Investment management company BlackRock has entered into an agreement to acquire Global Infrastructure Partners (GIP) as part of a deal believed to be valued at $12.5bn.
The purchase plans will make BlackRock responsible for the future of GIP’s proposed Rio Grande liquefied natural gas (LNG) export terminal in Texas, which has faced some scrutiny in the past few months.
In November 2023, several Texas-based community activists and tribal group called on the Washington State Investment Board (WISB) to put a stop to the terminal as they believed it would be the second largest single-source polluter in the region. In turn, they said this would severely degrade local fishing, shrimping, and nature tourism industries.
Those looking to now stop the state pension fund for the project emphasise that Rio Grande LNG is estimated to emit the equivalent emissions of 44 coal power plants every year, or around 163 million tonnes of carbon dioxide (CO2) equivalent.
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