TOKYO : Japan's energy companies were quick to embrace the G7's support for natural gas investment in their statement last month but analysts caution that relying on the fossil fuel may open the companies up to long-term problems. Resource poor Japan, the world's biggest buyer of liquefied natural gas (LN
TOKYO : Japan's energy companies were quick to embrace the G7's support for natural gas investment in their statement last month but analysts caution that relying on the fossil fuel may open the companies up to long-term problems.
The meeting of G7 climate ministers eventually agreed last month, despite tussles between Japan and European nations, that gas investments"can be appropriate to help address potential market shortfalls" as a result of Russia's invasion of Ukraine and the disruptions it has caused to global energy markets.
"The short lead time of shale gas or LNG export projects as well as the contract flexibility fit well with what major consumers including Japan and Europe are looking for in the era of uncertainty," said Yoko Nobuoka, senior analyst of Japan power research at Refinitiv. The International Energy Agency has said no new investments in fossil fuel supply can be made if the world is to limit global warming to 1.5 degrees Celsius .Other G7 nations, including Germany, have also spent money on LNG infrastructure after the Ukraine invasion.
Tokyo Gas, the Japanese capital's main gas supplier with assets in LNG and other fossil fuels, also hailed the G7 language on gas as it plans to keep investing in gas infrastructure in Asia and U.S. shale gas upstream assets. The G7 climate and energy ministers also set big new collective targets for solar power and offshore wind capacity, agreeing to speed up renewable energy, which may eat into gas demand.
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