Green lobby wants banks to defund natural gas export terminals
Gas prices are rising. The world is in a global energy supply shock, and our allies are looking for new sources of natural gas to wean themselves of Putin’s pipelines.
What better time for the Sierra Club and more than a 100 other groups urge banks not to finance any more natural gas facilities:
120 organizations sent letters to the six biggest American banks urging them to stop lending and support for new and expanded gas export facilities, citing environmental justice and climate concerns as well as rising home heating costs for American communities being driven by the rise in exports.
And pay no attention to what’s happening elsewhere in the world:
Gas proponents have attempted to use current fears of gas shortages in Europe to build support for this massive buildout of new export facilities, despite the fact that this expansion would do nothing to alleviate these concerns in the short term, and would only serve to lock in decades of dependence on fossil fuels at a time when a shift in the opposite direction is necessary.
“New and expanded fracked gas export terminals would exacerbate the climate crisis and threaten the health and safety of already-vulnerable communities in the Gulf Coast. They also face significant public opposition and legal challenges that put them at risk of becoming stranded assets or never being completed at all,” said Adele Shraiman, Campaign Representative for the Sierra Club’s Fossil-Free Finance campaign.