Provoked by Russia’s invasion of Ukraine and its threat to cut off natural gas exports to Europe, the European Union says it intends to wean itself off Russian supplies entirely within a few years. It’s a tall order, as Russian gas covers about a third of the continent’s consumption. A crucial part of the plan is to greatly increase purchases of liquefied natural gas from non-Russian producers. The extent to which global LNG supply can expand is constrained, however, setting Europe up for a battle for supply with Asian buyers. That risks precipitating higher prices and energy shortages that could compel Asian countries to shift to dirtier fuels, compromising climate goals. 1. What is LNG? The places where natural gas is found are often hundreds or thousands of miles away from where it’s used in power plants, factories, refineries and homes. It can be moved relatively […]