JIBC provides US$3.3 billion to harmful Asian LNG projects

(Friends of the Earth Japan, Tokyo, 26 April 2024) From the straits of the Philippines to the coasts of the United States, Japan’s fossil fuel financing is harming the environment, climate, and communities at a time when the world is reeling from the ever-intensifying heat waves, floods, droughts, and typhoons brought by the climate crisis. While the world must phase out fossil fuels, as affirmed by the outcomes of COP28, Japan continues to funnel billions of dollars to liquefied natural gas (LNG) projects through its public institutions like the Japan Bank for International Cooperation (JBIC). In Southeast Asia alone, JBIC provided USD 3.31 billion to LNG projects that harm communities, derailing the region’s just transition to renewable energy. The Natural Resources Defense Council notes that "Japan stands out as one of the world’s top providers of public finance for gas, and the world’s largest provider of international public finance for LNG export capacity, providing $39.7 billion for projects built from 2012 onwards. Just in the two weeks ahead of Kishida’s meeting with Biden, Japan approved over $2.7 billion in financing for new gas projects, such as the controversial gas field in Australia, Block B gas project in Vietnam, the San Luis Potosi and Salamanca gas plants in Mexico, and financing to import LNG."