July 18, 2024

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US defends its climate leadership despite record oil and gas production

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The US’s top climate diplomat John Kerry has defended the country’s surge in gas production to a new record and maintained that it was a global climate leader after the launch of the Inflation Reduction Act last year.

Kerry comes to COP28 in Dubai at a time when Washington is consumed by two wars and the possibility of a second Donald Trump presidency. But he said even Trump could not roll back the centrepiece of the Biden administration’s economic strategy, with $369bn in clean energy subsidies and tax breaks.

Speaking to the Financial Times as officials met in Dubai to hammer out a new deal to limit global warming, Kerry said that while the US had boosted LNG production because of Russia’s war in Ukraine it was still committed to phasing out all fossil fuels where emissions are not captured.

“We have signed up to the phase out of unabated fossil fuels, we have signed up and we voted for it at the G7,” said Kerry, referring to an agreement to boost the effort to reach net zero in energy systems by 2050.

“The increased production is a reflection of Ukraine, the effort to come back from Covid and the reflection of what happened with Russia cutting off all the gas to Europe . . . we’re sending a lot over there and other places to try to help them out.”

This year the US overtook Qatar to become the world’s largest LNG exporter. Its seven existing terminals can process as much as 11.4bn cubic feet a day, according to the Energy Information Administration — enough to satisfy the combined gas needs of Germany and France.

Five more LNG projects are under construction, which would add another 9.7bn cf/d. The oil and gas industry is proposing to build dozens more plants in the US, which it says will generate hundreds of billions of dollars in investment and create tens of thousands of American jobs.

US oil production is also…



2023-12-04 12:13:12

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