lng: India plans to seek carbon emissions data linked to each LNG cargo
India, the world’s third-biggest emitter of greenhouse gases after China and the United States, wants to raise the share of natural gas in its energy mix to 15% by 2030 from the current about 6%, to cut its carbon footprint.
“The growing push for greener LNG over the past year is already transforming the way LNG is sold,” Hardeep Singh Puri said at an industry event organised by the International Energy Forum‘s (IEF).
“Looking forward, I’m confident that we will look to suppliers to provide transparent and reliable data on carbon emissions associated with each cargo,” he said.
Carbon-neutral LNG typically involves companies supporting projects that reduce emissions to compensate for emissions generated from exploration and production.
India imports about 85% of its oil needs and about 55% of its gas requirements, and has been repeatedly urging for enhanced global supplies to rein in prices.
High global energy prices are creating severe challenges for India, Puri said, as local fuel prices are near record highs while Asian spot LNG prices are about 500% higher from a year earlier.
He said LNG buyers and sellers should work together to create “flexible and transparent markets”, which offer multiple commercial structures including flexible, shorter-duration contracts.
Tawfiq e-Elahi Chowdhury Bir Bikram, energy advisor to Bangladesh’s Prime Minister, said Dhaka has plans to raise annual LNG imports to 30 million tonnes from the current 4 million, as the country plans to double power generation in 10 years.
“But the energy crisis has made the pathway uncertain,” he said.