The G7 reversed course this week regarding investment in natural gas, declaring support for investments in new LNG production.
at the time that the government felt the deal was “not aligned with France’s environmental project and environmental vision.”with NextDecade for deliveries of some 1.75 million tons of liquefied natural gas—that same gas that the French government had misgivings about two years ago. And this is only the beginning.
“Investment in this sector is necessary in response to the current crisis,” the leaders of the world’s seven biggest economies said in a statement, asby Bloomberg, noting that this is temporary and the projects would need to be aligned with climate objectives to gain their support. It is easier said than done, however, because new LNG capacity—not to mention new gas exploration before production—takes time to build. Take Germany, for example. The European Union’s largest economy suddenly developed a taste for liquefied natural gas after the Russian invasion of Ukraine and started talking about building import terminals.To date, construction has yet to start despite the sense of urgency the German government has been demonstrating since March.
There is a bigger problem, however. Governments have a way of making the projects they favor happen, especially if the energy supply situation is tight and the projects’ approval is urgent. That leaves the much bigger question of where the gas will come from.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
G7 Leaders End Summit Pledging to Hurt Russia EconomicallyG7 leaders said they would explore far-reaching steps to cap Kremlin income from oil sales that are financing the war
Read more »
Putin says it would be 'disgusting' to see G7 leaders mimic his topless displaysRussian president Vladimir Putin said it would be ‘disgusting’ to see Western leaders going shirtless after they poked fun at his macho image at the G7 summit.
Read more »
Federal Offshore Oil And Gas Auctions Could Be Limited To Gulf Of Mexico | OilPrice.comThe Biden Administration could restrict all future federal offshore oil and gas drilling auctions to the Gulf of Mexico area, according to two anonymous sources, after the U.S. Department of the Interior recommended the exclusion of all other areas
Read more »
IEA: Global Nuclear Capacity Needs To Double To Meet Net-Zero Goals | OilPrice.comThe International Energy Agency is calling for the world to ramp up nuclear capacity in order to reach net-zero carbon emissions targets
Read more »
The U.S. Could Face Rolling Blackouts This Summer | OilPrice.comAs extreme weather events become more frequent and supply chain problems persist, several U.S. states face elevated risks of blackouts.
Read more »
Putin says it would be 'disgusting' to see G7 leaders mimic his topless displaysRussian president Vladimir Putin said it would be ‘disgusting’ to see Western leaders going shirtless after they poked fun at his macho image at the G7 summit.
Read more »