021 and 2024.

Three quarters of this support comes from just five countries: the United States, Japan, China, Canada and France, with three banks (Mitsubishi UFJ Financial Group, Mizuho Financial Group and JPMorgan Chase) each contributing over US$10bn.

European banks including Santander, ING, Société Générale, Crédit Agricole, and Groupe BPCE are also identified as among the top financiers of LNG expansion.

The organisations are urging banks to recognise the impacts of LNG and adopt comprehensive policies to end all financial services for new LNG projects and the companies developing new LNG facilities.

Featured image via the Canary