EQT Launches New U.S. LNG Advocacy Campaign During CERAWeek 2022
EQT Corporation (NYSE: EQT) has launched a new plan aimed at promoting U.S. LNG to replace international coal and support climate initiatives. This announcement coincided with CERAWeek 2022, where EQT's CEO, Toby Z. Rice, advocated for leveraging U.S. natural gas to combat global emissions, claiming it could replace up to one-third of international coal usage over the next 20 years. Key highlights include the potential to achieve a 60% emissions reduction through coal-to-gas switching and a strategy to increase LNG capacity significantly by 2030.
- Potential to replace up to one-third of international coal in 20 years.
- 60% emissions reduction from coal-to-gas switching.
- Aim to increase U.S. LNG capacity to 55 Bcfd by 2030.
- None.
PITTSBURGH, March 9, 2022 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today unveiled its plan to unleash U.S. LNG to address the energy needs of our allies and advance climate efforts by targeting the replacement of international coal. The release of the new plan comes as natural gas takes center stage at CERAWeek 2022. Toby Z. Rice, EQT President and CEO, will further discuss the plan and campaign during the Innovation & the Future of Gas plenary session at 2:25 p.m. CT today.
"We have presented today our case for leveraging U.S. natural gas to meaningfully advance our efforts in addressing global climate change. Unleashing U.S. LNG to target international coal consumption is not only proven, the opportunity represents the largest green initiative on planet," said Toby Z. Rice, EQT President and CEO. "By providing a solution to the principal driver of international emissions – emissions that must be addressed if we are to succeed in our climate efforts – we have the ability to extend our influence in addressing climate change beyond our borders."
"The United States is blessed to have the natural gas that it has, the largest economically-developable resource in the world. Four countries collectively have approximately two-thirds of the world's natural gas resources: the United States, Russia, Iran and Qatar. And the substantial majority of the world is reliant on coal. We need to provide solutions, and to do that, we need to prioritize LNG and pipeline infrastructure to allow us to connect our resource to end-users."
"U.S. LNG is one of the world's largest weapons to combat climate change. Unleashing it would enable the United States to replace up to one-third of international coal in the next 20 years," said Rice. "But equally important, as the recent invasion of Ukraine by Russia highlights, it would allow us to provide energy security to our allies while weakening the energy dominance of our adversaries."
Highlights from EQT's proposed plan include:
Any Climate Change Plan Must Prioritize International Coal
- Coal is the source of
48% of current international energy emissions - Replacing power generation from coal with natural gas results in emissions reduction of approximately
60% , equal to the benefits seen from switching to electric vehicles - Nearly all coal-reliant countries do not have the natural gas resources to facilitate coal-to-gas switching without imports
- Increasing U.S. LNG capacity to 55 Bcfd by 2030 would replace international coal at an unprecedented pace
Unleashing U.S. LNG Would Fill a Void in U.S. Climate Change Policy
- Even if the United States were net zero today, the world would still miss its climate goals – we must look beyond our borders
- U.S. citizens will be paid for this initiative, as opposed to paying for it
- When combined with a robust domestic policy, an unleashed U.S. LNG scenario would have the impact of putting the United States ahead of its net zero path
The Emissions Reduction Impact of Unleashing U.S. LNG is Equivalent to the Combined Impact of:
- Electrifying
100% of U.S. passenger vehicles - Powering every U.S. home with rooftop solar and battery backup packs, and;
- Doubling U.S. wind capacity by adding 54,000 industrial scale windmills
U.S. LNG Could Grow at a Rate Six Times the Current Obstructed Pace with Three Steps
- Adding 50 rigs to increase production by ~45 Bcfd (+
50% ) by 2030, in-line with historic upstream activity levels - Prioritize construction of 40 Bcfd of new LNG export capacity by 2030, and 50 Bcfd by 2040, together with associated pipeline infrastructure, and;
- Distribute U.S. LNG to help meet the 175 Bcfd of coal-to-gas switching demand in the world
EQT's plan is available for download on the Company's website:
https://www.eqt.com/responsibility/unleashing-us-lng/
EQT Contact:
Bridget McNie
Director of Communications
412.720.4500
Bridget.mcnie@eqt.com
About EQT
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.
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SOURCE EQT Corporation
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