Doubts About Carbon Capture Raise Doubts About NatGas

John Kerry: Natural Gas Boom Must Be Combined With Carbon Capture

Tsvetana Paraskova, January 16, 2023 (OilPrice)

“Natural gas can help reduce emissions only if it is paired with projects of [successful, cost-effective carbon capture, according to] John Kerry, the Special Presidential Envoy for Climate…While natural gas is cleaner than coal, it is still a polluting fossil fuel, especially with methane emissions. Before 2022, countries with net-zero targets, including large economies in the EU, were reluctant to commit to long-term LNG supply deals with the biggest LNG exporters because of the emissions profile of LNG projects.

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After the Russian invasion of Ukraine, however, most countries shifted focus to energy security and EU member states accelerated efforts to buy more LNG to replace Russian pipeline gas…[LNG use fell at the end of 2022 and most analysts agree natural gas can only be part of the net-zero by 2050 goal by efficiently and cost-effectively reducing emissions, even though 2022] global LNG imports hit a record high of 409 million tons, as Europe scrambled to replace Russian pipeline gas supply and outbid Asia to draw the majority of cargo…

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While the energy crisis in Europe has strengthened the case for a rush to build new LNG export infrastructure, the EU’s plan to reduce gas consumption, slash emissions, and become a net-zero bloc by 2050, could be a problem for [new LNG investments that are expected to reach] $42 billion annually in 2024 and] fall off a cliff as governments transition away from fossil fuels and accelerate investments in low-carbon energy infrastructure…” click here for more

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