Dutch Financing of US LNG Exports to the Netherlands: A Case Study for the Dutch Fair Finance Guide
The re-election of Donald Trump in November 2024 has materially altered the regulatory environment for US LNG export infrastructure. Executive orders issued in January 2025 rescinded the Biden administration's permitting pause and established accelerated approval pathways for new liquefaction terminals along the Gulf Coast. If fully constructed, this pipeline of projects would represent a significant addition to global LNG export capacity — locking in fossil fuel infrastructure with operational lifespans extending well beyond 2050, inconsistent with 1.5°C-aligned decarbonisation pathways.
Lifecycle greenhouse gas assessments, accounting for upstream fugitive methane emissions, liquefaction energy intensity, maritime transport, and regasification, increasingly indicate that US LNG carries a carbon intensity comparable to or exceeding that of coal-fired power generation under short-term global warming potential (GWP-20) metrics.
The Netherlands functions as a primary LNG import hub for Northwest Europe, receiving US cargoes via the Gate terminal (Rotterdam) and EemsEnergy Terminal (Eemshaven). Between May 2017 and end-2025, the Netherlands received 39 million tonnes of US LNG across 619 shipments. Import volumes were modest through 2021 before rising sharply following Russia's invasion of Ukraine in February 2022. Cheniere Energy accounted for approximately half of cumulative import volumes (19 million tonnes; 306 shipments). In total, 32 company groups were identified as active across the supply chain, spanning export facility ownership, LNG trading, import terminal operations, and commodity trading.
Credit flows (2017–2025)
Dutch banks collectively extended USD 58.8 billion in loans and debt underwriting to companies operating in the US-to-Netherlands LNG supply chain over the study period. ING Group was the dominant provider at 63% (approximately USD 37 billion), followed by Rabobank at 25% and ABN Amro at 12%. ING's financing increased over the period, with a notable 2023 peak driven by a large facility extended to commodity trader Trafigura. ABN Amro's financing declined significantly. When analysis is restricted to LNG export facility owners — entities that typically access general corporate financing to fund terminal development — Dutch bank financing totals USD 9.6 billion, with ING Group accounting for 90% (USD 8.7 billion) and ABN Amro the remainder (USD 924 million).
Investment holdings (as of April 2026)
Institutional investors — comprising banks, insurers, and pension funds — active in the Netherlands held a combined USD 9.9 billion in listed equity and fixed income instruments issued by LNG supply chain companies. Insurance companies represented the largest share at 68% (USD 6.8 billion), followed by pension funds at 26% (USD 2.6 billion) and banks at 5% (USD 530 million). Allianz was the single largest holder at USD 6.6 billion (67% of total identified institutional investment), followed by ABP at USD 669 million and PMT at USD 656 million.
Investment trends (2018-April 2026)
A baseline-versus-actuals analysis conducted for Allianz, ABP, and PfZW indicates net divestment across the study period: ABP reduced exposure by USD 3.4 billion relative to baseline, Allianz by USD 3.3 billion, and PfZW by USD 1.0 billion. However, when isolating holdings in LNG export facility owners, Allianz shows a net increase of USD 109 million against baseline — contrasting with reductions of USD 203 million (ABP) and USD 165 million (PfZW) — raising questions about the consistency of Allianz's climate commitments at the asset-class level.
Conclusion
This research maps and quantifies Dutch financial sector exposure to the US LNG export supply chain. The scale of identified credit and investment flows — particularly ING Group's dominant creditor position and Allianz's concentrated investment holdings — represents a material misalignment between climate change mitigation requirements and actual capital allocation to new fossil fuel infrastructure. The research has shown that divestment from fossil fuels is possible, as evidenced by the trends in financing from ABN Amro, ABP and PfZW.
