The Russia-Ukraine conflict is likely to have longer-term impacts on already volatile energy markets. According to a new report from the Institute for Energy Economics and Financial Analysis, these impacts may prevent emerging markets in Asia from securing imported liquefied natural gas (LNG) supplies.

The Russia-Ukraine conflict is likely to have longer-term impacts on already volatile energy markets. According to a <a href="https://u12097671.ct.sendgrid.net/ls/click?upn=4PC2wo0fWhUBQdJDPL-2FxejRFR6lGhcls1pVCAL4TVLIYEG4V1Et9CDb0VeTraD9Kxt6PyKVI2RfC9fblrdxMC0Ozl2y-2F3RnQSfs-2F3z3rCRhf1qZ8rC4S3gSqbd3tzsGT2agGJ4W5mLp6kvym1vXw-2FocA5n8DjPNWYAOkMTQqbadRlm2iOWHks8-2Fy1woXF2OJwfLn_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKgaYtmG9WIDokZdqLmAuUtRfupOIFaNfiyuTCdcTFZi069aeMlVOXgQAPF2GJDHcmqWRsmm898LpqYWbuu3yc7AvGD9Mc4WXeJ1DU8sFWACPdIiKiF0OOHuQhPe0cBVnefAvUWrVjOkIJhAtzJXVS-2B8M-2Bd9InUqeP2gr03o0pFQw2LJPWyA9aaOmEaVE4-2Fh6rxnEriPc5BH9SZPbFcy-2FxaH9Y9j5IYrU-2BCagEMZAWPRklk-2B7LbBtfjo3l3RUeqZflAOhw3PJwkHYkqr4VLBAhDL51jV82t55qXiMj3-2BS2mFju2eS27Oq5mXXJzcEZMXhQeVsqaUb51PssT-2FcRhzFha804T49NSb8kBT2hJb-2FtaaYrKgMpeCTJuxEyi-2B-2BrCJ9lbhMARHyT8P0l-2FG0D28AnpcY02n8aAcJnSCUX16N-2BXhNMsdzraR4WVomEooo4nqQ65nFADUvkyyuIiLTPx54wg97jinXWjKPubcTTark3L1VUB5DqAUlhQ-2Buth6m8Zv2C1eOr5XknLU68cZmUxHaP3A-2BP-2BMknAzYDTH6ilCEuG4w-3D-3D">new report</a> from the Institute for Energy Economics and Financial Analysis, these impacts may prevent emerging markets in Asia from securing imported liquefied natural gas (LNG) supplies.
“There are numerous reasons that fossil fuel price volatility in the wake of the Russian invasion of Ukraine may not be a short-term phenomenon,” says Energy Finance Analyst Sam Reynolds, author of the report.
“Lasting volatility in LNG prices could mean that price-sensitive buyers in Asia are effectively locked out of the market for several years, unable to compete on price. Ultimately, LNG import assets—terminals, pipelines, and power plants—face a high risk of being underutilized and stranded due to a lack of affordable fuel.”
Yet, many countries throughout Asia are doubling down on LNG import infrastructure projects despite the clear economic and financial risks. Nearly 80 million tons of LNG regasification capacity is aiming to come online in Asia over the next two years.
Several countries, including Thailand, the Philippines, and Bangladesh, have increased the targeted share of natural gas in their energy mixes despite declining domestic production. Prices of domestically produced gas in the region have typically ranged from US$1-5 per million British thermal units (MMBtu)—a far cry from the current LNG prices in Asia of US$35-40/MMBtu.
But with rapidly declining domestic natural gas reserves, many countries have looked to LNG as a convenient replacement.
“Rather than simply replacing one form of gas for another,” Reynolds says, “the shift to LNG will involve a steep, structural increase in fuel costs that may completely negate economic arguments for gas-fired power generation versus cleaner, domestically-sourced renewables.”
<img src="https://illuminem.b-cdn.net/articlebody/a522260b5331f449f8045e8c7dcad15ac7be72f5.jpg" alt="undefined">
Multiple factors cloud the outlook for LNG prices over the next several years, meaning that volatility may continue to threaten price-sensitive buyers’ energy security and energy affordability.
For example, Europe has committed to weaning itself off Russian piped gas by procuring more LNG. This suggests an evolution from Europe’s role as a balancing buyer, which historically absorbed excess volumes, to a direct competitor with Asian customers.
Moreover, significant new LNG supply is not expected online until the middle of the decade. This means that Europe will have to pull cargoes from other regions—most likely from buyers unable to compete on price. Meanwhile, unplanned outages at existing LNG export facilities have increased every year since 2017.
The threat of reduced Russian energy supplies to Europe also looms large. Any cuts to the Russian supply of gas to Europe could push Europe further into LNG markets, tightening the demand-supply balance and boosting prices further.
The backdrop to these volatile prices is one of the most uncertain global macroeconomic environments in recent memory. Inflation was already at 40-year highs in many countries before the Russian invasion, and global debt skyrocketed in 2021 to its highest level ever.
“Such macroeconomic instability is likely to hinder countries’ ability to pay for higher-priced imported fuels and could mean longer-term volatility for LNG markets,” says Reynolds.
The report also notes that while long-term LNG purchase contracts may seem like a solution to shield buyers from volatility, there are important spillover impacts of fluctuating spot prices on term markets. High oil prices will also mean the cost of LNG under long-term, oil-linked contracts will rise.
Moreover, high spot prices can drag up the slopes of newly signed oil-linked contracts, locking in higher prices for buyers. The report finds that the pricing formulas of oil-linked contracts have tended to increase over the past two years of volatile LNG prices.
“Continued spot market volatility could likely encourage higher prices in new long-term contracts,” notes Reynolds.
Volatile spot market prices can also create a greater risk of legal disputes between parties to a long-term LNG purchase contract. When prices spike, sellers will see a greater incentive to minimize volumes delivered under long-term contracts to realize higher profits elsewhere.
In Pakistan, sellers have defaulted at least 11 times since LNG prices began to spike in mid-2020. For importers, these contractual disputes can have dire consequences on energy security and economic growth.
“For price-sensitive LNG buyers, now is not the time to build new LNG import facilities in Asia,” says Reynolds.
“Instead, countries can consider urgently revamping national energy priorities with an eye toward cheaper, more financially sustainable technologies that bolster energy sovereignty and self-sufficiency.
“Rather than doubling down on a bad hand, the goal should be to maximize renewable energy while minimizing the need for imported fossil fuels as a last resort.”

Read the report: <a href="https://u12097671.ct.sendgrid.net/ls/click?upn=4PC2wo0fWhUBQdJDPL-2FxejRFR6lGhcls1pVCAL4TVLIYEG4V1Et9CDb0VeTraD9Kxt6PyKVI2RfC9fblrdxMC0Ozl2y-2F3RnQSfs-2F3z3rCRhf1qZ8rC4S3gSqbd3tzsGT2agGJ4W5mLp6kvym1vXw-2FocA5n8DjPNWYAOkMTQqbadRlm2iOWHks8-2Fy1woXF2OJf497_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKgaYtmG9WIDokZdqLmAuUtRfupOIFaNfiyuTCdcTFZi069aeMlVOXgQAPF2GJDHcmqWRsmm898LpqYWbuu3yc7AvGD9Mc4WXeJ1DU8sFWACPdIiKiF0OOHuQhPe0cBVnefAvUWrVjOkIJhAtzJXVS-2B8M-2Bd9InUqeP2gr03o0pFQw2LJPWyA9aaOmEaVE4-2Fh6rxnEriPc5BH9SZPbFcy-2FxaH9Y9j5IYrU-2BCagEMZAWPRklk-2B7LbBtfjo3l3RUeqZflAOhw3PJwkHYkqr4VLBAhDL51jV82t55qXiMj3-2BS2mFju2eS27Oq5mXXJzcEZMXhQeVsqaUb51PssT-2FcRhzFha804T49NSb8kBT2hJb-2FtaaWQdjtT97jHH5PNcPbBBWT5SyRzlFQdYC-2B7CLah6UPta4Dta8qc-2F0rNzi7Qx-2FguCNFSsJO6LHNvzkQnWvih-2FKtGSTPvkjg6O0vabEZ3Clb3O7rnL0ZYkXaI3VoEAdS6T7o9Wcjf7Yn-2BJ3BmvaZCxYgBRsB8jPz-2FMSu-2FkhOwzhV-2F7sVsTHDfFNXCOdd3opvXPDg-3D-3D">Now is Not the Time to Build More LNG Import Terminals in Asia</a>​. Energy Voices is a democratic space presenting the thoughts and opinions of leading Energy &amp; Sustainability writers, their opinions do not necessarily represent those of illuminem.

For price-sensitive LNG buyers in Asia, now is not the time to build new LNG import terminals

Amidst the global push for decarbonization, the climate impacts of natural gas are coming into the spotlight. Although marketed as cleaner than coal, natural gas is highly emissions-intensive on a life-cycle basis. The international scientific community says unequivocally that the world must reduce dependence on coal, oil, and natural gas to meet climate targets.

Christina

Amidst the global push for decarbonization, the climate impacts of natural gas are coming into the spotlight. Although marketed as cleaner than coal, natural gas is highly emissions-intensive on a life-cycle basis. The international scientific community <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iBi8xu4TOdM7pdItwD4uukbZe4q-2Fe6q2WTCKN4xP-2FZM0GZpK02NeensEEsW2M3GU6T11b4RrONey-2FAv-2FdoSYalDraNWKBcineQw4CeZCLQktQHH5XmznkT7RE2afqhSX3lpjw-2FG6x5LKyB0-2B0MB6-2FFI-3DLkEx_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUiWEVnwawipD8-2FMsLdRP7PYGp28kvC5OjrbISX95iOerpIgepAwVsY3bDzx-2FZEVapmN5QPUvIoKn5iTPzMfqZjO1Fh6nj7sV0Y5Tjz44-2FIs4ua9dxAKceOoF63i-2BLfI5hm3H-2F9y9Tc2Y3l9jFAJHBtFSPDiU1-2FPDkUw0Ye7-2BImjtQ-3D-3D">says</a> unequivocally that the world must reduce dependence on coal, oil, and natural gas to meet climate targets.
But the natural gas industry is trying not to fall behind the climate curve. Liquefied natural gas (LNG) exporters are promoting carbon-neutral LNG to buyers willing to pay a premium for emissions offsets. Industry proponents are also lobbying for gas to be added to green finance rules, which would open new sources of capital for gas projects.
However, neither strategy directly mitigates the harmful climate impacts of natural gas and LNG. Perfunctory attempts to paint these fuels “green” do not alleviate their climate or financial risks. Instead, natural gas and LNG are fundamentally unsustainable given their greenhouse gas (GHG)-intensive emissions profile and the deteriorating economics of gas relative to cleaner renewable energy sources.
<h1>Carbon-neutral LNG blends dubious climate claims with untenable economics</h1>
Natural gas is more harmful for the climate than coal in many respects. Methane, the main component of natural gas, is a GHG with more than <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iNSBV-2B5YIXoAcadp90gWLAhr4T6PEz-2F-2BBaOexVXuGrkKzpkJSRYDKnfJWHpqrgpAyw-3D-3DNM_A_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUgHDAoN-2BU20l9AkfD9OrWPA7grn-2FWAi3NCkkCkH2i4ztFd5Rep0uGMhy-2B1mUxzqmtD1tzrep-2BJn91CiyRWAINmnKLSTsVRAWTkzRbM2-2FqNE8Iwiu9LAISBJcVDlVXHwiqQ0flgvn5DKL4mPo2FLzFgAW35YuWHbeYqpgtnXo-2FybKQ-3D-3D">80 times</a> the heat-trapping capacity of carbon dioxide over a 20-year period. The production and transportation of natural gas can emit significant volumes of methane and other GHGs. According to a recent <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iLKVZR-2B3fr2wGBABccgyA2Yl0B0hw2Ke5vyKhrmdfGh67p3zzpx0ruzqMY4BIRgvnYrLzqha3ZzH5DkznWL-2B9U3cb4T8bL73gptti5BDQ-2FnY23xFsJy97-2BaqE6oFxhG68A-3D-3Dp2dg_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUi6rQlwBbK9i-2FuagxzE8lBwa87B4NGWr2KXgSQjGUdjA8rhPtdk2iahOBx8RlhKrZPCPh55H-2Bm3vrAy7e6HH1ww1rAwL9JnckTp7V0ojr6V-2F8I5Adr-2FUp7c280qyBR-2F-2FWX1wR-2BpB6qnlrwVCG24oMOrt8TxeFQnpjXqXNApEnHFOQ-3D-3D">study</a>, GHG emissions “from the extraction, transport, liquefaction, and re-gasification of LNG can be almost equal to the emissions produced from the actual burning of the gas.”
Moreover, the International Energy Agency (IEA) recently <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iKRS6m4t1NgLbsZsiDhY16K7DtBSoRP5lbVxmqkiFN-2BGbMVO8UmZUy9KUNTtEAfBXXRlnl7zOKei41ofh3ef4iS56mkCEI6zl6l1oF9N-2BwIx5xfn-2BAVBJg9sXR-2FtlYJ0BQ-3D-3Dp_ZO_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUiurcan-2BnsrlOEwzCSn8Rr8UGnqTyvExRYX3SnyK4aOkLatIO6iZlJ34cfQbhSM0rI3AXEoaXVr8427a4VJdMbIUYPEHc4sPDRATS-2B1app8-2Bl5uOJrtK-2BtQWthKtSKSSAYA-2BH85fB0perMBCCIL-2FqUcpMNAP7ONSdSALNcDL21t8Q-3D-3D">found</a> that global methane emissions from the energy sector are 70% higher than official reports.
<img src="https://illuminem.b-cdn.net/articlebody/3e70c023a8df00ebb7ada50737ceeaf4998683b1.png" alt="Figure 1: Greenhouse gases emissions profile of U.S liquefied natural gas to Asia">
Rather than directly mitigating emissions, however, “carbon neutral” implies that either the LNG buyer or seller will purchase credits to invest in climate-friendly projects like forestation, renewable energy, or carbon sequestration—indirectly “offsetting” harmful climate impacts.
Since 2019, about <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iJGi-2BQs-2Bw1MEyTZOdnyi8iTJfbonfEURxTiaYkqk0zqC1cQdLnOLyr0JS6YIRyENc6U9kjGmOso7L-2BIB-2FVG8eMY-3DEIBd_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUgop3HHvh9-2BPMBGfiDtXksBB-2BEYVpwSlEPs181TmGUzRWWEGGq4jqotoNAzRaIfFuHmd23b62PbQSDGjmyXYVudwynrOZmipApDde6GbMEd2Ziq0jKb6vy0iStivjSBTBnu1RH-2Fkqr3n0WnugHIN35-2FIzMm1-2BGaezct-2By2LcyjO-2Fw-3D-3D">35 carbon-neutral LNG cargoes</a> have been delivered to buyers in Europe and Asia, and the industry envisions the product becoming “<a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iNZi8UVDD-2B5W7BzfaiOCrhaChQWggaOlcW8BRRMyy2JZtJUgUDvDXZ03Pg6fVNCUuHkA8WD8G4yxATC8WxsMDXswrH60kJV6737Za0hiXKgEAMffPFiNIeB-2FkwhxIXH8bA-3D-3Dbpf5_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUglQYhdmX66-2BTbnZm7lsbiVt-2BtuzfAPkJ4XXB5v69CybI-2BrUzoHE68BDs4KavKDHKveDGJhW719iZ1HPfAI-2BBIhY-2FaGpcCX79QN5hJIv51XNj-2F4hjgUZZagRKSd4lGxjXfH3oSffr-2B99IZ9TdT60VLGVzWmP5ULJycnwoQtzIGgNw-3D-3D">mainstream</a>.”
However, there is little consensus on the credibility of offsets in reducing emissions. Moreover, carbon-neutral LNG deals rarely disclose information about the total emissions of each LNG cargo, where offsets are sourced, whether offsets are for carbon removal or avoidance, or whether the buyer or seller pays for them. This lack of transparency makes it impossible to know whether “green” cargoes have real climate benefits.
The few carbon-neutral LNG deals that disclose the actual emissions of each cargo have relied on a UK government standard of <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iDyS9Kd2-2B0CdoVI31AiHBs65uSh8GrvgKj0wVl079-2BbMKyAl3uzGIwOgX2P40yKO3VyqwdbXJh75kRnmtGK7qIf3J1Mn0fiC2D6sK6jkXrLXVLoExuYF3O-2BgB6vC9QiBwp1qTOQgPmI1W3cmD0Fb7sKjK3LWkdjcgIGGQF-2BYo9eChuQmN56SSFlj4w2gasY8cQ-3D-3D6y1z_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUib1HNwem8lvYcgE-2F-2BFx6COq9rlgRmIzpXaAzoGRMBAgkVVqPXrurJP189QmV34tMQ5EHw81wLosLsqUb8oVfOx0kUNbWRfQcjeu9ZfIaI4N8GutE6Kq8lEeZ7MvpMs7r49ZXN1ohWUAHdpNYJcrd0qVMG2-2BFsPOXo0N9DAJYvYXQ-3D-3D">250,000</a> metric tons of CO2 equivalent (mtCO2e) per shipment, without undertaking more detailed assessments. Cursory emissions estimates suggest industry players are making little effort to mitigate the climate impacts of their product accurately.
These estimates determine how many offsets are purchased and therefore directly impact the economics of LNG. LNG spot prices in Asia averaged US$16.40/MMBtu in 2021, meaning a typical 70,000mt cargo cost US$59.7 million. Offsetting 250,000mtCO2e at recent voluntary carbon credit <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iJVzrqxNmWur9MaRsu2WKoXVw4i00fsw7RR-2Fm6M-2FytAXZ93FXYA-2BoYS8JkgVxUKmluvevmgZ4yS-2BNYvQBJka-2B0jas3W2-2Bbej-2BginMY2fyMMs2F8PP-2BfFzgaDQs0h-2Bx7fLE6e8kX8Bzsns-2BTHIxUBvn5CmwRhSz3PVJGtVL5em65PNfLHYB3JW-2BKf5wUtJid-2Fog-3D-3DKeAV_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUiyS2y9F8dYnSmgxeTYYfVMYpjlH7opqtxszKmHRizjmAnA1-2FpbBptTce2QGwhwvkkpzlMihL7vr7Y1sugqjmI1kjIILOs-2B8HK4sSsENDTEPxvY8IY7pl-2BfGPMwCmTCWm-2FySB37S-2B1qxFbLVV066QiOZLFLyN-2BrVMrIKaZQHsyCyA-3D-3D">prices</a> could add US$2.2-3.5 million to this price tag, or roughly US$0.60-0.95/MMBtu.
Moreover, voluntary carbon markets—where offsets for carbon-neutral LNG are typically sourced—are growing rapidly. <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iNUk-2Bw-2FWLpp197TTO2Akf-2FOwCdncbyFytETrOGZMFsD9N-2FjJOaQwOYZtgL2UvnMRH-2FMqzbhxrLykV2DkUelXs9w-3DF3u2_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUjHtlWy3HXfom2CzvtiU68XTpHtDIds01IoFLCySf4GilOjfILD47x-2Fy6mgjawCZ6iNiqHU9wUSpkIGPbzFCABC-2Bjgs8pONiOf1UtPGiD4wBALDfyurZznCZXw8ZVLhtgDeFOkJEU1-2FhEzIeWr2gOnbpYlGfUv8Qzskrw-2BzRU2aDQ-3D-3D">F</a><a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iNUk-2Bw-2FWLpp197TTO2Akf-2FOwCdncbyFytETrOGZMFsD9N-2FjJOaQwOYZtgL2UvnMRH-2FMqzbhxrLykV2DkUelXs9w-3DLKok_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUi5sv9OvjhIcQN3JCpORbaYWsTdCYNcGshuvdyS1zbLLYwG-2FcCXbVJopu3Uc4d9W8U3kkD3oFg2Y-2F0bqpvG1B7wVaEf2o8sP6XQnaRnSnA79YktHW4-2BLVR0t3oIR4k2K7mpLat36t3LMEWe-2BPuhbDIKsti9FjfOGoZ1HM6R7ZwVzg-3D-3D">orecasts</a> indicate prices could rise to $20-50/mtCO2e by 2030, potentially adding US$5-12 million to the final cost of each LNG cargo, and raising per-unit costs by US$1.4-3.4/MMBtu.
For many current and prospective buyers, LNG is already a volatile, foreign currency-denominated fuel that can <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iFQ4304-2FFf-2FWmKnsxECL528A3ZwU7U97Y-2BKvtfGq-2BH89q9Nm0v4b1fx-2BqSPYTUWuptcCQ1LRLFD8eJ4YN4lM9oVGeBoC8M7OKnD4gLj9PA3p3eQDIxDoGI0mhxjHNvqtM3222sUphk0TYPRxr4zTgyyvQi-2B0siWu8K5VGh1knn5Tpt2A_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUiP2P9GjIhg1JTdyIpCfP9-2FdRAVP-2F5CBY0bZvMg7fu9mxDbbn0m4blBQjHuZr7UVtGjdn3AqrDcfVmXgjHGIe68xg6h0c7pOyazr1ueXupfY-2BY5arXElVDOdSn36N1zQaoPUHbjMbtkONRnYCnTAoLRBglIXbGU-2BIbu3v4XMiGztA-3D-3D">threaten</a> macroeconomic and financial stability. This is particularly true in the wake of Russia’s invasion of Ukraine, which caused LNG prices in Asia to jump to a record <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iPYkKV4G-2FrNq3GnY6oEaaE4GHML-2BQJKsR6fWbfE-2B88geRnuHhWjZe7ZCHqRVflqbzbE-2FDVGaIE2W1BV7W7-2BFozYN-2BRD0gCXjogiNlGRTGPjznfYbF1L1GVOOCoO9OA5aZ3CW4Ss3K8x2XUU7gtfSAYO64e5sCC-2BDAzhPT7L0hyOlSetqOlHAl82kLLTsUpRVAIDLZbnYgckmrkjKgtrkc-2F9K20rZW4NndOTh-2FApuwUbg9q-2FhTscm7zpT8-2BgFc6lJsA-3D-3DMomP_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUj-2BSGfVrh7Ye2TBfhxK6A-2FhCYwcS4oWtXiVFFnJXVcJ67ScZPJh8TKmwhW58oUniVqsxySjdgD8cOwjztUgpuNgmpf9Y8HZwNjllWYFR-2BxAkA3qUNy50ogqDfmNyo1m1-2F4RhQEWEd57n0OJ-2B-2BD1QhmtJIOgbcEQY59tfDlmAb-2BSrg-3D-3D">US$59/MMBtu</a>. Adding a multi-million-dollar premium for dubious claims about carbon neutrality therefore makes the economic case for LNG even more far-fetched, especially when compared to the <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iKyLWngn-2F5-2BE-2FpqEQmh0QVMQr4UENUjMHlC7JIdXCMbAu35h3dQtldslKiVQ2Ni440D-2F-2BrqrfN77vRU0wLQmVTeFVRVsNXlecr8LagWRBinwrpu9_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUhHioylakATxIRVXlXpy8JJtxMEEGp61EZF3moeSAv89JiaeF4twGrzCbIyFNJkNxhtinlBY4lxeZBvXb57p1NZWmbsTUNDqlHQPRn0tQxZVXGRwsyAri-2B8ZDmmX4i-2FmTEkqAyHkP6Zht9wQC-2F746kpPyfTSbTpIdSMyAP8YrvktA-3D-3D">declining</a> costs of clean renewable energy technologies.
<img src="https://illuminem.b-cdn.net/articlebody/179433ad43c29136e11e3dbbc84a98d7a15cab7e.png" alt="Figure 2: Levelized cost of energy ">
<h1>Gas has no place in “green” or “sustainable” taxonomies</h1>
The lack of transparency and credibility in achieving “carbon neutrality” creates a greenwashing risk that serious ESG investors want to avoid. Yet, debates are ongoing about whether gas and LNG projects should be recognized in green taxonomies, which specify activities that qualify for green finance.
In December 2021, the South Korean government <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iI1uLJLJjPzuTHV7x5wyTnYNnRm5Iop7imYPMfEHpapZxwgCdj-2FAiSJ2YOeIJq71XF-2FMXIwL5mLnOW-2Bbss7VXIPAs3-2B0861iyFmjDtYXJsz3-2BYe8ACIHs1hBZZ-2F5jtoDOEayeyzaBEG2UKAM-2BfixxU8nz72yT6UvmCcaE7pCI-2B8tQz_p_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUiC2MuqDWcvI8-2BRyYOlf2kpvHaeNW9MwUDo1LWSi3lkhi4NeQr4g-2FQzQuvt7EpKjvGGxFRx5wEkIDWRdHZDm2O3ooOroe-2BFigldq-2BAkq3yL7P0Z2VAJ3D-2F1a6fGB6Hgxc41rMKwOYeZwQtB15pvdXk0f-2Fvdc0fHMlyJCvABNruErQ-3D-3D">confirmed</a> that gas-fired power plants that emit less than a certain emissions threshold would be treated as temporarily green. Similarly, the European Commission <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iE2tP3HzrmG5eaPV8H3qHXI-2FLUgZBPbYe7N0-2BBdIKr9BCU4rL0cmDoaJqGNNBhkjRPXLvtxfkHsRnnFImUx0NIxroPOb9BbRVg-2B9FFZYVF76Dr-2BHR3QmDFIIhiILnLtY9rzWLs1-2Bknak0QyVTGzoKOY-3Duojy_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUi786v7Vf0rbtaX6PsLUkVY-2B9OZxiCnC5BY1lrJOCqnayjGiy85sclDK36mTANF1JARaqOZxZmZ0SYdUCjEM5287zkLQcCF3-2B-2FdC-2B8UOdDidV1kqhVL-2BxZS9BXjp1UVvqQW-2B5IjslckT-2BBRSxV93hl0PF2AJqeKCkd2ht-2FV3hJmaw-3D-3D">published</a> proposals recently, which, if adopted, would extend the green label to gas-related activities that meet specific emissions criteria.
Notably, these proposals offer little scientific rationale for gas as sustainable. Instead, they recognize gas as a transition fuel, implying that gas investments are fundamentally unsustainable. This is consistent with the IEA’s <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iPtEO5zWlMgaIBqPBoJlk3tysl5v1eNFcTLnGHV-2BLi5yy-2B6owm5671vbdCxRWExKbw-3D-3DwcT7_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUiNu5VDcn9si9bqk-2F0d0EVBYGDyY0apI7QUGn1tr2fxb9uDj0MM0gr-2F-2BhLdYDhAuTZVOGQxhjmCuM9bIbHhrW5G00GOGDc4276keiZzAbHVoIvjtYPE79j-2FJhByQDNq99-2BT-2FOo7K-2FrV1IR4BXh9hMREpBaUTEtf-2BgYJWVwN2o3mPg-3D-3D">findings</a> that global gas demand could peak in 2025 under a global net-zero scenario.
As such, green capital <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=NrdtFX4JQ5w5-2BbUbNv71iFQ4304-2FFf-2FWmKnsxECL529wIivFTjQ4iVc1eBBeLAG1pEwYhTwLwQtgeEqMbXmx3gKnQl3YOWuCH1htyvU3dg8RJ246ZqPqlAqmh76sOfGti4KtTFyoXpLR7uBdP4xKCNOqEb9Mh7gE322Jx105DBM-3DUzI3_C3mfGVZYLurVmFtpz-2Fg6G3N34IqIN57-2FALFz-2BSawmsKJ032tHMI0Vyu3Dj84aAmPLUwGCXS2YeAPLWl-2BtHodsYmXBuv13vw-2F5hYxhmKLiGe7eO6ZGrHp8VzQjdmkl1NyYmKQeHfDSdlNF8zG1DcPE-2FtVUeSCtH83QAT9es8hrDgwhDWQItT9PLnqtNpxTXPhd56HaWW9dtCENOxSXkwi-2FmXRk5xz3uVx9ugIWmFmMUhGGle-2BM2NO02hC1iYH8G-2BbfDdVybU1uF1dddBRRHJCmxKC-2FdMcVdlIyMiwJyMD4BMIa7RXmPwpHvBJer8mMd-2FikV433Pwe5H9beKisdB6RzZ3YgWD2UB7l0H2nE7jpF8qCHe7qPPNAcCa0xzN9qqzVN0VBZORB8fzOOD0I3lOAVA-3D-3D">should not</a> be deployed to finance gas or LNG projects, regardless of “green” claims. Financing of fossil fuel projects should be limited to non-labelled traditional debt market instruments.
By allowing gas developers to access “green” pools of capital, which typically come with lower borrowing costs, countries risk jeopardizing their credibility on climate action and locking-in natural gas and LNG infrastructure for the long term.
The industry push for gas to be recognized as “green” indicates that gas corporations can see into their shrinking future. Natural gas and LNG investments are fundamentally unsustainable in climate change mitigation pathways and in light of cleaner, more economically viable renewable energy alternatives.
 This article is also published by <a href="https://ieefa.org/ieefa-despite-green-efforts-natural-gas-and-lng-make-little-climate-or-economic-sense/">IEEFA</a>. Energy Voices is a democratic space presenting the thoughts and opinions of leading Energy &amp; Sustainability writers, their opinions do not necessarily represent those of illuminem.

Despite “green” efforts, natural gas and LNG make little climate or economic sense

Russia’s invasion of Ukraine spells further turmoil for global energy markets already reeling from extreme price volatility over the past two years. Oil prices have now surpassed US$100 per barrel for the first time since 2014, while other commodities like liquefied natural gas (LNG)—which has recently seen record low prices followed by record highs—are set to experience continued volatility.

Russia’s invasion of Ukraine spells further turmoil for global energy markets already reeling from extreme price volatility over the past two years. Oil prices have now <a href="https://www.cnbc.com/2022/02/24/oil-prices-jump-as-russia-launches-attack-on-ukraine.html">surpassed</a> US$100 per barrel for the first time since 2014, while other commodities like liquefied natural gas (LNG)—which has recently seen record low prices followed by record highs—are set to experience continued volatility.
For Asian economies dependent on imported fossil fuels, volatile prices since 2020 have caused <a href="https://www.thenews.com.pk/print/899718-gas-deficit-looms-large-as-pll-fails-to-procure-eight-lng-cargoes/">fuel shortages</a>, <a href="https://thefinancialexpress.com.bd/national/bangladeshs-power-subsidy-to-hit-tk-200b-1637116485">exorbitant government subsidy burdens</a>, <a href="https://www.aljazeera.com/economy/2022/1/3/gas-shortage-hits-pakistans-exports-adding-to-economic-stress">inflation</a>, <a href="https://manilastandard.net/news/314210023/ph-in-for-grim-outlook-braces-for-hard-impact.html">food scarcity</a>, and <a href="https://asia.nikkei.com/Economy/Soaring-fuel-prices-drag-on-Thai-economy-spark-protest">political instability</a>. The Russian invasion of Ukraine is likely to exacerbate commodity price volatility, which undermines Asian countries’ economic growth and obstructs the region’s arduous recovery from the COVID-19 pandemic.
Natural gas and coal are often pitched as more reliable fuels for power generation than renewables. As a result, many Asian countries continue to <a href="https://ieefa.org/ieefa-emerging-asias-unrealistic-lng-to-power-project-pipeline-threatens-macroeconomic-and-financial-stability/">support</a> new fossil fuel infrastructure—power plants, pipelines, import terminals, etc. But the crisis demonstrates that ramping up fossil fuel imports will only make Asian economies more vulnerable to disruptions in global commodity markets.
Instead, countries can advance alternative technologies to bolster energy security. Distributed generation sources, energy storage technologies, microgrid systems, and electric transit technologies, among many other <a href="https://ieefa.org/ieefa-for-emerging-asia-lng-volatility-puts-energy-security-and-economic-growth-in-jeopardy/">alternatives</a>, can help countries improve self-sufficiency to create a more secure energy system—one free from geopolitical interference that contributes to both long-term climate and financial stability.
<h1>There are three immediate implications of the Russia-Ukraine crisis on Asian economies</h1>
First, global energy prices will likely remain high and volatile for the near term. Prices were already widely <a href="https://oilprice.com/Metals/Commodities/Will-The-Commodity-Price-Rally-Last-Into-2022.html">expected</a> to remain elevated in 2022, due primarily to the global economic rebound.
LNG prices, for example, were already susceptible to upward pressure due to interregional competition for cargoes between Asia and Europe, <a href="https://www.reuters.com/business/energy/european-gas-storage-levels-survive-winter-summer-refilling-looms-2022-02-18/#:~:text=According%20to%20data%20from%20Rystad,Gas%20Infrastructure%20Europe%20data%20showed.">low European storage levels</a>, <a href="https://www.barrons.com/articles/as-long-as-europe-depends-on-gas-it-will-need-russia-51644612781">limited piped exports</a> from Russia to Europe, and harsh weather throughout the 2021-22 winter buying season. In October 2021, Asian LNG prices reached their highest level ever, at <a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/asia-lng-spot-price-surges-by-40-per-cent-to-record-high-of-56-per-mmbtu/86830345">US$56 per million British thermal units</a> (MMBtus).
The Russian invasion now adds upward pressure to LNG prices. Due to the risks of Russian piped gas to Europe, European countries seek to boost LNG purchases, further tightening the global market. This has knock-on effects on prices in Asia, which bounced to <a href="https://www.spglobal.com/commodity-insights/en/market-insights/videos/market-movers-asia/022822-russia-swift-sanctions-ukraine-oil-lng-india-south-korea-nickel-aluminum-steel-australia-wheat-sunflower-oil-shipping">US$37/MMBtu</a>. Some experts <a href="https://www.reuters.com/business/energy/russian-risks-stoke-fears-european-winter-gas-supplies-2022-02-25/">anticipate</a> that LNG prices over winter 2022 could be even higher than record prices last year.
The second implication of the crisis is that continued commodity price volatility will continue to wreak havoc on national efforts to recover from the COVID-19 pandemic. Specifically, high-priced imports are raising consumer power prices and stoking fears about future fuel shortages in the region. As a result of exorbitant LNG prices, proposed and existing gas assets in Asia <a href="http://ieefa.org/wp-content/uploads/2021/01/Gas-and-LNG-Price-Volatility-To-Increase-in-2021_January-2021.pdf">may go underutilized and risk becoming stranded assets</a>.
In Bangladesh, the government increased subsidies following sky-high LNG prices in 2021, but the burden became too much to bear. In January, regulators proposed <a href="https://thefinancialexpress.com.bd/trade/66pc-hike-in-power-tariff-proposed-following-move-to-double-gas-price-1643164098">large hikes</a> in gas and power tariffs, sparking protests. Amidst the upturn in commodity prices caused by the Russia-Ukraine crisis, state-run oil and gas companies are already <a href="https://thefinancialexpress.com.bd/trade/bangladesh-starts-counting-fuel-import-cost-amid-russia-ukraine-war-1645929191">incurring losses</a> due to high import prices. The government will continue to <a href="https://bdnews24.com/economy/2022/02/26/cut-subsidy-now-as-oil-prices-soar-amid-russian-invasion-of-ukraine-bangladesh-faces-tough-choices">face a choice</a> between increasing subsidies, hiking tariffs further, or going without fuel altogether.
In the Philippines, oil prices have increased for nine straight weeks, and the government has <a href="https://www.philstar.com/headlines/2022/02/27/2163670/oil-prices-go-9th-straight-week">warned</a> that volatility in global commodity prices will continue to drive up the price of local goods. The peso has <a href="https://manilastandard.net/news/314210023/ph-in-for-grim-outlook-braces-for-hard-impact.html">depreciated</a> relative to the US dollar due to higher cost, foreign currency-denominated imports. Meanwhile, high daily COVID cases in the country along with inflation fears threaten to further undermine economic activity.
The third implication of the conflict is that fossil fuel companies are likely to argue that the world needs more fossil fuel infrastructure, not less. In the wake of the invasion, Japan’s JERA announced a partnership with ExxonMobil to build a new LNG import facility in Vietnam, Australia said it would <a href="https://www.argusmedia.com/en/news/2305064-australia-eyes-emerging-lng-markets-like-india-vietnam">target</a> emerging LNG importers in Asia, and Pakistan’s Prime Minister <a href="https://www.dawn.com/news/1676820/energy-cooperation-in-focus-during-pm-imrans-meeting-with-russian-president-putin">travelled</a> to Moscow to discuss a pipeline in Pakistan that would carry re-gasified LNG from the country’s southern coast to northern provinces.
<h1>However, two lessons from the conflict should be clear. </h1>
First, energy insecurity and volatility are part and parcel of global fossil fuel markets. Myriad factors can affect commodity prices, including geopolitical conflicts, pandemics, outages at export infrastructure, and even <a href="https://www.reuters.com/business/energy/suez-blockage-boosts-asia-lng-price-it-probably-shouldnt-russell-2021-03-29/">ships getting stuck</a> in major shipping routes. Such unexpected occurrences can affect prices for billions of consumers in importing countries and potentially trigger nationwide energy shortages.
Therefore, the continued buildout of LNG and other fossil fuel import infrastructure in Asia will only reinforce vulnerabilities related to energy security and economic growth. Although fossil fuels are often seen as reliable, secure fuels for power generation, the opposite is true: supply of imported fuels is constantly at the mercy of unpredictable disruptions.
The second lesson is that low-cost, domestic renewables represent a crucial hedge against the volatility of globally traded fossil fuels because renewables like wind and solar do not require fuel inputs. Instead, renewable energy costs are typically quoted in one, all-in-life-cycle price, allowing energy sector planners to assess future power prices more accurately for end-users and the economy.
And unlike the constantly fluctuating cost of fossil fuels, renewables have demonstrated <a href="https://www.lazard.com/media/451881/lazards-levelized-cost-of-energy-version-150-vf.pdf">consistently</a> lower costs over time. It is difficult to predict fossil fuel prices months in advance, but renewables provide long-term economic and financial stability. Instead of increasing exposure to geopolitically unstable fossil fuel markets, it would be wise for Asian countries to maximize energy security and self-sufficiency by minimizing dependence on imported fossil fuels.
<img src="https://illuminem.b-cdn.net/articlebody/bc7273bdca3a2dc8e5ee500b50fa45aaf04df7e4.png" alt="Figure 1: Share of primary energy from fossil fuels, 2019 (graphical addition by illuminem editorial team)">

This article is also published on <a href="https://ieefa.org/ieefa-russia-ukraine-conflict-adds-impetus-to-asias-energy-transition/">IEEFA</a>. Energy Voices is a democratic space presenting the thoughts and opinions of leading Energy &amp; Sustainability writers, their opinions do not necessarily represent those of illuminem.

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Sam Reynolds

Sam Reynolds

For price-sensitive LNG buyers in Asia, now is not the time to build new LNG import terminals

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