June 13, 2024
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OIL & GAS

Environmental Groups Urge Banks to Withdraw Support for TotalEnergies’ Mozambique LNG Project

Environmental advocacy groups, including ActionAid International and Greenpeace France, have issued a letter to more than two dozen financial institutions, urging them to withdraw their support for TotalEnergies’ $20 billion liquefied natural gas (LNG) terminal in Mozambique.

The project, touted as Africa’s largest foreign direct investment, is facing scrutiny due to concerns about worsening climate change and potential human rights abuses in the country.

The letter, seen by Reuters, emphasized the direct responsibility of project funders in addressing the negative impacts associated with the LNG terminal.

“As a critical financial supporter of the project, you bear a direct and important responsibility in its dreadful impacts,” the letter contained.

The call comes at a critical moment for TotalEnergies as it prepares to resume the stalled project.

Last month, Dutch lawmakers insisted on being consulted on safety and human rights issues before approving a 1-billion-euro ($1.06 billion) loan guarantee for the project.

TotalEnergies maintained that the project’s financial arrangements remain unchanged, and project finance is in place despite a temporary halt in 2021 due to security threats from militants. However, the company is expected to provide an update on details on Monday.

 

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