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New LNG projects will start going ahead, but green credentials to be closely watched: execs
Companies will press ahead with some new liquefied natural gas (LNG) projects despite pressure on lenders to divert funding from fossil fuels, industry executives said at the annual European Gas Conference, but scrutiny of their environmental standards will be tight.
Several LNG projects have been delayed or cancelled in recent years due to weak gas prices and worries about oversupply.
While prices have recovered somewhat as Asian demand picks up, lenders also face growing calls to starve fossil fuel projects of finance due to pressure to meet climate change targets.
3 Min Read
LONDON (Reuters) - Companies will press ahead with some new liquefied natural gas (LNG) projects despite pressure on lenders to divert funding from fossil fuels, industry executives said at the annual European Gas Conference, but scrutiny of their environmental standards will be tight.
Several LNG projects have been delayed or cancelled in recent years due to weak gas prices and worries about oversupply.
While prices have recovered somewhat as Asian demand picks up, lenders also face growing calls to starve fossil fuel projects of finance due to pressure to meet climate change targets.
Mark Gyetvay, chief financial officer and deputy chairman of the management board of Russian gas producer Novatek, told the conference, held virtually, that by the end of the decade, the LNG market will be 150 million tonnes short on the supply side.