Friday, June 21, 2024
HomeOil & GasG7 leaders must guarantee policies that match global commitments to replace Russian...
Powered by

G7 leaders must guarantee policies that match global commitments to replace Russian gas, say US and EU gas associations

Several organisations representing the US and European gas industry underlined once more the unique and vital role of natural gas in meeting shared energy security and climate objectives, on the sidelines of the CERAWeek conference in Houston, Texas, after meeting with representatives of G7 nations.

In a letter to the Prime Minister of Japan, Fumio Kishida, the signatories (American Petroleum Institute, Asia Natural Gas and Energy Association, Energy Policy Research Foundation, Eurogas, International Association of Oil and Gas Producers, International Gas Union, LNG Allies and the US Chamber of Commerce) stated that the continued development of natural gas and liquefied natural gas (LNG) markets is necessary to stabilise volatile global energy markets and complement the expansion of renewable energy while accelerating the phase-out of coal-fired power generation.

“In addition to affirming the key role of LNG, our industry is committed to ensuring natural gas projects are aligned with international climate objectives,” read the joint letter. “In particular, we support the global effort to reduce methane emissions and are eager to partner with governments around the world on the important technical and policy work necessary to advance international methane reduction initiatives.”

The letter also mentioned that these associations’ members are aggressively pursuing innovation and investment in technologies to measure and reduce methane emissions throughout the value chain, while also working to accelerate the development of promising low-carbon technologies, including biomethane and renewable natural gas (RNG), CCUS, hydrogen, ammonia and e-methane.

Specifically, recognising “the important role increased deliveries of LNG can
play” in phasing out dependency on Russian energy, the signatories are calling on G7 leaders to ensure that international commitments to expeditiously replace Russian natural gas are matched by clear and consistent supportive policies enabling the achievement of this goal. First, by working with industry to encourage public and private investment in all segments of the natural gas supply chain to ensure sufficient development and availability of non-Russian supplies, while ensuring consistency with long-term climate objectives. Second, by committing to cooperate on ways to improve guidelines and practices associated with public financing of natural gas infrastructure and foster efficient and timely
review of permitting of such infrastructure. Last, by supporting the development of gas resources including biomethane, renewable natural gas and other renewable and low-carbon gaseous fuels.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular