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Climate bomb’ warning over $200bn wave of new gas projects

Summary

A $200 billion surge in liquefied natural gas (LNG) projects could release greenhouse gas emissions equivalent to the annual emissions of all global coal plants, raising significant climate concerns. A report by Reclaim Finance highlights methane leaks from these projects, warning of 10 gigatonnes of emissions by 2030, undermining Paris Agreement goals. LNG capacity is projected to grow by 50%, driven by geopolitical shifts and energy transitions, risking oversupply and dependence on fossil fuels. Despite pledges for net-zero financing, banks continue investing in LNG infrastructure. The International Energy Agency cautions this expansion could push global warming to 2.4°C above pre-industrial levels, exceeding the 1.5°C limit critical to avoiding severe climate impacts. Environmental advocates urge financial institutions to halt support for LNG developments.

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