ENERGY COMPANIES have no seat at the climate high table convened by President Joe Biden on April 22nd and 23rd, to which he has invited 40 other world leaders to discuss how to speed up the shift from dirty energy. From the sidelines, coal firms will scowl at efforts to curb demand in Asia and oil drillers wince at support for electric cars. Watching particularly closely will be those firms which have bet big on natural gas.
On the demand side, gas remains a sensible gamble in some ways. A gas-fired power plant belches about half the emissions of a coal-fired one. The fuel benefits from diverse sources of demand, too. In addition to producing electricity, gas is used to make fertiliser and generate heat for buildings and industry. Unlike exhaust from a car, emissions from a factory can theoretically be captured and stored below ground.
Responding to climate concerns, the Netherlands and some Californian cities have already banned gas in new buildings. Britain will do so from 2025. “To put it mildly,” Werner Hoyer, head of the European Investment Bank, declared in January, “gas is over.” John Kerry, Mr Biden’s climate envoy, in January warned that gas infrastructure risked becoming stranded assets. The International Energy Agency , an intergovernmental group, reckons that demand growth will slow to about 1.
What is more, a growing spot market and shaky demand have made LNG buyers less interested in traditional long-term contracts. At least a quarter of LNG supply is now uncontracted, estimates Mr Di Odoardo. As approved projects come online, the share of uncontracted LNG may exceed 50% by 2030. Take Shell. The company’s share of gas production actually fell in recent years, as it sold off less profitable gas assets in America and Nigeria. Mr Wetselaar maintains that Shell is well positioned to deal with the market’s new realities. Unlike smaller players, which depend on long-term supply contracts to attract financing for new projects, Shell can use its balance-sheet. Trading capabilities make it easier to sell LNG to diverse buyers.
With existing fossil fuels (assumed grandfathered in) there is no need for gas. We have exceeded our global safety limits, period. Those companies (Alaska) in the construction phases, I’d hope they’d allow knowing they are focusing on balancing their emissions output.
Climate be damned. There’s money to be made.
I think you meant cents I left./? And this in the sense that NoLifeMatters.
How do you completely ignore the growing EV and solar market share? Your Pessimism and defeatism aren’t going to be look upon fondly in the history books. Sustainability is priceless. Don’t be on the wrong side of history
They should bet on nuclear.
7 Days in a row, Breaking! 168 hours, or 7 full days, on average: Wind electricity in UK & Scotland = 5.4% capacity
Fuck that. These assholes seriously think we can switch to burning another fossil fuel first when their lobbying and disinformation made us over 40 years late transitioning to renewables? If we let them decide our future, then we are permanently fucked.
thank you very much for your work
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