Twelve more banks and export credit agencies, including ING, KfW IPEX-Bank and Standard Bank, have reportedly ruled out financing TotalEnergies’ proposed Papua LNG project, citing environmental, climate and human rights risks. This brings the total number of financial institutions excluding the project to 29.

The withdrawals follow a December 2025 complaint by six NGOs under the Equator Principles - an international framework used by banks to assess environmental and social risks before funding major projects. The complaint alleges that the project breaches six of the ten Principles, particularly in relation to Indigenous Peoples’ rights, biodiversity protection and climate risk.

Civil society groups allege that critical impact assessments have not been fully published, raising concerns about whether affected Indigenous Peoples have been able to give Free, Prior and Informed Consent. A 2019 human rights assessment reportedly found that the project would affect approximately 12,700 people.

Campaigners warn the project could generate up to 220 million metric tons of CO₂ equivalent over its lifetime - comparable to Spain’s annual emissions - while potentially locking in long-term fossil fuel infrastructure.

Responding to Mongabay, TotalEnergies said it was working with local communities and authorities “to ensure that the Papua LNG project is exemplary from both a social and environmental standpoint”.