Justiça Ambiental (JA!), ReCommon, BankTrack and Friends of the Earth France have published a blog on the potential financiers of the Rovuma LNG project. The groups contacted potential financiers and asked them to rule out financing for Rovuma LNG. BNP Paribas and UniCredit are the first two banks to rule out finance.

The Rovuma LNG project aims to liquefy and market 15.2 million tonnes of fossil gas per year, mostly for export. Coupled with the Mozambique gas project and a nearby LNG terminal called Coral South FLNG, Rovuma has the potential to increase Mozambique’s emissions by 14%. 

The gas development is also within miles of the Quirimbas Archipelago, a UNESCO-designated Biosphere Reserve. The Quirimbas Biosphere Reserve contains coral reefs that are some of the most species-diverse coral reefs in the region. The area’s particularly productive sea grass beds also provide nursery grounds and foraging habitat for fish and turtles. The nearshore and offshore areas include species that are considered imperiled by the IUCN, including sei whales, Indian yellow nosed albatross, loggerhead, green turtles, leatherback, and hawksbill turtles. Read more about the impacts on biodiversity in the here. Read the blog to find out more about the other banks contacted and why financiers should avoid this project.