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Santander’s Investment in LNG Buildout Contradicts Climate Policy

Summary

Investigative journalism by The Bureau of Investigative Journalism reveals Santander's investment of hundreds of millions of dollars in liquefied natural gas (LNG) terminals in the Gulf Coast, despite its climate policy opposing fossil fuel investments. By exploiting policy loopholes, Santander facilitated financing for projects heavily reliant on fracked U.S. gas, contributing to significant CO2 emissions and local environmental issues. The bank quietly revised its policy to allow exceptions related to fracking, undermining its commitment to climate action. Concerns arise over the environmental and health impacts of LNG development, prompting calls for banks to align financing with sustainability goals and refrain from supporting projects exacerbating climate change and harming communities.

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