Page 9 - AsiaElec Week 45 2022

AsiaElec COMMENTARY AsiaElec

Gas has potential to derail

COP27’s green ambitions

EMISSIONS from future LNG projects and rise in order to meet growing demand in Europe
COMMENTARY could use up 10% of the remaining global carbon and to monetise their reserves to alleviate pov-
budget for 1.5˚C warming by 2050, meaning that erty in the continent.
Europe’s current dash for gas to replace Russian Indeed, AFrica is not getting the climate
supplies will make meeting the Paris Agreement finance it needs from the developing world,
targets almost impossible. meaning that the short-term fix of gas exports to
Africa is well-placed to monetise its gas a hungry Europe has its attractions.
reserves to fill Europe’s supply gas, even though Indeed, climate finance into Africa for 2020
this could lead to a rise in emissions and have a was less than $30bn, or just 11% of its needs, out
devastating impact on the climate. of the $277bn needed annually to meet the con-
CO2 emissions from all LNG under-con- tinent’s climate goals by 2030, said a new report
struction, approved and proposed between released by the Climate Policy Initiative. The pri-
2021 and 2050 could add up to around 10% of vate sector supplied just 14% of this,
the remaining global carbon budget for 1.5˚C The report, entitled Climate Finance in
warming by mid-century, new analysis from the Africa, called for an increase in funding for adap-
Climate Action Tracker (CAT) warned. tation actions in Africa by 6 times the current
The report warned that oversupply of LNG funding, and mitigation by 13 times.
could reach 500mn tonnes per year of LNG, “The energy crisis has taken over the cli-
equivalent to almost five times the EU’s 2021 mate crisis, and our analysis shows proposed,
Russian gas imports, and double total global approved and under construction LNG far
Russian exports. This oversupply of fossil gas exceeds what’s needed to replace Russian gas,”
could lead to excess emissions of at just under said Bill Hare, CEO of CAT partner organisation
2bn tonnes per year of CO2, well above emission Climate Analytics.
levels consistent with the IEA Net Zero by 2050 “We’re witnessing a major push for expanded
scenario (2022). fossil gas LNG production and import capac-
The warning comes as many African gas pro- ity across the world – in Europe, Africa, North
ducers lobbied at COP27 in Egypt for output to America, Asia and Australia – which could

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