UPDATE 1-CERAWEEK-US should not "flip-flop" on gas export policy- Hess CEO

Sabrina Valle
1 min read
0

(Adjust CEO quote on paragraph 3, adds 6-7)

By Sabrina Valle

HOUSTON, March 19 (Reuters) - The United States should not flip-flop on its gas export policy, Hess CEO John Hess said on Tuesday.

U.S. President Joe Biden's administration has hit pause on permits for new liquefied natural gas (LNG) export plants to ensure projects do not undermine U.S. targets to cut greenhouse gas emissions.

"Consumers have to rely on the United States for the important role we play as an exporter of oil and gas, and we can't flip-flop our policy," Hess said. "You set a strategy in place and then you back that up."

Europe has increased imports of LNG from the United States to substitute gas imports from Russia in the wake of Russia's invasion of Ukraine.

The pause on LNG plant permits is unfriendly for both the market and climate, Hess said, because gas is being used to substitute coal in power generation around the world.

Hess said the world is not on a path to the goal established by the Paris Agreement, a landmark treaty in which signatory countries pursue efforts to limit the temperature increase to 1.5 degress Celsius above pre-industrial levels. It has a massive challenge to increase energy availability by 20% to supply demand from growing economies at the same time it cuts emissions, Hess added.

"We have to deal with that reality of providing affordable energy today to have that successful transition tomorrow," Hess said. (Reporting by Sabrina Valle; Editing by Simon Webb and Chizu Nomiyama)

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