GREENPEACE CANADA
TORONTO – Canadian banks are pouring billions of dollars into the global expansion of liquefied natural gas (LNG) terminals that could potentially unleash more than 10 gigatonnes of climate-wrecking greenhouse gas emissions, according to new research (1). The expansion of LNG depends on the support of banks and investors, with nine Canadian banks responsible for US$16.7 billion in support for expansion between 2021 and 2023 (2). Reclaim Finance and Greenpeace Canada warn that the emissions from these projects, which can be more damaging than coal, will breach net zero goals. They are urging banks to stop providing financial support to the developers of all new LNG projects, and to primarily stop financing export terminals. Story here.
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