Financing Browse LNG: How tightening bank policies narrow financing options for Australia's largest proposed gas development

research 2026-11-11

Gas Private Finance Issue Brief Investment Policy

Financing Browse LNG: How tightening bank policies narrow financing options for Australia's largest proposed gas development

Elisa Leys

Elisa Leys

About

Browse LNG has come under growing scrutiny over the climate and environmental risks associated with the mega-development. With its estimated cost recently revised to US$35.2 billion (A$48.7 billion), the project also faces significant financial questions. This issue brief explores how tightening fossil fuel policies across the financial sector could make securing finance for Browse increasingly challenging.

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Financing Browse LNG.pdf

Executive summary

The financing pool for Browse is drying up

A growing number of financial institutions are taking steps to restrict financing for new fossil fuel developments. According to SFOC's policy analysis, 13 banks major international banks can no longer provide financing for Browse LNG, including BNP Paribas, Westpac and ANZ.
Additionally, 3 of these major banks can no longer provide corporate financing to Woodside, Browse LNG's main proponent. Among these, one bank has confirmed they will no longer finance any of the current Browse proponents.
Consequences also extend to the banks that remain. Browse is now estimated to require upwards of USD$35 billion in capital expenditure, after years of delays and unresolved environmental and commercial challenges. Every institution that rules out new fossil fuel project finance leaves a smaller group of potential financiers to support increasingly capital-intensive developments.

Press release

13 banks won’t finance Woodside’s Browse gas project as funding options narrow

Media coverage

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Policy Research and Recommendations

We conduct in-depth analysis of climate, energy, industrial, and economic policies to propose viable policy alternatives and help bring about real policy change.
Legal Action and Litigation

We hold corporations and governments accountable when they delay climate action, utilizing a range of legal strategies, including litigation, to drive policy improvement.
Communications and Campaigns

We believe that the power to change the world lies with people. Through compelling messages and diverse communication channels, we raise public awareness about the climate crisis and inspire collective action.
International Cooperation

We understand that climate change knows no borders. Through networking and collaboration, we work with global environmental organizations to promote change at the international level.