<
https://www.theguardian.com/environment/2024/dec/05/climate-bomb-warning-over-200bn-wave-of-new-gas-projects>
"A $200bn wave of new gas projects could lead to a “climate bomb” equivalent to
releasing the annual emissions of all the world’s operating coal power plants,
according to a report.
Large banks have invested $213bn into plans to build terminals that export and
import gas that is chilled and shipped on ocean tankers. But a report has
warned that they could be more damaging than coal power.
The report, by the climate group Reclaim Finance, found a sharp rise in
projects to boost the global trade of gas in recent years, driven by a shift
from coal to gas in developing countries and Russia’s war on Ukraine, which
caused pipeline imports into Europe to dry up.
It found that there were eight liquefied natural gas (LNG) export terminal
projects and 99 import terminal projects completed in the past two years, which
increased the world’s export capacity by 7% and the global import capacity by
19%.
In addition, LNG developers are planning 156 new LNG terminal projects
worldwide to be constructed by 2030, of which 63 are export terminals and 93
import terminals, according to the report.
It warned that due to methane leaks these terminals could produce an estimated
10 gigatonnes of greenhouse gas emissions by the end of the decade, or almost
as much as the annual emissions of all the coal plants in operation worldwide.
Justine Duclos-Gonda, a campaigner at Reclaim Finance, said: “Oil and gas
companies are betting their future on LNG projects, but every single one of
their planned projects puts the future of the Paris agreement in danger. Banks
and investors claim to be supporting oil and gas companies in the transition,
but instead they are investing billions of dollars in future climate bombs.”
The latest findings are expected to fuel growing fears that unchecked
investments in the global gas market could lead to an oversupply of gas that
would threaten the world’s climate targets."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
