G7 urged to affirm role of gas and LNG in achieving energy security and climate goals
Eight international associations and trade organisations have sent a joint letter urging the Group of Seven (G7) nations to affirm the role of natural gas and liquefied natural gas (LNG) in meeting energy security and climate objectives.
The letter was sent to Japanese Prime Minister and current G7 Chair Fumio Kishida following a meeting between industry leaders and representatives from G7 nations held on the sidelines of the CERAWeek conference in Houston, Texas.
Signatories of the letter include American Petroleum Institute, Asia Natural Gas and Energy Association, Energy Policy Research Foundation, Eurogas, International Association of Oil and Gas Producers, International Gas Union, LNG Allies and the U.S. Chamber of Commerce.
In this letter, the signatories underline the importance of natural gas and LNG in achieving shared energy security and climate goals and are calling on G7 to expeditiously act on policies that ensure international commitment to replace Russian natural gas are achieved.
“In addition to immeasurable security benefits, continued development of natural gas and liquefied natural gas (LNG) markets is necessary to stabilize volatile global energy markets and complement the expansion of renewable energy while accelerating the phase-out of coal-fired power generation”, the letter states.
“Our energy security forum discussion emphasized the importance of building on the G7’s June 2022 statement recognizing “the important role increased deliveries of LNG can play” in phasing out dependency on Russian energy and that “investment in this sector is necessary in response to the current crisis.”
The letter called on G7 leaders to advance the following priorities in its forthcoming meeting and ultimate Communique:
- Work with industry to encourage public and private investment in all segments of the natural gas supply chain to ensure sufficient development and availability of non-Russian supplies, while ensuring consistency with long-term climate objectives.
- Commit to cooperate on ways to improve guidelines and practices associated with public financing of natural gas infrastructure and foster efficient and timely review of permitting of such infrastructure.
- Support the development of gas resources including biomethane, renewable natural gas, and other renewable and low-carbon gaseous fuels.
“The energy and financial reverberations of the war have shown that these goals cannot be achieved without fundamental progress on both energy security and climate change. Responsible development of natural gas and associated infrastructure is critical to this progress, and we look forward to working with G7 ministers and heads of state to ensure that the forthcoming meetings reflect these realities”, the signatories conclude in the letter.