EQT Corp. unveiled on March 9 its plan to unleash U.S. LNG to address the energy needs of U.S. allies and advance climate efforts by targeting the replacement of international coal. The release of the new plan comes as natural gas takes center stage at CERAWeek 2022. Toby Z. Rice, EQT President and CEO, will further discuss the plan and campaign during the Innovation & the Future of Gas plenary session at 2:25 p.m. CT today.
"We have presented today our case for leveraging U.S. natural gas to meaningfully advance our efforts in addressing global climate change," Toby Z. Rice, EQT President and CEO, said in a press release.
"Unleashing U.S. LNG to target international coal consumption is not only proven, the opportunity represents the largest green initiative on planet. By providing a solution to the principal driver of international emissions—emissions that must be addressed if we are to succeed in our climate efforts—we have the ability to extend our influence in addressing climate change beyond our borders."
Rice continued, "U.S. LNG is one of the world's largest weapons to combat climate change. Unleashing it would enable the United States to replace up to one-third of international coal in the next 20 years. But equally important, as the recent invasion of Ukraine by Russia highlights, it would allow us to provide energy security to our allies while weakening the energy dominance of our adversaries."
Highlights from EQT's proposed plan include:
Prioritize International Coal
- Coal is the source of 48% of current international energy emissions
- Replacing power generation from coal with natural gas results in emissions reduction of approximately 60%, equal to the benefits seen from switching to electric vehicles
- Nearly all coal-reliant countries do not have the natural gas resources to facilitate coal-to-gas switching without imports
- Increasing U.S. LNG capacity to 55 Bcf/d by 2030 would replace international coal at an unprecedented pace
Fill a Void in U.S. Climate Change Policy
- Even if the United States were net zero today, the world would still miss its climate goals.
- U.S. citizens will be paid for this initiative, as opposed to paying for it
- When combined with a robust domestic policy, an unleashed U.S. LNG scenario would have the impact of putting the United States ahead of its net zero path
U.S. LNG is Equivalent to the Combined Impact of:
- Electrifying 100% of U.S. passenger vehicles
- Powering every U.S. home with rooftop solar and battery backup packs, and;
- Doubling U.S. wind capacity by adding 54,000 industrial scale windmills
U.S. LNG Could Grow at a Rate Six Times the Current Pace with Three Steps
- Adding 50 rigs to increase production by ~45 Bcf/d (+50%) by 2030, in-line with historic upstream activity levels
- Prioritize construction of 40 Bcf/d of new LNG export capacity by 2030, and 50 Bcfd by 2040, together with associated pipeline infrastructure, and;
- Distribute U.S. LNG to help meet the 175 Bcf/d of coal-to-gas switching demand in the world
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