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America’s liquefied natural gas boom may be on a collision course with climate change
By Matt Egan, CNN Business
Updated 7:01 PM ET, Mon July 1, 2019
New York (CNN Business)
America’s liquefied natural gas boom has a climate change problem, according to a report released on Monday.
The US energy industry is scrambling to build dozens of expensive export terminals that can be used to ship cheap natural gas to China and other fast-growing economies that want to move away from coal.
While those investments make sense today, they will likely be derailed in the longer run by a combination of plunging renewable energy costs and rising climate change concerns, according to the Global Energy Monitor, a network of researchers tracking fossil fuel projects.
Those dual forces will make many LNG projects “unprofitable in the long term,” putting much of the $1.3 trillion of investments in the sector at risk, the report said.
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Global Energy Monitor was launched under the name CoalSwarm in early 2008 and later that year was accepted as a project of Earth Island Institute, an incubator for innovative projects in ecology and social justice. Affiliation with Earth Island Institute gave access to logistical resources and 501(c)3 tax status, allowing the project to receive tax-deductible donations as well as foundation support. In 2018 CoalSwarm became an independent 501 (c3) organization, and in 2019 changed its name to Global Energy Monitor.Fly