UK Overseas Carbon Bombs
Carbon Bombs are fossil fuel projects that could emit more than a gigaton of CO2 over their lifetime.
The tables below show the results of our research: UK-based actors, fossil fuel companies and banks, are involved in at least 117 Carbon Bomb projects in 28 countries representing more than 420 Gt potential CO2 emissions. This includes emissions from active and planned extraction projects.
In 2024, the current budget for a likelihood of 50% to stay under 1.5 °C (2.7 °F) is 200 Gt CO2. The Carbon Bombs listed here would take us far over this budget; making our chances to stay under 1.5 °C improbable.
See The Guardian article that this research was featured in here.
The financial data includes all loan, bond and share issuance financing between 2016 and 2023. Even if the financial contract has ended since then, banks are listed as financiers of carbon bomb companies as they were implicated in the mentioned period.
If you would like to see a detailed breakdown of how much the UK actors finance companies operating Carbon Bomb projects, see this spreadsheet.
Find the methodology and more details here.
UK Banks and Companies involved in Carbon Bombs
| Bank/Company Name | Total Financing (million USD) | Number of Countries | Number of Carbon Bombs | Potential Emissions (Gt CO2) |
|---|---|---|---|---|
| UK banks | ||||
| HSBC | 44,789.66 | 27 | 104 | 392.1 |
| Standard Chartered | 11,554.96 | 24 | 75 | 313.3 |
| Barclays | 42,376.76 | 22 | 62 | 225.1 |
| Lloyds Banking Group | 1,523.22 | 13 | 26 | 107.9 |
| NatWest | 2,326.57 | 11 | 20 | 61.0 |
| Newline Corporate Name Ltd | 36.15 | 1 | 1 | 26.7 |
| European Bank for Reconstruction and Development | 138.06 | 1 | 2 | 12.4 |
| Peel Hunt | 16.19 | 1 | 1 | 2.8 |
| ETX Capital | 0.71 | 1 | 1 | 1.4 |
| Total | 103,762.28 | 28 | 117 | 422.9 |
| UK companies | ||||
| Shell PLC | - | 7 | 8 | 26.9 |
| BP PLC | - | 4 | 4 | 23.7 |
| Evraz PLC | - | 1 | 1 | 2.4 |
| GCM Resources PLC | - | 1 | 1 | 1.4 |
| Total | - | 12 | 14 | 54.5 |
Carbon Bombs Supported by UK Actors
| Carbon Bombs | Countries | Potential Emissions (Gt CO2) | UK Company | UK Bank |
|---|---|---|---|---|
| Abqaiq | Saudi-Arabia | 1.6 | HSBC,Standard Chartered | |
| ACG (Azeri-Chirag-Guneshli Deep Water) | Azerbaijan | 1.7 | BP PLC | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered |
| Area 1 LNG (T1&T2) | Mozambique | 1.0 | Barclays,HSBC,Standard Chartered | |
| Area-1 Future Phases | Mozambique | 1.0 | Barclays,HSBC,Standard Chartered | |
| Athabasca Oil Sands Project | Canada | 1.4 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,Standard Chartered |
| Austin Chalk Tight | United States | 1.4 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| Azadegan | Iran | 2.3 | HSBC | |
| Bakken Shale | United States | 5.9 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| Banhardih | India | 1.1 | Barclays,HSBC,Standard Chartered | |
| Barnett Shale | United States | 1.4 | Barclays | |
| Basrah Gas project | Iraq | 1.0 | Barclays,HSBC,NatWest,Standard Chartered | |
| Berri | Saudi-Arabia | 3.6 | HSBC,Standard Chartered | |
| Blackwater Coal Mine | Australia | 1.0 | Barclays | |
| Bogatyr Coal Mine | Kazakhstan | 7.3 | European Bank for Reconstruction and Development | |
| Buliangou Coal Mine | China | 1.8 | HSBC | |
| Buzios (x-Franco) | Brazil | 3.6 | HSBC,Standard Chartered | |
| Carmichael Coal Project | Australia | 2.1 | Barclays | |
| Cerrejón Coal Mine | Colombia | 2.4 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| Changcheng No.3 Coal Mine | China | 1.1 | HSBC | |
| Changqing | China | 4.9 | HSBC | |
| DJ Basin Tight Oil | United States | 5.9 | Barclays,HSBC,Standard Chartered | |
| Dolphin | Qatar | 1.6 | Barclays,HSBC,Standard Chartered | |
| Eagle Ford Shale | United States | 5.9 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| El Descanso Coal Mine | Colombia | 4.1 | HSBC | |
| El Sharara | Libya | 1.0 | Barclays,HSBC,Standard Chartered | |
| Fording River | Canada | 1.0 | Barclays,Standard Chartered | |
| Gaotouyao Coal Mine | China | 1.9 | HSBC | |
| Garzweiler Coal Mine | Germany | 1.3 | Barclays,HSBC,Lloyds Banking Group,NatWest | |
| Ghawar Ain Dar N | Saudi-Arabia | 2.1 | HSBC,Standard Chartered | |
| Ghawar Ain Dar S | Saudi-Arabia | 1.4 | HSBC,Standard Chartered | |
| Ghawar Haradh | Saudi-Arabia | 7.0 | HSBC,Standard Chartered | |
| Ghawar Hawiyah | Saudi-Arabia | 4.6 | HSBC,Standard Chartered | |
| Ghawar Shedgum | Saudi-Arabia | 5.7 | HSBC,Standard Chartered | |
| Ghawar Uthmaniyah | Saudi-Arabia | 19.2 | HSBC,Standard Chartered | |
| Goonyella-Riverside Coal Mine | Australia | 2.2 | Barclays | |
| Gorgon LNG T1-T3 | Australia | 1.9 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,Standard Chartered |
| Greater Liza (Liza) | Guyana | 1.0 | HSBC,Standard Chartered | |
| Greater Soutpansberg Coal Project | South Africa | 2.8 | Peel Hunt | |
| Greater Turbot (Stabroek) | Guyana | 1.1 | Barclays,HSBC,Standard Chartered | |
| Halfayah | Iraq | 1.4 | Barclays,HSBC,Standard Chartered | |
| Hambach Coal Mine | Germany | 1.7 | Barclays,HSBC,Lloyds Banking Group,NatWest | |
| Haynesville/Bossier Shale | United States | 13.2 | BP PLC | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered |
| Hetaoyu Coal Mine | China | 3.0 | HSBC | |
| Hunter Valley North Coal Mine | Australia | 1.7 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| Hunter Valley South Coal Mine | Australia | 1.2 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| Jinjie Coal Mine | China | 3.9 | HSBC | |
| Johan Sverdrup | Norway | 1.1 | BP PLC | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered |
| Karachaganak | Kazakhstan | 1.2 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered |
| Kashagan | Kazakhstan | 5.1 | Barclays,European Bank for Reconstruction and Development,HSBC,NatWest,Standard Chartered | |
| Kerandari BC | India | 1.8 | Barclays,HSBC,Standard Chartered | |
| Khafji | Kuwait-Saudi-Arabia-Neutral Zone | 1.4 | HSBC,Standard Chartered | |
| Khurais project | Saudi-Arabia | 7.6 | HSBC,Standard Chartered | |
| Khursaniyah | Saudi-Arabia | 2.4 | HSBC,Standard Chartered | |
| Ku-Maloob-Zaap Project | Mexico | 2.0 | Barclays,HSBC | |
| Leviathan | Israel | 1.1 | Barclays,HSBC,Standard Chartered | |
| Longmaxi Shale | China | 5.7 | HSBC | |
| Longwanggou Coal Mine | China | 1.9 | HSBC | |
| Lower Zakum | United Arab Emirates | 2.4 | HSBC,Standard Chartered | |
| Lula (X-Tupi) | Brazil | 2.5 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,Standard Chartered |
| Mandakini B | India | 1.3 | Barclays,HSBC,Standard Chartered | |
| Manifa (redevelop) | Saudi-Arabia | 5.0 | HSBC,Standard Chartered | |
| Marcellus Shale | United States | 26.7 | Barclays,HSBC,Newline Corporate Name Ltd,Standard Chartered | |
| Marjan | Saudi-Arabia | 1.9 | HSBC,Standard Chartered | |
| Meramec Shale | United States | 2.4 | Barclays,HSBC,Standard Chartered | |
| Mero (Libra NW) | Brazil | 1.3 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,Standard Chartered |
| North Field | Qatar | 11.6 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,Standard Chartered |
| Orinoco Joint Ventures | Venezuela | 6.7 | HSBC,Standard Chartered | |
| Paardekop Coal Mine | South Africa | 1.7 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| Pasir Coal Mine | Indonesia | 1.0 | Standard Chartered | |
| Peak Downs Coal Mine | Australia | 2.3 | Barclays | |
| Permian Delaware Tight | United States | 27.8 | Barclays,HSBC,Lloyds Banking Group,Standard Chartered | |
| Permian Midland Tight | United States | 16.6 | Barclays,HSBC,Standard Chartered | |
| Phulbari Coal Mine | Bangladesh | 1.4 | GCM Resources PLC | ETX Capital |
| PRB Tight Oil | United States | 2.8 | Barclays,HSBC | |
| Pribbenow Coal Mine | Colombia | 1.4 | HSBC | |
| QatarGas 1 LNG T1-T3 | Qatar | 1.3 | Barclays,HSBC,Lloyds Banking Group,Standard Chartered | |
| Qatargas 2 LNG T4-T5 | Qatar | 1.8 | Barclays,HSBC,Standard Chartered | |
| QatarGas LNG T12-T13 (NFE-South) | Qatar | 1.8 | Barclays,HSBC,Lloyds Banking Group,Standard Chartered | |
| QatarGas LNG T8-T11 (NFE-East) | Qatar | 3.4 | HSBC | |
| Qatif project | Saudi-Arabia | 5.1 | HSBC,Standard Chartered | |
| Qurna West | Iraq | 4.0 | Barclays,HSBC,Standard Chartered | |
| Rasgas 2 LNG T3-T5 | Qatar | 1.5 | HSBC | |
| Rasgas 3 LNG T6-T7 | Qatar | 1.5 | HSBC | |
| Raspadskaya Coal Mine | Russian Federation | 2.4 | Evraz PLC | Barclays |
| Red Hill Coal Project | Australia | 4.6 | Barclays | |
| Revuboe Coal Mine | Mozambique | 1.4 | HSBC,Standard Chartered | |
| Rumaila North & South | Iraq | 7.8 | BP PLC | HSBC,Lloyds Banking Group,NatWest,Standard Chartered |
| Safaniya | Saudi-Arabia | 11.9 | HSBC,Standard Chartered | |
| Safaniya YTF Concession | Saudi-Arabia | 1.8 | HSBC,Standard Chartered | |
| Saraji East Coal Mine | Australia | 1.3 | Barclays | |
| Shaybah | Saudi-Arabia | 4.3 | HSBC,Standard Chartered | |
| Shengli East No.2 Coal Mine | China | 4.6 | HSBC | |
| Shengli No.1 Open-Pit Coal Mine | China | 1.6 | HSBC | |
| Shenhua Baorixile Surface Coal Mine | China | 1.6 | HSBC | |
| South Pars (Phases 4-5) dry gas | Iran | 1.1 | Barclays,HSBC,NatWest,Standard Chartered | |
| Syncrude Mildred Lake/Aurora | Canada | 1.2 | HSBC,Lloyds Banking Group | |
| Talaipalli Coal Mine | India | 1.5 | Barclays,HSBC,Standard Chartered | |
| Tambey Zone (Yamal Megaproject) | Russian Federation | 2.5 | Barclays,HSBC,Standard Chartered | |
| Tarim (CNPC) | China | 2.0 | HSBC | |
| Tashan Coal Mine | China | 9.0 | HSBC | |
| Tengiz | Kazakhstan | 3.4 | Barclays,HSBC,Standard Chartered | |
| Troll | Norway | 1.8 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,Standard Chartered |
| Tutupan Coal Mine | Indonesia | 1.1 | HSBC,Standard Chartered | |
| Umm Shaif/Nasr | United Arab Emirates | 1.9 | Barclays,HSBC,NatWest,Standard Chartered | |
| Upper Zakum | United Arab Emirates | 6.4 | Barclays,HSBC,Standard Chartered | |
| Utica Shale | United States | 7.7 | Barclays,HSBC,Standard Chartered | |
| Vaca Muerta Shale | Argentina | 5.2 | Shell PLC | Barclays,HSBC,Lloyds Banking Group,Standard Chartered |
| Valeria Coal Mine | Australia | 2.0 | Barclays,HSBC,Lloyds Banking Group,NatWest,Standard Chartered | |
| Weijiamao Open Pit Mine | China | 1.7 | HSBC | |
| Xiaojiawa Coal Mine | China | 1.8 | HSBC | |
| Xiaojihan Coal Mine | China | 4.6 | HSBC | |
| Xinzhuang Coal Mine | China | 2.3 | HSBC | |
| Yimin Surface Coal Mine | China | 2.0 | HSBC | |
| Yucatan Platform Offshore | Mexico | 1.0 | Barclays,HSBC | |
| Yuwang No.1 Coal Mine | China | 1.3 | HSBC | |
| Zubair | Iraq | 1.7 | Barclays,HSBC,NatWest,Standard Chartered | |
| Zuluf | Saudi-Arabia | 2.5 | HSBC,Standard Chartered | |
| Total | 28 countries | 422.9 | 4 companies | 9 banks |