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To: President Yoon Suk-yeol
South Korea: stop funding Australia’s dirtiest gas project
President Yoon Suk-yeol: Tell K-SURE and KEXIM to immediately cancel their financing approvals for the Barossa gas project.
Why is this important?
The South Korean government is the world’s third-largest public financier of oil and gas, playing a key role in expanding the global supply of fossil fuels amid the climate crisis.
And right now, two government-owned banks (K-SURE and KEXIM) are planning to give $660 million to a major gas project in Australia. This is on top of the $196 million they have already provided.
The Barossa gas project is expected to be Australia’s dirtiest gas project if it goes through. For every ton of gas produced, it will emit 1.5 tons of CO2. Each year, the project will release 13.5 million tons of CO2 – equivalent to what 7 million cars spew each year.
The gas pipeline could also destroy the habitats of dozens of threatened species including whales, dugongs and turtles.
Hence, the project is facing a lot of local opposition and resulting in victories. In 2022, Tiwi Traditional Owners won a major lawsuit against the project for the lack of proper Indigenous consultation and successfully got the project’s drilling permit revoked. This is adding further delay to the project, incurring financial losses for the fossil fuel companies.
Are Koreans saying anything about it? Yes! Today, more than 600 people have formally requested an investigation into the banks' financing decision.
Why? Because this is a risky project - environmentally, legally, financially - that will likely pour millions of dollars’ worth of taxes down the drain, despite civil society organizations' continued warning.
Not only that, the banks did not seriously consider the project's disregard for Indigenous rights, despite this concern being raised over and over - even internally.
Can we stop the money pipeline? Definitely! If we can push Korea, one of the world’s largest fossil fuel financiers to stop funding Barossa, it will drive up the project risk and dry up investments.
Let’s tell the Korean government that it is time to clean up its act. People don’t want more fossil fuels and the project does not have the permission of the Traditional Owners. #StopBarossaGas