BANKS DODGY DEALS CAMPAIGNS
About BankTrack
20 years of BankTrack – Our history
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
BankTrack in the media
Our privacy policy
Donate
2023-11-20 00:00:00
West Cumbria Coal Mine: dodgy mine, dodgier financier
2023-11-08 00:00:00
Westpac takes two steps forward, one big step back
2023-09-18 00:00:00
New report and blog: Barclays' bond with Adani
2023-08-23 00:00:00
Decarbonization: steel not making the cut
2023-11-20 11:26:40
Danske Bank excludes financing for oil and gas upstream expansion
2023-09-19 16:11:58
Société Générale announces leading climate policy on gas
2023-09-15 17:34:10
The number of major banks refusing to support EACOP reaches 24
2023-07-31 14:30:01
Equator Principles recognise projects’ risk to climate for the first time
Connect
2023-10-10 00:00:00
Still bankrolling coal (for steel)
2023-09-18 00:00:00
Barclays' bond with Adani
2023-06-26 00:00:00
How should financiers align with the Global Biodiversity Framework? Five Key Principles
2023-04-13 00:00:00
Banking on Climate Chaos 2023
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
End Coal Finance
Banks and Putin's war in Ukraine
Banks and Steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Financial Exclusions Tracker Equator-Complaints.Org Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › BankTrack blog ›
BankTrack News

Philippines communities are fighting back against gas & LNG build-out in the Verde Island Passage

The region has been designated to become the epicenter of fossil fuel expansion in Southeast Asia
2023-05-25
By: BankTrack, Center for Energy, Ecology, and Development (CEED) & Rainforest Action Network
Protest in the Verde Island Passage. Photo: @CEEDphilippines
2023-05-25
By: BankTrack, Center for Energy, Ecology, and Development (CEED) & Rainforest Action Network

This frontline story accompanies the Banking on Climate Chaos 2023 Report, produced in collaboration with the Center for Energy, Ecology, and Development (CEED).

Located at the heart of the Coral Triangle, the Verde Island Passage (VIP) in the Philippines is the most biodiverse marine habitat in the world – and is referred to as the “Amazon of the oceans”. The VIP, and the 2 million people who call it home, and rely on it for sustenance and livelihood – including over 12,000 fisherfolk – are under threat by massive fossil fuel development of both methane (LNG) import terminals and fossil gas-powered power plants.

 

Liquefied “natural” gas – aka methane gas – is being touted by the fossil fuel industry as a “bridge fuel.” But methane has 80 times more climate-warming potential than carbon dioxide over a 20-year period. LNG build-out is happening at drastic rates all over the world, with Batangas, Philippines being the epicenter of both LNG and gas power plant expansion in the region, led by the Philippine conglomerate San Miguel Corporation Global Power Corporation (SMC Global Power).

From the CEED 'Philippines fossil gas landscape' report:

The Philippine Energy Plan 2018-2040 and pending legislation are working towards a “world-class, investment-driven and efficient” fossil gas midstream and downstream industries that would develop the country as the LNG trading and trans-shipment hub of Asia-Pacific. 16 of the 45 proposed LNG import terminals and gas plants across the Philippines are slated for the VIP.

11937
verde_passage_v6bwitharrows2048x1448.png
center
Build out in the VIP, Philippines.
Photo: Earth Insight

SMC Global Power’s 14.1 GW of proposed projects accounts for half of the planned gas expansion in the Philippines and is also by far the largest in the region. SMC Global Power’s eight proposed gas-fired power plants for Batanagas will have a capacity of 12.3 GW, in addition to the already 1.8-GW plant that is under construction.

This build-out would make the Philippines an energy hub for Southeast Asia, locking us all into decades of more fossil fuel reliance – while providing no sustainable energy benefits to the communities they are expanding in. Filipino advocates are calling for the country to diversify energy sources to hasten the transition from a coal-dominated sector to renewable energy, and are pushing back against plans to rely on volatile prices and markets of imported gas.

11943
copy_of_dji_0045.jpg
center
Gas Project in Batangas.
Photo: @CEEDphilippines

“These projects do nothing to support energy stability in the Philippines as resources are limited – resulting in needing to import from all over the world.” – Gerry Arances, Center for Energy, Equality and Development (CEED).

The VIP is already facing the impacts of the climate crisis, existing fossil fuel infrastructure, and ship traffic, including a devastating, 800,000-liter oil spill in February 2023. This development will only increase those impacts, including an increase in air, water, and thermal pollution from both the plants and an increase in tanker traffic; competition for freshwater due to the plants’ water usage; irreversible damage to both marine and land ecosystems; and even displacement of the coastal communities.

Fisherfolk and other community members are already dealing with a decrease in fish in the VIP, in addition to a rise of mercury levels in the water – something that will only increase with the increase of methane gas terminals.

11942
1h7a6647.jpg
center
Mindora oil spill in the VIP.
Photo: @CEEDphilippines

“The more financing banks pour on fossil fuel companies and projects, the less hope climate-vulnerable peoples like communities in the Philippines have of a livable future. Right now, a devastating oil spill is sweeping through a biodiversity hotspot in our country known as the Verde Island Passage, our very own Amazon of the oceans which is also unfortunately the epicenter of fossil gas expansion in the country. It’s a stark reminder of the destruction that coal, gas, oil, and all other fossil fuels are capable of wreaking upon the environment and people, and banks like JPMorgan Chase and investors like Blackrock are bankrolling that destruction.” – Gerry Arances, CEED

A growing movement of frontline communities, churches, civil society organizations, fisherfolk, and community groups strongly oppose the gas power and LNG projects in Batangas due to adverse impacts to marine biodiversity and the livelihood of the people of Batangas. This broad network of opposition comes together around energy insecurity, expensive and volatile power rates, climate-blind frameworks, and threats to health, environment, and livelihood. They’re calling on the fossil fuel companies and banks bankrolling them to stay out of the VIP.

Financiers linked to the LNG terminals include ING Bank NV, China Bank Capital & China Bank; financiers linked to the power plants include Mizuho Securities Asia Limited, Standard Chartered Bank, Deutsche Bank & JPMorgan Chase.

From the Philippines, to Mozambique, to the U.S. Gulf Coast, LNG is expanding around the world at terrifying rates — and so is LNG financing, which increased by nearly 50% in 2022. Mizuho and Morgan Stanley are the world’s biggest bankers of LNG, lending US$ 1.9 billion and US$ 1.8 billion respectively to the top LNG-expanding companies in 2022 alone. Bank financing is what makes this destruction possible.

“You cannot sacrifice the welfare of people in exchange for profit, or for the interests of businesses. Our environment is a blessing, a gift we must cherish, not destroy… Let us all work together, join together in solidarity. We cannot let this be destroyed, because what is at stake is something precious not just for the Philippines but the whole world.” – Fr. Edu Gariguez, Protect VIP Convener

11946
img_9085.jpg
center
Verde Island Passage (VIP) Marine Life.
Photo: @CEEDphilippines

Learn more and follow along with the community resistance at ceedphilippines.com and Protectvip.org.

Banks

Deutsche Bank

Germany
Active

ING

Netherlands
Active

JPMorgan Chase

United States
Active

Mizuho Financial Group

Japan
Active

Morgan Stanley

United States
Active

Standard Chartered

United Kingdom
Active
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA End Coal Finance Banks and Putin's war in Ukraine Banks and Steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Financial Exclusions Tracker Equator-Complaints.Org Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2023 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted