Page 30 - bne magazine November 2021_20211104 uzbekistan risding

30 I Companies & Markets bne November 2021
trading on the St Petersburg exchange rose to 8mn cubic metres per day. This is up from less than 1 mcm per day recently, with the extra gas coming from Gazprom.
“A sign that Russian storage fill may be approaching completion. Gazprom largely withdrew gas from SPIMEX in August due to the fire in its gas condensate processing plant at Urengoy, with demand for an unusually large refill of depleted Russian storage and an atypically early start to the Russian heating season occurring in early September,” BCS GM said in a note. “However, in recent days, the weather in the European part of Russia has been pleasant, while Gazprom’s management has signalled that domestic storage should reach planned fill levels in the coming days. If the weather remains reasonably warm – no cooler than typical seasonal levels – then Gazprom should be able to offer larger amounts for domestic or international deliveries relatively soon.”
The increase in gas prices in Europe has been driven by the electricity deficit, as renewables capacity was suppressed, while after the end of the previous heating season gas levels in storage were not properly restored, Putin argued. Russia is not using energy as a weapon against Europe and stands ready to help the region as its energy crisis continues.
Ecosphere says Turkey’s net zero emissions
by 2053 target looks entirely unrealistic
bne IntelIiNews
Turkey would have to reduce its total greenhouse gas emissions by 80% to reach its declared target of net zero emissions by 2053, according to the Ekosfer Association (Ecosphere Association).
The country lately became the last G20 nation to ratify the Paris Climate Agreement. It set the target after the ratification.
Ekosfer said in a statement , as cited by bianet, that Turkey’s greenhouse gas emissions would have to be reduced from the current 506mn tonnes to around 100mn tonnes in the next 32 years to achieve the declared aim. The remaining 100mn tonnes would need to be absorbed by carbon sinks such as forests.
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Putin repeated that the gas crisis in Europe could be quickly ended if Nord Stream 2 gas pipeline were put into operation. Gazprom has already loaded the pipeline, that was completed in September, with technical gas and in theory it could be put into operation tomorrow.
“The Nord Stream 1 and Nord Stream 2 pipelines are set to ensure the sustainability of gas supplies to Europe and reduce GHG emissions,” Putin said. “Nord Stream 2 AG continues to resolve the issues related to the certification with the German regulators, but the administrative barriers to the launch of Nord Stream 2 are not being removed. The gas pipeline would reduce tensions and prices.”
VTBC comments that despite the easing of tensions in the
gas market the elevated current gas price of $1,123 per 1,000 cubic metres is indicative of continuing shortages that could amount to a gas deficit of 10-15 bcm for the upcoming heating season on the continent.
“We believe that in such a case, Gazprom would be able
to draw additional (so-called emergency) capacity into production, providing more gas to Europe if requested by its European counterparties,” Sova Capital said in a note. “We therefore think that such an elevated gas price level is not sustainable and is set to adjust downward.”
Global CO2 emissions by scenarios, 2000-2050
World Energy Outlook 2021
Source: International Energy Agency
However, Turkey's current pledge under the Paris Agreement allows for the country's emissions to increase to as high as 929mn tonnes in 2030.
Ekosfer observed that Turkey has not made any declarations about a possible coal phase-out. It thus concluded that "there are doubts as to whether the target set for the year 2053 is real or not."
Ekosfer Association executive board member Ozgur Gurbuz was reported as saying that "as long as the increase in emissions continues, it will be harder to reduce them," adding: "We do not know based on what study or report the 2053 net zero target has been set."