Item Link: Access the Resource
Date of Publication: April 1
Year of Publication: 2022
Publication City: Seattle, WA
Publisher: Stockholm Environment Institute
Author(s): Peter Erickson
The US stepping in to offset European reliance on Russian liquefied natural gas may seem counterintuitive to advancing climate goals, but they can work in tandem
On 25 March 2022, the US and the EU announced a partnership to help Europe get off Russian natural gas. This move would both punish Russia for invading Ukraine and protect the EU from the possibility that Russia may restrict gas flows to the continent. Under the new program , Europe would reduce its demand for Russian gas by up to two-thirds , while the US would help make up the remainder by supplying about 50 billion cubic metres (bcm) of natural gas annually over the next few years to the EU.
Where will this new gas come from? If the US simply shifts existing liquefied natural gas (LNG) supply from other buyers to EU buyers, it could trigger even further supply shortages and price spikes in the global LNG market, which is already under-supplied.
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