Biden administration officials are also promising to accelerate the build-out of hydrogen and carbon capture
The White House announced this morning that the U.S. will rapidly increase exports of liquefied natural gas to Europe as Germany and other E.U. nations try to diminish their dependence on Russian fossil fuels.
“This build-out will occur in a way that is consistent with, not in conflict with, the net-zero climate goal that we’re shooting for,” Biden said during a meeting with European officials in Brussels this morning. He called the effort a “catalyst” for doubling down on investments in clean energy. Energy was a key point of discussion between Biden and other world leaders during urgent talks yesterday about the worsening Russian war in Ukraine.
The European Commission put forward a proposal Wednesday that would require member states to fill their gas storage facilities to at least 80 percent of capacity by Nov. 1. That will make securing alternative gas sources increasingly important. Europe has recently increased its gas imports from Russia as it attempts to stockpile fuel.
The G-7 also called on oil- and gas-producing countries to increase deliveries to the world market and singled out OPEC as a key part of that effort. While some of that reallocation has already been happening, sustaining it could prove challenging as next winter approaches. Most of the redirected supply has been driven by European gas prices commanding a premium, rather than by policies, Samantha Dart, head of natural gas research at Goldman Sachs, said in an email.
“But there is also a flipside to this, which is this accelerates the movement away from fossil fuels, at least unabated fossil fuels, and the movement toward technologies that do that,” she said, pointing toward carbon capture and sequestration methods or hydrogen produced with renewable energy.Currently, there’s not enough infrastructure to transport hydrogen at scale, and it could take years to build it, said Lindsey Walter, deputy director for Third Way’s Climate and Energy Program.
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