Copublished with Les Amis de la Terre France
Paris, July 31st 2025 – Société Générale and Crédit Agricole could finance the construction of new liquified natural gas (LNG) tankers needed for the development of Mozambique LNG, a project being developed by TotalEnergies, despite the multiple investigations into allegations of human rights violations in the area by local armed forces. (1) While BNP Paribas and Crédit Mutuel have made it clear that they would not finance these tankers , the two other banks, which have already committed to financing the Mozambique project, have refused to take a similar position. Refusing to do so suggests an implicit backing of the Mozambique LNG project, whose imminent restart could be in jeopardy if private banks were to withdraw.
Questioned by several NGOs, including Reclaim Finance, les Amis de la Terre France (Friends of the Earth France) and Solutions for Our Climate (SFOC), BNP Paribas and Crédit Mutuel committed to stay away from the financing of the future tankers for the project – which would be used to transport exports of LNG from TotalEnergies’ Mozambique LNG project.
This is in sharp contrast to Société Générale’s and Crédit Agricole’s position, who both agreed to finance the project in 2020. (2) While no contract has been signed for the financing of the LNG tankers, both banks have refused to state their position, simply referring to their current oil and gas policies, which would allow LNG tankers to be financed.
Crédit Agricole and Société Générale still have the opportunity to step back from TotalEnergies’ project. The more they refuse to follow BNP Paribas and Crédit Mutuel’s position, the more they show their true colors – they are willing to do whatever it takes to carry out the Mozambique LNG project, regardless of the impact on local populations and the climate. Even in the absence of a signed contract, their unwillingness to state their position on financing the LNG tankers, is as irresponsible as their silence on the heavy human right violations is deafening.
Lucie Pinson, founder and executive director of Reclaim Finance
TotalEnergies keeps showing how untrustworthy and undesirable they are in Mozambique. The company is already under formal investigation for involuntary manslaughter (4). Its responsibility is being questioned while the armed forces it supported are facing serious crime allegations. Despite the publications of damning investigations, Patrick Pouyanné sticks to his guns, labeling the allegations as ‘false (5)’, before an independent investigation has even been carried out (6). Société Générale and Crédit Agricole have to make a new decision, and they have to do it against the backdrop of the terrible events that have happened there over the past five years, and their many victims.
Lorette Philippot, campaigner at les Amis de la Terre France (Friends of the Earth France)
The project has been suspended since April 2021, due to “force majeure”, after a deadly attack targeted a town neighboring the LNG site. TotalEnergies recently announced its intention to re-start the project, following the recent approval by the Trump administration of a $4.7 billion loan for the project by the U.S. Export-Import Bank (US EXIM). (7) Given this context, public and private financiers, including Société Générale and Crédit Agricole, need to decide whether they want to renew their financial support to the project.
Reclaim Finance and les Amis de la Terre France (Friends of the Earth France) are urging Société Générale and Crédit Agricole to acknowledge the severe human rights and climate risks posed by the Mozambique LNG project, to end their support for the project and to reject any involvement in activities linked to its development – starting with their support for the LNG tankers.
