JPMorgan Chase, HSBC, Mitsubishi Financial Group, and Goldman Sachs are among the top ten banks globally financing maritime Liquified Natural Gas (LNG) expansion, according to a report released today by Stand.earth.

​​International shipping is already one of the largest greenhouse gas (GHG) polluters in the world and the International Council on Clean Transportation has shown in 2020 that LNG-fueled shipping is between 70% and 82% worse for the climate than oil-fueled business-as-usual shipping. The report, Banking on a Climate Shipwreck is the accumulation of months of research and ranks international banks in terms of how much they have financed maritime LNG.

This report identified 160 banks involved, but just the top 10 were responsible for nearly half of all financing for the maritime LNG expansion.

“The further expansion of maritime fossil gas will be the death knell for the climate because it dramatically worsens the emissions footprint of one of the most polluting sectors in the world. The top ten banks listed in our report are responsible for nearly half of all funding for the buildout of LNG shipping. Most of these same financial institutions have signed onto climate responsible finance initiatives that should preclude their maritime LNG funding. It is past time for these banks to put their money where their mouth is by ending all support for maritime LNG infrastructure and vessels. They can, and must, set a course towards zero emission vessels and infrastructure projects for the survival of our fragile blue planet.” said Kendra Ulrich, Transportation Director with Stand.earth.

While emissions from shipping haven’t been taken into account within the Paris Agreement goals, what is clear is that banks’ financing of maritime LNG is in contradiction to their own climate commitments. Indeed, many of the banks actually have no idea to what extent they are funding LNG for the shipping sector.

Read the report here.

This press release first appeared here.