Our oceans and their rich ecosystems are under growing threat, exacerbated by the expansion of LNG (liquefied natural gas) terminals and vessels. From Latin America to Southeast Asia, companies building new LNG terminals and the banks that finance them are deepening host countries\u2019 dependence on fossil fuels, worsening the climate crisis, and harming global biodiversity. Despite the climate commitments made by many of the world\u2019s largest banks, they continue supporting LNG developers. To align with their pledges, banks must stop all new financial services to companies developing LNG terminals.<\/p>\n<\/div>
The third United Nations Ocean Conference (UNOC3) is taking place in Nice, with the goal of \u201cmobilizing all actors to conserve and sustainably use the ocean.\u201d (1) In recent years, LNG export and import terminal projects have surged, with many more in the pipeline. By 2030, developers are planning 156 new onshore and floating LNG terminals projects\u201464 dedicated to export and 92 to import LNG. (2) This boom has also driven the expansion of the global LNG fleet: the number of vessels has more than doubled since 2014, and is expected to reach 1,032-including 324 additional ships currently under construction. (3) This massive LNG buildout is already having significant impacts on oceans\u2014raising questions about the role of banks financing the companies behind these developments.<\/p>\n<\/div>