"Almost 30 banks turn their back on TotalEnergies’ Papua LNG project," 10 February 2026

Twelve more financial institutions have said they will not finance TotalEnergies’ proposed Papua LNG project [1], following a formal complaint made to the banking industry risk standards body, the Equator Principles, concerning the risks to biodiversity, the climate and to human rights from extraction and production at Papua LNG [2]. In total 29 banks and export credit agencies have now excluded the project [3].

The 12 financial institutions, which include ING, Rabobank and Standard Bank, Export Finance Norway, KfW IPEX-Bank and the Swedish Export Credit Corporation, made the commitments in written responses after being contacted by the organizations behind the complaint, which alleged that the project was in breach of six of the ten Equator Principles.

Previously 15 banks, including 11 Equator Principles signatories, had committed not to finance the project, including French bank Credit Agricole, which withdrew as lead financial advisor on the project in 2024 after being alerted as to environmental and human rights concerns.

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With the 12 new commitments, one in six Equator Principle signatories has committed not to support the project, ... 

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Will van de Pol, Chief Executive, Market Forces said: “Many of the world’s major banks, including all of Australia’s big four, are recognising the growing risks and have ruled out funding the Papua LNG project, leaving MUFG and other Japanese banks isolated.

“The shrinking number of banks willing to support Papua LNG demonstrates and magnifies the cost blowouts, human rights and biodiversity risks faced by this project which would undermine the critical shift to clean energy in Asia and the Pacific.”

The government of Papua New Guinea and TotalEnergies are organizing a development forum with representatives from the local community, a key step before the Final Investment Decision can go-ahead. But the oil and gas major has still not published several critical documents including its full environmental impact assessments, climate change risk assessment or up-to-date human rights impact assessment. If Indigenous Peoples do not know about the contents of these, and other, statements, it is impossible for the project to meet the “informed” requirements necessary for their Free, Prior and Informed Consent. 

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