Page 9 - FSUOGM Week 10 2022

FSUOGM COMMENTARY FSUOGM

deployment of solar and wind, expanding element for successful implementation. As the
nuclear and ramping up energy efficiency meas- world’s leading energy authority, the IEA will
ures in homes and businesses. continue to serve as a focal point for global dia-
The plans could also provide enough gas, up logue on how to ensure a secure and sustainable
to 13 bcm, to set a minimum amount of gas to energy future.
refill European gas storage facilities in 2022. This In terms of numbers, the plans said that the
would mean that 63 bcm of Russian gas imports most effective measure would be using alter-
could be replaced. native gas resources, such as LNG and pipeline
Stepping up energy efficiency measures and imports from Central Asia, Africa and Europe’s
accelerating renewables are key elements of the own supply. This would replace 30 bcm per year.
IEA’s Roadmap to Net Zero by 2050. Next was turning the heating down by 1C which
The IEA warned that any short-term fixes to would save 10 bcm per year. Bioenergy and
reducing Russian gas supply, such as increased nuclear could replace 13 bcm per year, while
use of Europe’s coal-fired fleet or by using alter- wind and solar could replace 6bcm per year.
native fuels, such as oil, within existing gas-fired Barbara Pompili, Minister for Ecological
power plants, would come with significant trade- Transition of France, which currently holds the
offs and were not included in its proposals. EU Presidency, said: “More than ever, getting rid
Simply put, the IEA argued that there was no of Russian fossil fuels and of fossil fuels in gen-
need to turn to coal in the short term. eral, is essential. What is at stake is both the need
The IEA warned that reducing reliance on to accelerate the fight against climate change,
Russian gas would require a concerted and and, as we can see now, the short-term energy
sustained policy effort across multiple sectors, security of the European continent. The 10-Point
alongside strong international dialogue on Plan proposed by the IEA today will enrich our
energy markets and security. thinking. We will look at these proposals in
Strengthened international collaboration detail, as the French President announced yes-
with alternative pipeline and LNG exporters terday a broad resilience plan for France. As part
– and with other major gas importers and con- of this plan, my administration is working on a
sumers – will be critical. set of measures to ensure the robustness of our
Clear communication between governments, energy system, which will certainly echo the
industry and consumers is also an essential propositions of the IEA.” ™

PIPELINES & TRANSPORT

Nord Stream 2 operator denies

being insolvent

GERMANY THE Swiss-based Nord Stream 2 operating impairment.
company denied on March 3 that it had filed for Germany has since announced plans to wean
The project's fate is now bankruptcy, but has confirmed terminating the itself off Russian gas, involving the construction
up in the air. contracts of employees. of two LNG import terminals that will allow
A Swiss official told local radio on March 1 the country to tap gas from Qatar, the US and
that Nord Stream 2 AG had informed authorities elsewhere.
that it was unable to continue its operations and Russia has slammed the decision to halt Nord
was intending to file for insolvency. But Nord Stream 2, calling for Germany to be pragmatic.
Stream 2 AG has responded saying it had only “Common sense and economic feasibility
told authorities it was terminating contracts with dictate the need for the soonest possible launch
employees and had not mentioned insolvency. of this facility,” Kremlin spokesman Dmitry
Nord Stream 2’s fate is up in the air since Ger- Peskov said on March 2. “Yet the hysterics with
many’s government last week halted the certifica- regard to our current reality make this impos-
tion process necessary for its commercial launch. sible for now. Let us hope that all this hysteria
Since then, Gazprom’s European partners have passes eventually.”
begun distancing themselves from the project. Nord Stream 2 was originally slated to start
Shell has said it is ending its involvement, while pumping gas in early 2022 but construction was
OMV has said it will reconsider its position and delayed due to permitting issues in Denmark
Wintershall Dea has said it is booking its $1.1bn and US sanctions, and was not completed until
in loans for the pipeline’s construction as an last autumn. ™

Week 10 10•March•2022 www. NEWSBASE .com P9