Santander eases its climate policies amid gas project funding
In a revealing investigation, Santander Bank is shown to have adjusted its environmental guidelines to facilitate the financing of controversial gas projects.
Nimra Shahid and Rob Soutar report for The Bureau of Investigative Journalism.
In short:
- Santander Bank leveraged its climate policy to support the funding of liquified natural gas (LNG) projects, which depend on fracked gas from the U.S.
- The bank altered its climate policy, introducing loopholes that could allow for direct financing of fracking in the future.
- Environmentalists and community activists express concerns over the health and environmental impacts of the LNG projects financed by Santander.
Key quote:
“He goes fishing but he can’t eat the fish. Because I’m afraid if he gets too much mercury in his system, too much of the other pollution in the water, that is going to further exacerbate his seizures.”
— Roishetta Ozane, Gulf fossil finance coordinator for Texas Campaign for the Environment
Why this matters:
Fossil fuel projects often divert resources away from investments in renewable energy sources like wind and solar power. This delay in transitioning to cleaner energy sources not only exacerbates climate change but also hinders the development of healthier, more sustainable communities.
