Via Global energy Monitor:
Through a massive increase in portside infrastructure, floating offshore terminals, and oceangoing LNG vessels, the natural gas industry is seeking to restructure itself from a collection of regional markets into a wider and more integrated global system. If successful, this transformation would lock in much higher levels of natural gas production through mid-century—a seeming win for the industry—except that the falling cost of renewable alternatives will make many of these projects unprofitable in the long term and put much of the $1.3 trillion being invested in this global gas expansion at risk. Such an expansion is also incompatible with the IPCC’s warning that, in order to limit warming to 1.5°C above pre-industrial levels, gas use must decline 15% by 2030 and 43% by 2050, relative to 2020. This report provides the results of a worldwide survey of LNG terminals completed by the Global Fossil Infrastructure Tracker. The report includes the following highlights:
■ Methane, the chief component in natural gas, is responsible for 25% of global warming to date.
