Spike In German Finance For Gas Export Projects Harms Gulf Communities
Deutsche Bank and other German lenders have poured finance into gas export terminals on the U.S. Gulf Coast since Russia invaded Ukraine, a report has found, sparking anger among residents who say the megaprojects are devastating their communities.
German banks lent 2.17 billion euros to U.S. gas export projects since the beginning of 2022, a sharp increase on the 1.86 billion euros in loans made during the 10 preceding years combined, according to underlying data used to produce the report by environmental groups Urgewald, Environmental Action Germany (DUH) and Andy Gheorghiu Consulting. The banks also underwrote 610 million euros of bonds for the projects from 2012-2021, the data showed.