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According to a report by the climate group Reclaim Finance, states that $200 billion in funding has been earmarked by large banks for new gas terminals, in addition to $252 billion from around 400 other investors.
The wave of new gas projects comes in the wake of the Russian invasion of Ukraine and the widespread energy shortages that followed. Many countries have shifted their reliance on Russia for gas supplies to alternative producers, such as Norway and the U.S., over the last almost three years, according to a report by Oil Price
The report found that eight liquefied natural gas (LNG) export terminal projects and 99 import terminal projects were completed between 2022 and 2024, increasing the global export capacity by 7 percent and the import capacity by 19 percent. In addition, LNG developers have a project pipeline of 156 new LNG terminals worldwide to be completed by the end of the decade, consisting of 63 export terminals and 93 import terminals.
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