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US Firms Secure 19 deals to export Liquified Natural Gas, Driven in Part by the War in Ukraine
(Inside Climate News, 9 Jun 2022) A new report details a flurry of business activity and the potential impact on the climate. President Biden supports increased LNG exports, eager to support European allies desperate to replace Russian gas.
War has been good for U.S. companies that liquefy natural gas and send it overseas in giant, ocean-going vessels, raising the possibility of a significant climate liability, according to an environmental nonprofit that’s been tracking LNG trends across the country.
Since the Russian invasion of Ukraine on Feb. 14, there has been a bustle of business activity, as American companies have secured at least nineteen agreements to supply nearly 24 million tons of LNG per year, the Environmental Integrity Project reported in a report released on Thursday.
At least a quarter of that would go to European buyers facing an energy market in turmoil caused by Russia’s aggression. In addition to those 19 agreements, construction continues on four new LNG export terminals expected to begin operating by 2026.
“There is a strong financial incentive for LNG now,” said Alexandra Shaykevich, the Environmental Integrity Project’s research manager and a co-author of the report, “Playing with Fire: The Climate Impact of the Rapid Growth of LNG.”
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