Fossil gas has been promoted by the hydrocarbon industry as a key element in the decarbonization of the global energy system. Arguing that it would support a progressive move away from coal and oil, while leaving the time needed to develop renewable energies. Furthermore, the industry claims that the evolution of technologies such as hydrogen, biomethane and fossil gas with CCUS would allow fossil gas to participate in a clean energy system alongside renewables. According to them, new fossil gas infrastructure could be built as they would be easily convertible to “low carbon” gases.
So what do financial institutions think about the massive pipeline of new gas projects, whether upstream, midstream or downstream?
In the first part of this webinar for financial institutions, we provided an overview of the role of gas in climate scenarios alongside the gas phase-out timetables recommended by the IPCC and the IEA in order to be consistent with a 1.5°C trajectory with low temperature overshoot. We discussed the current situation in the EU due to the Russian invasion of Ukraine and some options for the EU to stop Russian gas imports in the medium term. In the second part of the webinar, we looked at some new fossil gas projects under development from the perspective of one of the authors of the “Carbon Bombs” research project.
This webinar was the first of two on fossil gas. The second was a session focused on liquefied natural gas (LNG).
Learn more:
- "Carbon Bombs - Mapping key fossil fuel projects" press coverage and full article.
- Ember’s article “EU can stop Russian gas imports by 2025”
