Societe Generale pulled out of Texas-based energy company NextDecade's Rio Grande Liquefied Natural Gas (LNG) project last year, the French bank disclosed for the first time on Tuesday, in news that could help explain the project's repeated delays.
Rio Grande Liquefied Natural Gas project last year, the French bank disclosed for the first time on Tuesday, in news that could help explain the project's repeated delays.
As the project's mandated financial adviser, SocGen had been the lead bank in the financing of some $11.5 billion for the LNG plant before exiting this role in the first quarter of 2022.Banks across the world are under pressure from activists and some investors to do more to help tackle climate change. Groups and representatives of Indigenous tribes that have campaigned against the project cheered SocGen's announcement.
"The issue is now for other banks to also commit not to support the project, as adviser or financier," said Lorette Philippot of Friends of the Earth France.
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