news 2026-11-12

[Press Release] 13 banks won’t finance Woodside’s Browse gas project as funding options narrow

Gas

New Solutions for Our Climate (SFOC) issue brief reveals narrowing financial options for US$35.2 billion Browse LNG project.

Image: The North West Shelf, Western Australia Credit: SFOC

12 November 2026 (TOKYO) – Thirteen major banks that have recently financed the companies behind Browse LNG (Liquefied Natural Gas) have policies that would prevent them from providing direct project finance for the proposed gas development, according to an issue brief by Solutions for Our Climate (SFOC).

SFOC reviewed 42 financial institutions that provided financing to Woodside Energy, BP, Mitsubishi Corporation, and Mitsui & Co. between 2021 and 2025. Thirteen, including ANZ, Westpac, and BNP Paribas, have policies that would prevent them from directly financing Browse. SFOC’s policy analysis also found that, following Woodside’s recent move to scrap its Scope 3 emissions targets, three of the 13 banks assessed are no longer able to provide corporate finance to the company.

The shrinking pool of potential financiers puts pressure on Browse, already facing growing financial uncertainty. The project is estimated to require US$35.2 billion (A$ 48.7 billion) in capital expenditure, while its ownership structure has shifted significantly in 2026. In June, PetroChina, which bought a 10.67% stake for US$1.63 billion in 2013, sold its stake to Woodside Energy for a modest US$225 million, with a further US$175 million contingent on a final investment decision. BP has also agreed to sell 10% of its stake.

SFOC’s new issue brief, Financing Browse LNG: How tightening bank policies are narrowing financing options for Australia’s largest proposed gas development, finds that these financing constraints add to what is already a high-risk investment profile, including potential cost escalation and stranded-asset risk.

Australia’s national news broadcaster ABC has released reports today highlighting the issue brief’s findings.

Elisa Leys, Acting Director Tokyo Office at SFOC
"A project like Browse going ahead, rests on enormous amounts of capital to proceed. The project remains wrapped in controversies and uncertainty, while the pool of financing options is narrowing. This leaves us with a key question: for the banks that remain, is taking on a project this expensive and high-risk really something they can justify to their shareholders?”
Munira Chowdhury, Director, Energy Transition at climate and finance advocacy organization, Market Forces
“Banks have been ignoring an LNG supply glut that big high-cost projects like Browse face. LNG demand in Asia is rapidly declining due to significant investment in renewable energy. It would be reckless for banks to fund Browse when a significant global LNG supply excess is forecast within years, and global emissions are fueling worsening climate disasters. Asia is rapidly shifting to renewables and displacing long-term LNG demand, and Browse joint venture partners are gambling billions on a dangerous bet.”

Read the issue brief: Financing Browse LNG: How tightening bank policies are narrowing financing options for Australia’s largest proposed gas development

Australian media coverage:

ENDS.

Solutions for Our Climate (SFOC) is an independent nonprofit organization that works to accelerate global greenhouse gas emissions reduction and energy transition. SFOC leverages research, litigation, community organizing, and strategic communications to deliver practical climate solutions and build movements for change.

For media inquiries, please reach out to:
Cody Williams, International Communications Officer (Japan)  cody.williams@forourclimate.org
+81 70-8579-4441

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Legal Action and Litigation

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Communications and Campaigns

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[Press Release] 13 banks won’t finance Woodside’s Browse gas project as funding options narrow

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Support SFOC in creating winning climate movements!

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