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The UN climate summit in the United Arab Emirates in 2023 ended with a call to “transition away from fossil fuels”. It was applauded as a historic milestone in global climate action.
By 2024, however, there were fears that the global commitment may be losing momentum, as the growth of clean energy transition slowed while the burning of fossil fuels continued to rise.
In response to this, US President Donald Trump declared a “national energy emergency” and embracing fossil fuels and ditching clean energy policies, which also began to influence some countries and energy companies.
The US is already the world’s largest oil and gas producer.
Indonesia, for instance, hinted that it may follow suit, with its special envoy for climate change and energy saying “if the United States does not want to comply with the international agreement, why should a country like Indonesia comply with it?”
Trump has not just said “drill, baby, drill” but also: “We will export American energy all over the world.”
Potential foreign buyers are already lining up, with India and the US agreeing to significantly increase the supply of American oil and gas to the Indian market.
A few days after Trump’s inauguration, South Korea hinted at buying more American oil and gas to reduce a trade surplus with the US and improve energy security.
Japan’s largest power generator, JERA, also wants to increase purchases of liquified natural gas from the US to diversify supply, as it currently imports half of it from the Asia-Pacific region.
Scientists have said there can be no new fossil fuel extraction and there needs to be a rapid reduction of carbon emissions (around 45% by 2030 from the 2019 level) if the world is to limit warming to 1.5 Celsius compared to the pre-industrial period.
“The economics of energy supply are a key driver of decarbonisation,” said David Brown, director of energy transition practice at Wood Mackenzie. “The resource base of US energy supports the role of natural gas and liquids production.”
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