Last month, the Biden Administration hit pause on approval of all new liquified natural gas (LNG) export permits, which will delay these massive projects. This is a win (for now) for the climate movement and the frontline communities that are threatened by proposed LNG projects.
This action by the White House should be a signal for all financial institutions that the end of the fossil fuel era is here. So why is Citi still financing LNG?
According to the Banking on Climate Chaos report, Citi has put $8.6 billion into LNG since the Paris Agreement, with nearly $1.2 billion last year alone. That makes Citi the second largest financier of LNG in the world.
In recent years, there has been an aggressive LNG buildout on the Gulf coast of the US, with over 20 LNG projects proposed. LNG is a huge climate risk, because methane gas has more than 80 times the warming power of carbon dioxide over the first 20 years after it reaches the atmosphere.
Methane is highly volatile, and this build-out poses especially dangerous explosion risks, and health risks due to the greenhouse gas emissions created by the extraction, transmission, and transportation of LNG. On top of that, we know that these environmental harms are disproportionately placed on Black residents in the impacted communities.
Right now is a critical time for banks to walk away from these fossil fuel projects. That’s why we’re demanding that Citi commits to stop financing LNG immediately.
Citi has a choice: They can prioritize the health and safety of our climate and communities. Or, if Citi does not stop financing LNG, they are perpetuating the displacement, pollution, and physical harm of Gulf coast communities.
– the Stop the Money Pipeline team
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