Climate concerns are falling down everyone’s priority list
The market for low-carbon LNG is drying up: Europe’s spiraling energy crisis is hindering efforts to reduce greenhouse gas emissions by producing and exporting liquefied natural gas (LNG), analysts tell Reuters. The number of agreements for shipments of carbon neutral LNG around the world has dropped to less than 10 so far this year, down from 30 last year, according to energy research firm Wood Mackenzie. Sanctions and disruptions to the market since the start of the war in Ukraine have sent gas prices soaring over 25%. “Lower carbon or carbon neutral LNG cargoes have lost their appeal in the current high price environment,” one expert said. “Energy security and affordability is at the front of mind for all buyers.”
Rising prices have curtailed producers’ ability to cover the costs of cutting emissions or buy carbon offsets, which can reach mns of USDs per shipment, the newswire writes. This means that exporters will find it difficult to take on the additional costs or find buyers to take them on in that environment, experts say — but this could change once markets calm down. “As this market evolves, we believe there will be long-term demand for certifiably cleaner natural gas products," a sustainability officer at a US driller said.
Climate is moving down people’s priority list amid rising threats: Some 48.7% of 125k people across 121 countries are not concerned about climate change and are rather worried about immediate health and livelihood threats arising from COVID-19 and Russia’s invasion of Ukraine, Reuters reports, citing the Gallup World Risk Poll. Regions facing the most extreme ecological threats are among the least worried, with only 27.4% of those questioned in the Middle East and only 39.1% in South Asia reporting a concern about climate change. In China, the world’s biggest polluter, only 20% are actively concerned about climate change.
But, how grave is the situation? Data from a separate study by the Institute for Economics and Peace revealed some 750 mn people globally are suffering undernourishment, while 1.4 bn people in 83 countries are suffering some type of water stress with 2.8 mn lacking access to clean drinking water. Six to 9 mn deaths are caused by air pollution worldwide and it has cost the world USD 8.1 tn. Natural disasters cost the world USD 200 bn annually, up 400% from three decades ago.