On September 25, CERRE presented its latest report, “Securing Europe’s Net Zero Path with Flexible LNG,” authored by CERRE Research Fellow Dr. Chi Kong Chyong from the Oxford Institute for Energy Studies. The report highlights the critical role US LNG played in replacing Russian pipeline gas during the 2022 energy crisis and underscores the economic value of flexible LNG contracts in shielding consumers from volatile spot markets. Similar conclusions were also reached in the latest ACER report. With these contracts, Europe could potentially avoid costs of up to €500 billion for consumers while preventing side effects that could undermine decarbonisation efforts. The study also models the positive impact of a carbon tax on upstream emissions and opportunities for transatlantic cooperation in reducing methane emissions.
The in-person launch event was hosted in New York by the Partnership to Address Global Emissions (PAGE) in conjunction with Climate Week NYC 2024. It featured valuable insights from Ditte Juul Jørgensen, Director-General of DG ENER, and Ambassador Geoffrey R. Pyatt, Assistant Secretary of State for Energy Resources. Moderated by Maximo Miccinilli, the panel discussion featured experts such as Naomi Boness (Stanford University), Landon Derentz (Atlantic Council), Annika Brack, and Dr. Kong Chyong.
The event underscored the strong alignment between US and EU energy policies, reflecting a new level of cooperation in addressing shared energy challenges. It was also reiterated how the European energy crisis demonstrated the possibility of rapid energy transitions, with an overnight shift in the energy mix, record renewable deployments, and fast-tracked permitting processes. In addition, the discussion stressed the crucial role of anticipation and preparedness in managing energy disruptions, as well as the urgency of aligning energy security strategies with the European targets.
The conversation on the path to net zero does not stop here: a follow-up discussion at the Path to Net Zero Summit will delve deeper into these pressing topics and further advance Europe’s decarbonisation goals.
