🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

US regulators approve Louisiana LNG plant over climate objections

Published 28/06/2024, 01:37 am
© Reuters. FILE PHOTO: Model of LNG tanker is seen in front of the U.S. flag in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
NG
-
LNG
-

(Reuters) -Federal regulators on Thursday approved a Louisiana liquefied natural gas project that has been a lightning rod for environmental activists and an energy policy litmus test for President Joe Biden's administration.

The Federal Energy Regulatory Commission (FERC) voted 2-1 to allow construction and operation of the Calcasieu Pass 2 LNG plant and a related, 85-mile-long (137 km) pipeline. Outgoing FERC Commissioner Allison Clements cast the dissenting vote.

"These projects will have enormous emissions of greenhouse gases, equivalent to putting more than 1.8 million new gas-fueled cars on the road each year" Clements said.

The multibillion-dollar export plant proposed by Venture Global LNG would supply 20 million metric tons a year of the superchilled gas to customers in Europe, Japan, China and to U.S. exporters.

“This project will be critical to global energy security and supporting the energy transition, as well as provide jobs and economic growth across Louisiana and the United States," Venture Global said in a statement after the vote.

Environmentalists have criticized the project, saying it would entrench use of fossil fuels that emit tons of pollution into surrounding communities while exacerbating global warming. FERC's approval clears the way for Alexandria, Virginia-based Venture Global to become the second-largest U.S. LNG exporter, behind Cheniere Energy. The company has two plants operating or under development in Louisiana and aims to build 100 million tons of LNG capacity in the future.

The plant is the first to win a construction authorization since the Biden administration in January put a pause on future LNG export permits to review economic and environmental implications. That review is expected to wrap up after the U.S. presidential election in November.

© Reuters. FILE PHOTO: Model of LNG tanker is seen in front of the U.S. flag in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Environmental activist Bill McKibben called the FERC approval a travesty for science and environmental justice, noting that this has been the hottest summer in human history.

"It underscores just how crucial and brave Biden’s decision to pause new permits may turn out to be. It’s now the only defense against the indefensible," said McKibben, a Schumann Distinguished Scholar at Middlebury College.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.