Press release
JPMorgan Chase urged to reconsider troubled Mexican LNG project amid multiple lawsuits
25 March 2025
Washington DC – JPMorgan Chase’s advisory role in a controversial liquefied natural gas (LNG) project near a world-famous biodiversity hotspot in Mexico risks exposing the bank to significant financial, legal, and reputational liabilities, according to environmental legal group ClientEarth.
A legal letter sent by the environmental group raises concerns about the Saguaro Energia LNG project, which faces multiple lawsuits, investor uncertainty, and growing opposition from civil society and local communities.
ClientEarth warns that continued support for the project not only undermines JPMorgan’s climate, biodiversity and human rights commitments, but could also expose the bank to legal and regulatory scrutiny over potential greenwashing or investor misrepresentation.
“JPMorgan Chase faces a clear choice between its stated climate and biodiversity commitments and its support for a project that would emit over 5.7 million metric tons of CO2 annually in a critical biodiversity zone,” said ClientEarth attorney Hana Heineken. “This isn't just an environmental concern—it's a material financial risk. With multiple lawsuits blocking construction, growing community opposition and the project's principal investor already heading for the exit, the warning signs couldn't be clearer. The bank's shareholders and customers deserve to know why it's backing a project that contradicts its own environmental policies and exposes it to escalating financial and legal risks.”
The Saguaro Energia LNG project, developed by Mexico Pacific, is a planned LNG terminal on Mexico’s Pacific coast that would export U.S. fracked gas to Asian markets. The project has drawn strong opposition from more than 30 civil society groups due to its potential impact on the Gulf of California’s rich marine biodiversity, as well as legal risks tied to Indigenous consultation requirements that have delayed similar projects in the past. Alongside JPMorgan Chase, banks including MUFG and Santander are also reportedly advising Mexico Pacific on financing the project.
ENDS
Notes to editors:
Contact: Liam Kelly | Communications Manager | lkelly@clientearth.org | +1 310 361-7006
About ClientEarth USA
ClientEarth is a global non-profit organization that uses the unique power of the law to bring about systemic change that can protect all life on Earth. ClientEarth USA is dedicated to holding corporations accountable for a livable planet.