A team of Members of the European Parliament (MEPs) have contacted the governments of France, Germany, and also Italy to quit moneying the Arctic LNG II liquified gas job, explaining investments in the Russian natural gas industry as unsafe as well as inconsistent to EU climate policy.
Around 20% of the globe’s gas comes from Russia, with 80% of that being generated in the Yamal Arctic area, 2,400 kilometers northeast of Moscow. Arctic LNG II is a brand-new natural gas facility being built by Russian gas giant Novatek is developing beside the Yamal peninsula, intending to enhance liquified natural gas (LNG) exports to Europe and also East Asia.
The $21 billion project is readied to be finished in 2025 and also includes $9 billion in outside financial investment from Russia, China and also Japan. The French, German, as well as Italian governments are thinking about whether to support the investment of $2 billion into the brand-new LNG terminal, the Arctic Today electrical outlet reported.
” Increased gas usage runs versus Europe’s purposes of energy competition as well as freedom,” representatives from France, Germany, as well as Italy wrote in a letter to their governments. As the EU aims to cut its carbon emissions 55% by 2030, state-backed money ought to most likely to renewable resource tasks, not to new Arctic fossil fuel framework, the MEPs stated.
The authors also called Russia a “extremely unstable distributor” and also “politically confrontational,” underlining boosted stress between Russia and also the EU in current months.
The EU does not see natural gas as a transitional gas on the course to complete decarbonization, Frans Timmermans, the European Commission’s vice-president for environment policy, stated on March 26.
The International Energy Agency lately called for a total halt on financial investment in new fossil fuel projects to enable the global economy to attain net-zero discharges by 2050 and decrease the climate dilemma.
On the other hand, Russia is intending to raise its natural gas production significantly by 2035 by building brand-new oil as well as gas infrastructure in the Arctic. This week construction began at the Vostok Oil terminal, which is readied to come to be the biggest oil center in the Arctic.