This story was produced by The Bureau of Investigative Journalism and is being co-published with Grist.
Santander exploited loopholes in its own climate policy in order to help raise billions for facilities relying on fracked U.S. gas. The bank then quietly watered down the same policy, making it easier to finance fracking directly in future, The Bureau of Investigative Journalism, or TBIJ, can reveal.
The financing was for projects relating to liquified natural gas, or LNG, terminals, huge industrial plants that take gas — much of it from the region’s many fracking sites — and cool it into liquid form before loading it on to tankers to be shipped around the world.
If all the Gulf Coast’s numerous LNG projects are completed, they would form a “carbon bomb” with associated annual emissions of over a billion metric tons of CO2, more than that of Russia. Local residents have complained of air pollution, dirty water, and serious health risks for their families.
Last year, Santander wa... Read more
