General – LNG
Germany pledged new support for liquefied natural gas terminals, the latest sign it’s willing to retool its energy policy in the wake of Russia’s invasion of Ukraine.
Just days after shelving the $11 billion pipeline project Nord Stream 2, Chancellor Olaf Scholz said Germany would move quickly to build two LNG terminals. So far proposed projects have been left to the private sector alone, and are facing headwinds without government support.
“The events of the last few days and weeks have shown us that a responsible, forward-looking energy policy is not only crucial for our economy and our climate. But also crucial for our security,” Scholz told the parliament in Berlin on Sunday. “We will change course in order to overcome our import dependency on individual energy suppliers.”
The move signals that Europe sees the invasion of Ukraine as a turning point and wants to finally address its longstanding addiction to Russian gas. Germany relies on Russia for more than half its natural gas, and a decision to phase out nuclear power before enough renewable capacity has been built to replace it has left the country particularly vulnerable.