'Gold rush' for gas production undermines reducing global warming
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Countries around the world are pouring money into new natural gas plants, which might undermine any hope of reducing global warming.
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Gas production undermines reducing global warming.
In reaction to skyrocketing energy prices and the war in Ukraine, countries around the world are pouring money into new natural gas plants, which might undermine any hope of reducing global warming.
According to a recent study, governments such as the United States, Germany, the United Kingdom, and Canada are investing in new gas production, delivery, and consumption in order to censure Russia.
The findings of the Climate Action Tracker research initiative show a rush for gas that will lock countries into the use of fossil fuels at a critical time when scientists have warned that a decisive shift to lower-carbon alternatives within the next few years is the only way to avoid climate breakdown.
“We’re about to witness a ‘gold rush’ for new fossil gas production, pipelines, and LNG [liquefied natural gas] facilities, locking us into another high-carbon decade," said Niklas Höhne of NewClimate Institute, one of the partners behind the Climate Action Tracker.
The research highlighted the US, which has struck an agreement to export extra LNG to the European Union, through greater fracking efforts. Germany and Italy have already inked gas supply agreements with Qatar, as has Egypt, which will host the world's next climate meeting, COP27, in Sharm El-Sheikh this November.
Canada is also planning increased LNG production and hastened development to fulfill export demand. According to Climate Action Tracker, overall fossil fuel output has grown in Canada, the US, Norway, Italy, and Japan.
The UK is also bracing for a significant increase in the North Sea oil and gas output since the government has slapped a windfall tax on the industry that includes a loophole encouraging businesses to invest in new production.
Developing countries are now joining in on the fun. Nigeria is resurrecting dormant gas pipeline projects, and Senegal and other nations are expecting to explore their gas deposits.
Oil and gas firms throughout the world are celebrating after the Ukraine war brought energy prices — which were already climbing as the world recovered from the economic shock of Covid-19 – to new highs.
The rush for gas comes as experts warn that the climate situation is "now or never."
According to the Intergovernmental Panel on Climate Change, global greenhouse gas emissions must be cut in half by 2030 to give the world a chance of keeping global temperature rises to 1.5 degrees Celsius over pre-industrial levels, as agreed at last year's COP26 climate conference.
Some nations think that gas production can help accelerate the transition to a clean energy future since it emits less carbon dioxide than coal. However, the International Energy Agency cautioned a year ago that no new oil and gas development could begin this year if the world was to limit global warming to 1.5 degrees Celsius.
A separate study has revealed that switching from coal to renewable energy is less expensive than utilizing gas as a "transition" fuel.
Bill Hare, CEO of Climate Analytics and a Climate Action Tracker partner, said the globe was repeating the error committed after the Covid-19 outbreak when few nations made a dramatic move in favor of a low-carbon economic recovery despite soaring green rhetoric.
"Something has to change: we cannot go on responding to short-term shocks, be they pandemics or energy shocks from conflict, by taking steps that would increase emissions, ignoring the looming crisis of climate change," he warned.
Hare also emphasized the numerous alternative policies that governments should implement, such as improving energy efficiency, increasing renewable energy, expanding public transportation, and putting windfall taxes on the massive profits of fossil fuel firms. The CAT research warns that many governments have largely ignored these, instead of focusing on short-term energy supply fixes.
