A coalition of over 40 civil society organizations today issued an urgent call for financial institutions to publicly commit against financing the Galveston LNG Bunker Port (GLBP) project at Shoal Point, Texas.
The widely-opposed GLBP project is a joint venture of U.S. maritime companies Seapath and Pilot LNG, and plans to supply Liquefied Natural Gas (LNG) fuel to ships. The project has not yet received its Final Investment Decision (FID) as it represents a major financial risk to investors.
A formal letter [English | Japanese] was sent to financial institutions, signed by 45 organizations, providing detailed analyses and sources that identify the GLBP project as a high-risk investment.
Joanie Steinhaus, Ocean Program Director, Turtle Island Restoration Network:
“We are in a climate crisis and expansion to another LNG facility is not the climate solution needed at a local or global level. The Atlantic Hurricane season just began and placement of this bunker facility places it in harm’s way for storm surge and the resulting spill will impact the local environment and communities. Galveston Bay and the estuary ecosystem are habitat to multiple species of plants and marine life and this LNG Bunker facility will bring harmful toxins to this waterway”.
Hannah Saggau, Senior Climate Finance Campaigner, Stand.earth:
“The Galveston LNG Bunker Port is a bad bet for banks, and spells disaster for the climate and local communities. From its dodgy developers to false projections for the future of fossil gas, savvy financial institutions should stay away from this high-risk investment and invest in climate solutions instead.”
Elissama Menezes, Global Director, Say No to LNG Campaign:
“The Galveston LNG Bunker Port (GLBP) project is a textbook example of a stranded asset in the making. As global shipping regulations tighten and demand for fossil-based fuels weakens, this project faces growing regulatory and financial headwinds. With the International Maritime Organization (IMO) set to impose monetary penalties on fossil-based marine fuels from 2028, any investment in GLBP is regulatory precarious and economically unsound. LNG-bunkering is a high-risk bet in a sector already pivoting toward truly zero-emission, sustainable fuels—and financial institutions should steer clear”.
Financial institutions* are being urged to read the full letter and respond by June 16, committing to:
Publicly exclude all financial services—including but not limited to project finance, corporate lending, and advisory services—for new LNG bunker port projects; and
Make a specific commitment to not finance the Galveston LNG Bunkering Port (GLBP) project.
*List of financial institutions contacted to date:
- Banco Santander
- BBVA
- BNP Paribas
- Credit Agricole S.A.
- Intesa Sanpaolo
- Bank of America
- BMO
- Canadian Imperial Bank of Commerce
- Citibank
- Deutsche Bank
- Goldman Sachs
- HSBC
- ING Group
- JPMorgan Chase
- Morgan Stanley
- National Bank of Canada
- Royal Bank of Canada
- Scotiabank
- Societe Generale
- Toronto-Dominion Bank
- Wells Fargo
- Mitsubishi / MUFG
- Mizuho
- SMBC Group / Sumitomo Mitsui Financial Group
Source: Stand.earth