[From the web] Financing a Fossil Future – Tracing the Money Pipeline of Fossil Gas in Southeast Asia | CEED
Southeast Asia (SEA) is spiraling into a fossil future thanks to a massive fleet of gas projects and the financial institutions backing them, risking the region’s energy security, biodiversity, and any and all hope to limit global temperature rise to less catastrophic levels – a new report from civil society reveals.
Financing a Fossil Future: Tracing the Money Pipeline of Fossil Gas in SEA published by think-tank Center for Energy, Ecology, and Development (CEED) and partners dives into projects and companies involved in fossil gas exploration and development, transportation, gasification, storage, re-gasification, pipelines, and power generation, and the institutions that offered them financial services from 2016 to 2022.
Dubbed as a clean alternative to coal, fossil gas and its supercooled form liquefied natural gas (LNG) has turned into a new favorite of Southeast Asian nations in recent years to fuel growth. This, however, goes against the economic interests of SEA, which is largely comprised of developing countries – especially as gas prices soar to record-highs.
“With gas, we are driving down the same road to economic and climate disaster as we did with coal. We merely switched lanes,” said Gerry Arances, Executive Director of CEED.
Click the link below to read the full report:
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