More than 100 Groups Pressure Banks and Businesses to Stop Backing LNG

JESSICA CORBETT

February05, 2024

“It’s now up to the financiers and insurers of LNG to listen to us, hear stories of the impact on our kids’ health, and end the financial backing of this dying industry,” said one frontline organizer.

On the heels of the Biden administration pausing approvals for liquefied natural gas exports, over 100 advocacy groups on Monday wrote to major banks, insurance companies, and private equity firms, urging them to also ditch the climate-wrecking LNG industry.

“U.S. regulators are finally reevaluating their approach to the dangerous and destructive methane gas industry,” said Adele Shraiman of coalition member Sierra Club in a statement. “With the Department of Energy stopping the rubber stamping of new LNG export projects in order to consider their full impact on our climate, communities, and economy, it’s time for the financial sector to do the same. The message is clear: There is no place for LNG expansion in a net-zero future.”

The coalition—whose organizations represent frontline communities, Indigenous land defenders, organizers, researchers, and millions of concerned citizens—called the Biden administration’s late January announcement “a critical step to reduce methane emissions, phase down fossil fuels, and protect communities living with industrial pollution.”

“Liquefied methane gas is toxic for the health of frontline and climate-impacted communities, and a bad investment for banks.”

To read the full article, click here:

https://www.commondreams.org/news/lng-bank#:~:text=Nations%20climate%20summit.-,%22The%20world%20has%20begun%20to%20move,and%20that%20move%20will%20accelerate.%22&text=for%20LNG%20Industry%20%E2%80%BA-,On%20the%20heels%20of%20the%20Biden%20administration%20pausing%20approvals%20for,the%20climate%2Dwrecking%20LNG%20industry.