Standard Chartered Mozambique gas emissions to outstrip those of UK

By David Whitehouse
Posted on Friday, 29 April 2022 06:00

People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

UK banking group Standard Chartered in 2021 funded fossil fuel expansion projects that will emit five times the entire UK’s annual carbon emissions across the project lifetimes, led by LNG development in Mozambique, a new report claims.

The Market Forces climate campaign group calculates that the Rovuma basin project in northern Mozambique will emit 982 million tonnes of CO2 over its lifetime, far more than any of the other projects being funded by Standard Chartered. That makes up 42% of the total emissions of 2.3 billion tonnes from projects which the bank funded in 2021.

The whole of the UK, in contrast, emitted 463 million tonnes of CO2 in 2018 – less than half of the Rovuma project alone. Furthermore, the bank has not ruled out funding the East Africa Crude Oil Pipeline (EACOP), which would be the longest heated oil pipeline in the world.