Unit/Project Inclusion Criteria
The Gas Finance Tracker tracks all pre-operational LNG terminals and gas-fired power plants in our target countries, down to the unit level. For the September 2025 release, a list of in-development units was compiled in January 2025. As a result, a few projects which became operational during the research period may still be marked as in development.
Finance Information Inclusion Criteria
The Gas Finance Tracker records specifically and only project-level finance: i.e., loans, bonds, investments, and equity specifically earmarked for a particular project. Corporate-level finance is not tracked. While project-level finance forms only a small portion of the total fossil fuel finance available to companies, understanding this portion of the energy finance landscape will provide local groups and stakeholders with valuable data and assist in better understanding overall energy finance trends.
Where specific finance information cannot be publicly disclosed, names of financiers and the total known investment amount are given in aggregate, without separating out individual investment amounts per financier. Alternatively, names of single financiers may also be included without investment amount attached.
Status Categories
Announced/Proposed: Projects that have been publicly reported but have not yet moved actively forward by applying for permits or seeking land, material, or financing.
Pre-Construction: Projects that are actively moving forward in seeking governmental approvals, land rights, or financing.
Construction: Site preparation and equipment installation are underway.
Shelved: Suspension of operation has been announced, or no progress has been observed for at least two years.
Research Process
An initial list of in-development LNG terminal and gas power projects was compiled from GEM’s existing Global Gas Infrastructure Tracker and Global Oil and Gas Plant Tracker, as well as media coverage of any additional, newly announced projects. The Gas Finance Tracker project then gathered financial data from media coverage of financial deals for LNG terminals and gas-fired power stations, government and NGO reports, and financial databases, including IJGlobal. Wherever possible, the information in the tracker has been verified by researchers familiar with particular countries.
Missing finance data may be due to the status of a project. For example, very early status projects may not have yet achieved financing, and shelved or cancelled projects may have no financing to report.
Acknowledgements/Data Support
GEM and the Gas Finance Tracker team are grateful for data support, resources, and knowledge sharing from Rainforest Action Network, Reclaim Finance, Stand.earth, and Urgewald.