March 2, 2017
In the Rio Grande Valley in South Texas, a proposed fracked-gas export terminal called Texas LNG is threatening communities, the climate and nearby wetlands. This multi-billion dollar project hasn’t been funded yet, but the French bank BNP Paribas is arranging financing for it. So now is the key moment to pressure BNP Paribas to step away — and other banks to stay away.
Rainforest Action Network, in partnership with Save RGV from LNG, has been pressuring big banks to stay far away from financing Texas LNG and two other similar disastrous terminals in the Rio Grande Valley. The two groups have joined with Les Amis de la Terre France to show how BNP Paribas and its U.S. subsidiary Bank of the West, in their support for the Texas LNG project, are implicated in all the risks to community health, endangered species, and our shared climate that come with this proposed project.
- BNP Paribas’ support for this project, which would drive even more fracking of shale gas in the U.S., contradicts its commitments to a stable climate.
- Bank of the West bears a particular responsibility as the member of the BNP Family based in the country that would bear the brunt of the community and environmental impacts of the Texas LNG project.
- Texas LNG looks to get feed gas from the Eagle Ford Shale basin in South Texas, where drilling has skyrocketed since the shale boom because of fracking. Given that the country of France has banned fracking, a French bank supporting this project would be cynical at best, and hypocritical at worst.
- Texas LNG ignores Indigenous communities whose historical sites of archaeological importance would be bulldozed for this project. The project also poses threats to the biodiversity and ecotourism of the region, community health, and environmental justice.
- As as signatory to the Equator Principles, an environmental and social risk management system for project finance, BNP Paribas should pull out of this project, as it poses irreversible and unprecedented risks.