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Climate Nexus and E3G hosted a joint briefing to discuss Europe’s energy crisis and the limits of North American Liquified Natural Gas (LNG) as a solution in the short and the long-term.
Russia’s invasion of Ukraine puts continued upward pressure on oil and gas prices, putting the EU’s reliance on volatile commodities, like gas, into stark view. This comes as the EU is in the midst of negotiating its landmark “Green Deal” policies that would set Europe onto a path towards reducing gas consumption by 32-37% by 2030. Meanwhile, politicians and top exporters in the US and Canada are calling for an increase in gas exports to support Europe.
This Energy Crisis press briefing explored questions such as:
- How is the current crisis impacting the medium and long term trajectory for fossil fuels in Europe?
- Does North America have the capacity to assuage Europe’s immediate need for gas?
- What impacts can we expect on consumer prices in the US and Europe?
- What are the national security implications at play?
11:00 – 11:05 – Claire Healy welcomed participants and briefly introduces the topic & panelists, lets reporters know how the format for the hour and how to submit questions
11:05 – 11:10 – Maria Pastukhova spoke about Europe’s energy price crisis – the EC communique that comes out Tuesday, what steps are in motion (i.e. Germany re-opening 2 import terminals), what policy steps come next, the downsides of gas beyond the short-term (price, volatility, climate, stranded assets)
11:10 – 11:15 – Ted Nace spoke about the financial and climate risks of LNG build-out in the US and Canada, the trends toward a gas bubble and the risks investors face, both financially and due to increased opposition on the ground, as well as the timeline for such construction (compared to immediate need)
11:15 – 11:20 – Admiral Dennis McGinn spoke about the national security implications of investing in a future based on continued fossil fuel dependency, both for Europe and at home; the role of sanctions and Russia’s energy sector/how else to combat Russia and support energy security
11:20-11:25 – Mahyar Sorour spoke to the role of Congress and Biden administration in this moment, and exploitation of the crisis by fossil fuel industry
11:25 – 11:45 – Reporter Q&A, briefing ends