Description
The overall objective of this project was to contribute to the EU’s Energy Union objectives, in particular on enabling secure, sustainable, diverse and competitive gas supplies by supporting the establishment of a liquid, flexible and transparent global LNG market, thereby further implementing the international dimension of the EU Strategy for LNG and Gas Storage.
Equally important, the project operated within the framework of the EU’s long-term objective of a climate-neutral economy as laid down in the European Commission’s Communication ‘The European Green Deal’ and addressed international threats and opportunities related to de-carbonised gas supplies. Since the beginning of this century, international LNG markets have shown a remarkable development: LNG trade increased from 100 million tonnes in 2000 to more than 350 million tonnes in 2020, with the number of importing countries having quadrupled and the number of exporting countries having almost doubled. At the same time the challenge of climate change requires governments and industry around the world to consider the future role of fossil fuels and of business models based on their consumption. Energy economies are in transition, and there is an acknowledged, yet sometimes un-articulated concern that subsequently reduced demand security for LNG and increased focus on environmental and social issues may risk further progress towards a more integrated, liquid LNG market.
By facilitating the formation of expert networks across continents, providing access to insights and knowledge of both the EU’s and its partner countries energy transition policies and their frameworks, by producing tangible monitoring tools as well as ready to use contractual standard clauses, LNGnet addressed this concern by enabling producers and consumers alike to meet the future market environment with confidence, thereby allowing LNG, during the transition to a climate-neutral economy, to both contribute efficiently to GHG emission reduction, when replacing more polluting fossil fuels, and to ensure flexible and competitive energy supplies for the EU’s and its partners’ energy markets.