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.
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…
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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