To Société Générale, Morgan Stanley, and all global bankers of North American LNG:
Don’t finance fracked-gas export terminals in the Rio Grande Valley.
In South Texas, corporations are planning dirty deals for dirty projects: fracked gas export terminals. They’re destructive for our communities and our climate.
Three proposed new fracked-gas export terminals in South Texas’s Rio Grande Valley would pollute the air, water and climate, and harm communities that already struggle with health disparities. The Rio Grande Valley shouldn’t be sacrificed for fracked gas.
Banks like Société Générale (France) and Morgan Stanley (U.S.) are the biggest bankrollers of North American fracked-gas terminals and the companies behind them, which are the lynchpins in a climate-wrecking fracking cycle -- from fracked wells, to dangerous pipelines, to huge terminals that scar our coasts, with dangerous methane leakage at every stage.
In fact, Société Générale has already committed to support NextDecade’s Rio Grande LNG, the largest of these terminals in South Texas, and the associated Rio Bravo Pipeline.
In the last two years, two major global banks — Sumitomo Mitsui Banking Corporation and BNP Paribas — have dropped their leading roles in the proposed liquefied natural gas export terminal projects in the Rio Grande Valley. Société Générale should follow their lead. And their global peers should recognize that these greenfield projects — which would hurt local communities, abuse Indigenous rights, threaten endangered species and drive climate change — are unbankable, and steer clear going forward.
For the full list of 34 major global banks backing North American fracked-gas exports, see Banking on Climate Change: 2018 Fossil Fuel Finance Report Card.