{"id":39485,"date":"2026-04-08T00:01:55","date_gmt":"2026-04-07T22:01:55","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=39485"},"modified":"2026-04-07T14:53:44","modified_gmt":"2026-04-07T12:53:44","slug":"the-price-of-gas-the-hidden-costs-of-european-banks-support-for-gas-power-expansion","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2026\/04\/08\/the-price-of-gas-the-hidden-costs-of-european-banks-support-for-gas-power-expansion\/","title":{"rendered":"The price of gas: the hidden costs of European banks&rsquo; support for gas power expansion"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-right:0px;--awb-padding-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-bottom:20px;--awb-bg-size:cover;--awb-border-color:#8ac56b;--awb-border-style:solid;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\" style=\"--awb-content-alignment:justify;--awb-text-color:var(--awb-color4);--awb-text-font-family:&quot;Montserrat&quot;;--awb-text-font-style:normal;--awb-text-font-weight:700;\"><p><span class=\"TextRun SCXW254442726 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun CommentStart SCXW254442726 BCX0\">European banks\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">allocated<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0US$41.9 billion to\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">companies develop<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">ing<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0new gas power\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">plants<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0between 2021 and 2024<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">,\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">despite<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0their claims to support the energy transition<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">.<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">Almost two\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">thirds\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">o<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">f<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">th<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">is<\/span><span class=\"NormalTextRun CommentStart SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">(<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">63<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">%<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">)<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0came<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">from French and UK banks,\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW254442726 BCX0\">essentially:\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">BNP Paribas, Cr\u00e9dit Agricole, Groupe BPCE, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, Barclays, HSBC, and Standard Chartered<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">.<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">These banks\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">are<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">turn<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">ing<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0a blind eye\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">to<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0the impacts of\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">gas power<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">, which\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">include<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">sharp spikes in electricity prices driven by the high volatility of gas markets,\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">resulting\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">in<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0unaffordable energy;<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">air pollution<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u2013<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">res<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">ponsible for<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">premature deaths,\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">respiratory<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0and\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">cardiovascular diseas<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">e<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">s<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u2013<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">;<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">on top of\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">the<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">contribution<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">of gas\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">in<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">\u00a0fueling the\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">climate\u00a0<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">crisis<\/span><span class=\"NormalTextRun SCXW254442726 BCX0\">.<\/span><\/span><span class=\"EOP SCXW254442726 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:60,&quot;335559739&quot;:60,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<\/div><div class=\"fusion-title title fusion-title-1 fusion-title-text fusion-title-size-two\" style=\"--awb-margin-bottom:10px;--awb-font-size:20px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"font-family:&quot;Montserrat&quot;;font-style:normal;font-weight:600;margin:0;font-size:1em;--fontSize:20;--minFontSize:20;line-height:1.5;\">Key findings:<\/h2><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><div class=\"fusion-separator\" style=\"align-self: flex-start;margin-right:auto;margin-bottom:20px;width:100%;max-width:10%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;--awb-sep-color:var(--awb-color4);border-color:var(--awb-color4);border-top-width:5px;\"><\/div><\/div><div class=\"fusion-builder-row fusion-builder-row-inner fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"width:104% !important;max-width:104% !important;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-0 fusion_builder_column_inner_1_1 1_1 fusion-flex-column fusion-flex-align-self-center\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><ul class=\"key\">\n<li><b style=\"color: #dd2c2c;\">320<\/b> &#8211; Between 2021 and 2024, the 24 largest European banks provided financial support to companies developing more than 320 new gas plants worldwide.<\/li>\n<li><b style=\"color: #dd2c2c;\">+ 532%<\/b> &#8211; Increase in EU gas prices between January 2021 and August 2022, following Russia\u2019s invasion of Ukraine.[1] In the first 10 days of the 2026 attack on Iran, surging gas prices drove up EU power costs by more than 50%.[2]<\/li>\n<li><b style=\"color: #dd2c2c;\">2,864<\/b> &#8211; In 2019, air pollution from around 570 gas power plants across the EU27 and UK caused up to 2,864 premature deaths.<\/li>\n<li><b style=\"color: #dd2c2c;\">48%<\/b> &#8211; The share of financing for gas power expansion that goes to countries with pledges to reach net-zero by 2050 or earlier, with several also committed to decarbonizing electricity by 2035 \u2014 such as France, the UK, and Italy.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-right:0px;--awb-padding-left:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-3\" style=\"--awb-content-alignment:justify;\"><div class=\"fusion-text fusion-text-3\">\n<p><span class=\"TextRun SCXW69890518 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW69890518 BCX0\">The path is clear for banks willing to effectively support sustainable societies: they must end all support for gas power expansion and drastically increase their support for renewables, to effectively replace fossil fuels<\/span><span class=\"NormalTextRun SCXW69890518 BCX0\">\u00a0and not simply add to them<\/span><span class=\"NormalTextRun SCXW69890518 BCX0\">. Unlike fossil gas, renewables offer greater economic stability, lower electricity prices, and significantly lower air pollution.<\/span><\/span><span class=\"EOP SCXW69890518 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div><div class=\"fusion-text fusion-text-4\" style=\"--awb-content-alignment:justify;--awb-font-size:14px;\"><div class=\"fusion-text fusion-text-3\">\n<p><i><span data-contrast=\"none\">1. <\/span><\/i><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.eurelectric.org\/policy-areas\/markets\/\" target=\"_blank\" rel=\"noopener\"><i>Eurelectric<\/i><\/a><\/span><i><span data-contrast=\"none\">, accessed March 2026<\/span><\/i><span data-ccp-props=\"{\"><br \/><\/span><i><span data-contrast=\"none\">2. Ember, <\/span><\/i><span style=\"text-decoration: underline;\"><a href=\"https:\/\/ember-energy.org\/latest-insights\/latest-energy-shock-reminds-europe-of-its-risky-gas-reliance\/\" target=\"_blank\" rel=\"noopener\"><i>Latest energy shock reminds Europe of its risky gas reliance<\/i><\/a><\/span><i><span data-contrast=\"none\">, March 2026<\/span><\/i><span data-ccp-props=\"{\">&nbsp;<\/span><\/p>\n<\/div>\n<\/div><div style=\"text-align:center;\"><a class=\"fusion-button button-flat button-medium button-custom fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_border_color:var(--awb-color4);--button_accent_hover_color:#ffffff;--button_border_hover_color:#8fc84c;--button_border_width-top:2px;--button_border_width-right:2px;--button_border_width-bottom:2px;--button_border_width-left:2px;--button_gradient_top_color:rgba(138,197,107,0);--button_gradient_bottom_color:rgba(138,197,107,0);--button_gradient_top_color_hover:#8fc84c;--button_gradient_bottom_color_hover:#8fc84c;--button_margin-top:30px;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2026\/03\/The_Price_of_Gas_Reclaim_Finance_April_2026.pdf\"><span class=\"fusion-button-text\">Read the report<\/span><\/a><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":33,"featured_media":39486,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[224],"tags":[],"acteurs_financiers":[],"thematique":[],"webinar_type":[],"programme":[],"class_list":["post-39485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The price of gas: the hidden costs of European banks&#039; 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