Tackling climate change necessitates a drastic switch in the way the world produces and consumes energy that won’t impede economic growth or quality of life. Moreover, Samik Mukherjee explains that the Sustainable Development Goals (SDGs) have added another caveat — access to secure, sustainable, and affordable resources.
Energy has been a major propeller of economic and social growth, allowing the alleviation of hunger, increased food production, and access to clean water. However, that doesn’t take away from the fact that it’s also raised atmospheric pollution exponentially.
Enhanced quality of life means access to energy from natural gas. But the supply and demand around the world aren’t consistent. Thus, every region is working to source cleaner energy instead of contributing to global warming. And that’s where liquefied natural gas (LNG) comes in.
Natural gas is turned into LNG to ensure the cleaner-burning fuel can be transported safely through oceans. Thanks to the introduction of FSRUs (or floating storage and regasification units), transportation methods have changed slightly, giving LNG the potential to produce cleaner energy for transport and electricity.
LNG’s Role in Producing a Safe and Reliable Energy Source
Over the past 20 years, LNG’s role has been positive, contributing to reduced carbon emissions and offering reliable backup for renewable energy.
The globe’s largest decarbonizers, the United Kingdom and the United States, have considerably reduced their amount of coal burnt, while boosting their natural gas penetration.
The UK has adopted a modest carbon tax to extricate coal from its power generation mix. But the USA has taken a different route. Instead of enacting a carbon tax, the revolution of shale gas has decreased the cost of natural gas so much that coal-fired plants can’t compete.
Emerging markets have also embraced natural gas for power generation. However, they are yet to utilize it as a genuine component of their clean energy mixes.
The Importance of LNG in Producing Cleaner Energy
LNG is more cost-effective than hydro and dirty resources in producing electricity. Even in circumstances where power is utilized flexibly, there’s space for other domestic applications like lighting, heating, and cooking.
Keeping the LNG door open as an alternative to dirty energy offers innovation scope, increasing communities’ ability to generate more electricity for homes and factories.
On top of that, LNG could become a larger part of the transport mix as a lower-carbon fuel option, possibly providing environmental and economic benefits.
Furthermore, it can decrease poor air quality problems when used in generating power and providing fuel for industrial plants and transportation. So far, liquefied natural gas has contributed to lowering carbon emissions and supporting renewable energy applications.
Due to all the above, natural gas can become a companion to renewable energy and play a major role in transitioning the world to a low-carbon energy system.
LNG’s Potential for Cleaner Energy Is Massive
LNG has proven its carbon advantage. And, as developed regions have shown, it has a near-immediate enhancement to local pollution.
Meeting the demand for power generation, distribution, and transmission requires cleaner energy — LNG is part of the answer.