Hank Torbert: The Growing Importance of LNG and Natural Gas for Economies, Climate Goals
A recent op-ed by Hank Torbert in The Frontier Hub highlights just how important natural gas, and specifically liquid natural gas, are important to economies and climate goals across the globe. Though an all-of-the-above approach to adopting cleaner forms of energy should be a long-term goal globally, a rushed transition will backfire on consumers, investors and is unrealistic for much of the world. As we are seeing in Europe right now, the “politically-led race to renewables in wealthy nations will have a devastating impact on the cost, reliability, and security of energy around the world.”
In Europe, retail natural gas costs are now double what they were in October of 2021, and the country is even turning back to coal, which is detrimental to climate goals. A greater investment in fossil fuels would have protected their energy security. Even as first world countries are focused on becoming carbon neutral, developing countries still burn wood, garbage and biomass. Facilitating their access to LNG will help those nations lower their emissions, and provide a buffer in the transition to green energy.
While multiple energy companies in the U.S. are leading this charge, one example of the growing importance, and market, for LNG is Energy Transfer L.P.’s Lake Charles LNG export project. Co-CEO Tom Long has said, “We believe that our Lake Charles LNG project will provide an important contribution toward solving the growing global energy demand.”
Instead of villainizing and opposing traditional fuel sources, the U.S. should be supporting domestic energy projects like the Lake Charles LNG export facility. These types of projects will have a significant effect on our European allies’ energy costs and security, as well as help move underdeveloped nations away from high-pollutant materials. Facilitating the U.S.’ ability to provide energy support will benefit everyone.