[Who Profits From War: How Gas Corporations Capitalise on War in
Ukraine.]
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U.S. LIQUEFIED GAS FLOODING EUROPE  
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Tim Donaghy
April 27, 2023
GreenPeace
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_ Who Profits From War: How Gas Corporations Capitalise on War in
Ukraine. _

, Tim Aubry / Greenpeace

 

The oil and gas industry has moved quickly to take advantage of the
disruptions caused by Russia’s invasion of Ukraine. In 2022, a surge
of shipments of liquefied natural gas (LNG) from the United States was
redirected to Europe in order to replace Russian pipeline gas and
secure supplies for the European winter. By taking advantage of this
short-term energy crisis, the industry has also secured financing and
begun construction on numerous LNG terminals on both sides of the
Atlantic that are designed to operate for decades to come.

KEY FINDINGS:

* If Europe enacts ambitious climate change policies to phase out
fossil gas use by 2035, then EUROPE WILL BE ABLE TO HALT ALL IMPORTS
OF LIQUEFIED NATURAL GAS (LNG) PRIOR TO 2030.
* Policies to phase down gas consumption in Europe would remove the
need for new LNG export terminals in the United States, which would in
turn help phase out harmful oil and gas drilling across the U.S. –
from Texas to Pennsylvania.
* Such policies would help put both the U.S. and Europe on a pathway
to limit global warming to 1.5°C (2.7°F) and meet the goals of the
Paris Agreement.
* However, the oil and gas industry is seizing a moment of crisis to
drive a massive build out of LNG infrastructure on both sides of the
Atlantic that will lock us into reliance on fossil gas and put our
climate goals out of reach.
* This build out is anchored by long-term contracts to export U.S.
LNG to Europe for decades to come. In 2022 alone, 17.65 million tonnes
per annum (mtpa) of new LNG (equivalent to 848 billion cubic feet of
gas, bcf) was contracted for sales to European gas companies. These
contracts would continue for 15 to 20 years.
* In Europe, eight LNG import terminals are under construction and
38 more have been proposed. If built, these could more than double
Europe’s LNG import capacity to 38 billion cubic feet per day
(bcf/d) and result in an additional 950 million tons of CO2-eq
emissions per year.
* In the U.S., there are seven operating export terminals, three
terminals under construction, twelve new and expanded terminals that
are approved but awaiting financing, and numerous proposed projects
that have not yet been approved. If built, the approved projects alone
could more than double U.S. export capacity to 42 bcf/d – with
annual lifecycle emissions equivalent to 393 million cars.
* By 2030, U.S. LNG export by itself could be larger than the Net
Zero Emissions (NZE) estimate by the IEA for global LNG trade.
* This LNG expansion threatens the health of communities living near
these export terminals, and also those living near extraction sites
and pipelines, which could see impacts from increased production. LNG
contributes to fossil fuel racism, whereby Black, Brown, Indigenous,
and poor communities are disproportionately harmed by pollution and
climate impacts.
* While the energy crisis has led to record profits for oil and gas
companies, families in the U.S. and Europe have struggled to make ends
meet, and Global South nations suffered from high energy prices.
* Policy makers in both Europe and the U.S. have the ability to halt
this LNG buildout, break the carbon lock-in inherent to long-term LNG
contracts, and put both regions on a pathway to a green and just
future.

Read the U.S. Media Briefing
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Read the full Greenpeace International report, _Who Profits From War:
How Gas Corporations Capitalise on War in Ukraine_
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Tim Donaghy is a Senior Research Specialist with Greenpeace USA. He
writes frequently about climate change, offshore oil drilling, energy
production, and the Arctic.

* Climate Change
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* Ukraine
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