LNG Export Project at Center of Controversy Is Set for Vote

(Bloomberg) -- Federal regulators are set to decide the fate of a long-stalled natural gas export project that has been at the center of a political firestorm over climate change and energy policy. 

Venture Global LNG Inc.’s massive export project CP2 in Louisiana is set for a vote by the Federal Energy Regulatory Commission at its June 27 meeting, according to the posted agenda. 

The project, which has been the subject of protests from environmentalist Bill McKibben and other climate activists, has been pending more than 10 months before the independent regulatory agency, making it one of the longest to sit before the commission.  

The fierce objections to it were followed by the Biden administration’s January decision to pause approval of new LNG export projects — a move that could further delay the export facility if the regulatory commission approves it, a decision that would put final approval in the hands of the Energy Department. 

The fight over building CP2 and other LNG terminals will have lasting implication for the future of gas in the global energy mix. Advocates say exporting more US gas is crucial for getting developing nations to stop using coal and enabling Europe to power its economy without relying on Russia. Environmentalists, meanwhile, warn that building the enormous infrastructure required to ship LNG ensures the fossil fuel will be burned for generations to come.

(Adds context in the last paragraph.)

©2024 Bloomberg L.P.