{"id":40935,"date":"2020-05-18T11:28:08","date_gmt":"2020-05-18T01:28:08","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?page_id=40935"},"modified":"2023-06-15T10:50:26","modified_gmt":"2023-06-15T00:50:26","slug":"lng","status":"publish","type":"page","link":"https:\/\/www.marketforces.org.au\/info\/trackingthemoney\/lng\/","title":{"rendered":"Australian LNG lending study 2020"},"content":{"rendered":"

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ARCHIVED CONTENT<\/span><\/h3>\n

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This content is no longer being updated. Data on this page covers the period Jan 2008 – Dec 2019.<\/span><\/p>\n

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WHY BANKS MUST ABANDON AUSTRALIA’S LNG INDUSTRY<\/h1>\n

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Over the last 10 years Australia ramped up its exports of LNG enormously, becoming the world\u2019s largest exporter in calendar year 2019.<\/h5>\n

The 77.5 million tonnes of LNG exported from Australia in 2019 was enough to release 206 million tonnes of CO2 when combusted, equivalent to 39% of Australia\u2019s annual greenhouse gas emissions (for the year to September 2019).<\/p>\n

Behind this rapid expansion is a relatively small number of financial institutions that loaned more than $75 billion dollars to LNG projects and companies.<\/p>\n

These projects and companies rely on the failure of the Paris Agreement, betting that the world\u2019s gas consumption will continue to rise over coming decades when the role of gas must actually decline if we\u2019re to avoid 1.5\u00b0C of warming.<\/p>\n

Yet there are plans for another wave of Australian LNG, comprising new and expanded projects that would cost tens of billions of dollars more. None of this is compatible with a safe climate future.<\/p>\n

But these plans are being put on hold by COVID-19 and the oil price crash. In March 2020, major Australian oil & gas producers Woodside and Santos delayed investment decisions for $60 billion of planned LNG expenditure.<\/p>\n

This is our chance to leave LNG behind.<\/p>\n

As governments, industry, investors and society all move to place a clean energy transition at the centre of economic recovery and stimulus plans in response to COVID-19, investors must position themselves to leave incompatible LNG projects, and the companies that have no interest in abandoning them, behind.<\/p>\n

Use this form to tell Australia\u2019s biggest LNG lenders to stop funding expansion of this climate-wrecking industry.<\/strong><\/p>\n

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TAKE ACTION<\/h4>\n

Use this form to tell Australia\u2019s biggest LNG lenders to stop funding expansion of LNG and to ensure that LNG projects and companies wind up their operations in line with the goals of the Paris Agreement.<\/span><\/p>\n

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