CERAWEEK-US Energy Sec still sees global energy challenges stemming from Ukraine war | – #CERAWEEKUS #Energy #Sec #sees #global #energy #challenges #stemming #Ukraine #war

HOUSTON, March 8 (Reuters) – Big problems remain in global energy markets after the war in Ukraine, USAEnergy Minister Jennifer Granholm said Wednesday, citing ongoing risks to energy security and the need to mitigate climate change.

More than a year ago, Russia’s intervention in Ukraine caused an energy crisis in Europe because Russia stopped the flow of gas to the continent and Western sanctions Russia cut off the supply of oil.

“We still haven’t overcome the volatility that has characterized much of the last 12 months,” Granholm said at the CERAWeek energy conference, the largest annual gathering of top executives, in Houston. “Risks, vulnerabilities for energy security, national and the need for economic security has not disappeared,” he said.

A year ago, in the first weeks of the war, at the Granholm conference, the leaders wanted more oil and gas called to draw, because the world is the global oil supply produced by Russia 10faced the possibility of cutting %.

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On Wednesday, Granholm said the industry has responded with increased production and next year USAof both oil and gas referred to the forecasts that the production will reach a record level.

“I’m grateful that we’ve seen production increase,” he said. “Obviously it helped our allies and it helped at home.”

Industry and governments must find ways to meet growing demand while reducing emissions of greenhouse gases that cause climate change, he said.

In the months after the war, both oil and gas prices has fallen below the peak, partly mild weather conditions have limited the demand for heating fuels in the Northern Hemisphere.

Executives warned this week that the industry remains vulnerable to shocks as it deals with potential new disruptions in supply and rising demand from China.

“Opening Windows”

Granholm conference oil and gas assured leaders that the administration’s commitment to combating climate change does not mean it intends to curb fossil fuel production.

“We know that oil and gas will remain part of our energy mix for years to come,” he told a packed plenary hall. “This transition is not closing the doors. It’s about opening new windows of opportunity.”

He said the global energy industry must find ways to reduce emissions associated with fossil fuels while adding new climate-friendly energy resources such as solar, wind and geothermal.

Granholm, signed last year and about 370 billion dollars clean energy promotion offer which is important based on climate law which is USAsaid the Inflation Reduction Act would help energy companies meet those goals.

“As this transition moves forward, we need both traditional and new energy,” he said.

His comments, blocked by the courts and rising pump political trying to fulfill a campaign promise to end new oil and gas drilling on public lands before being pressured by the consequences Biden emphasized the change in policy from the first days of his administration. prices.

Granholm said Washington European Union has not apologized for the local content provisions of the IRA legislation that caused trade tensions with

“We don’t want to incite trade wars or anything like that,” Granholm said. “We say ‘there’s this – you should do the same’ – a bit of friendly competition is everything.”

“But we are serious about bringing supply chains back to this country,” he said.

Clean energy companies tens of billions in US since IRA adoption dollars announced investments worth

Granholm added that the U.S. on Wednesday approved 6 billion for industrial decarbonization projects to help reduce emissions from industries ranging from cement to steel. billion will provide a dollar financing opportunity.

Reporting by Richard Valdmanis; Written by Simon Webb; Edited by Gary McWilliams and David Gregorio

Our standards: Thomson Reuters Trust Principles.

2023-03-09 02:46:06
Source – reuters

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