European banks allocated US$41.9 billion to companies developing new gas power plants between 2021 and 2024, despite their claims to support the energy transition. Almost two thirds of this (63%) came from French and UK banks, essentially: BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale, Barclays, HSBC, and Standard Chartered. These banks are turning a blind eye to the impacts of gas power, which include sharp spikes in electricity prices driven by the high volatility of gas markets, resulting in unaffordable energy; air pollution – responsible for premature deaths, respiratory and cardiovascular diseases – on top of the contribution of gas in fueling the climate crisis. 

Key findings:

• 320 – Between 2021 and 2024, the 24 largest European banks provided financial support to companies developing more than 320 new gas plants worldwide.
• + 532% – Increase in EU gas prices between January 2021 and August 2022, following Russia’s invasion of Ukraine. (1) In the first 10 days of the 2026 attack on Iran, surging gas prices drove up EU power costs by more than 50%. (2)
• 2,864 – In 2019, air pollution from around 570 gas power plants across the EU27 and UK caused up to 2,864 premature deaths.
• 48% – The share of financing for gas power expansion that goes to countries with pledges to reach net-zero by 2050 or earlier, with several also committed to decarbonizing electricity by 2035 — such as France, the UK, and Italy.

The path is clear for banks willing to effectively support sustainable societies: they must end all support for gas power expansion and drastically increase their support for renewables, to effectively replace fossil fuels and not simply add to them. Unlike fossil gas, renewables offer greater economic stability, lower electricity prices, and significantly lower air pollution. 

Notes to editors:

1. Eurelectric, accessed March 2026.
2. Ember, Latest energy shock reminds Europe of its risky gas reliance, March 2026.
3. The report can be found at this link.

This item was originally published on Reclaim Finance's website at this link.