US President Joe Biden has paused pending decisions of liquefied natural gas (LNG) exports in a move seen as ‘devastating’ for international relations and putting a moratorium on the entire industry.
Amid mounting pressure to act following COP28 – and its commitment to ‘transition away’ from fossil fuels – the US President said, “We will take a hard look at the impacts of LNG exports on energy costs, America’s energy security, and our environment. This pause on new LNG approvals sees the climate crisis for what it is: the existential threat of our time.”
The US, the world’s leading LNG exporter last year, is confident the decision will not impact LNG supplies to allies in the near term, and can lift the pause in the event of any unanticipated and immediate national security emergencies. Last year roughly half of its LNG exports were shipped to Europe.
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