Financing for global LNG projects becoming hard to find—report

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:Prospects for nearly half of the world’s projects to build infrastructure for exporting liquefied natural gas have faltered in recent months, amid rising concerns about climate change, public protests and delays due to the coronavirus pandemic, according to a report published Tuesday.Out of 45 major LNG export projects in pre-construction development globally, at least 20 – representing a capital outlay of some $292 billion – are now facing delays to their financing, researchers at Global Energy Monitor found.That marks a stark shift by investors away from what many had considered a promising fuel market, already buffeted by slower growth in demand, rising competition from renewable energy technologies and opposition over the industry’s climate-warming emissions.The vice president of the European Investment Bank said the report underlined the unacceptable risk of investing in LNG assets. “Investing in new fossil fuel infrastructure like liquefied natural gas (LNG) terminals is increasingly an economically unsound decision,” Andrew McDowell told Reuters in an email.The bank had announced in November that it would stop financing fossil fuel projects at the end of 2021.In total, companies had announced plans to build $758 billion of projects that are as yet in the pre-construction phase. But with 20 projects now in jeopardy, including nine in the United States, that planned capital outlay could be reduced by $292 billion, or 38%, if the delays persist indefinitely, the researchers told Reuters. As for future projects, 12 companies had said at the start of this year that they planned to make final investment decisions in 2020 to build new LNG export plants in North America, according to a Reuters survey. That total is now down to four, and analysts only expect one project to move forward this year.[Matthew Green and Scott DiSavino]More: Global LNG projects jeopardized by climate concerns, pandemic delays – report Financing for global LNG projects becoming hard to find—reportlast_img read more

Hong Kong legislature surrounded by riot police ahead of expected protests

first_imgDiplomats, trade bodies and investors have also raised alarm. Thousands of protesters clashed with police on Sunday in the first big demonstrations since last year.As he headed into the metro station next to the Legislative Council, known as Legco, 23-year-old Kevin said he was worried about what he called increasing Beijing assertiveness.”The idea of one country, two systems is broken,” he said after a late dinner at McDonald’s. “China said it would stick to that agreement, but that’s not the case.”Authorities erected a wall made of two-meter-tall, white and blue plastic barriers filled with water around Legco, extending across a nearby park up to the picturesque Victoria Harbor. Around midnight, riot police roamed the park, with squads stationed outside Legco and the neighboring Central Government Offices building. Several police vans were parked on nearby roads.In Washington, President Donald Trump on Tuesday said the United States would announce before the end of the week a strong response to the planned security legislation for Hong Kong.When asked at a news briefing if the response would include sanctions, he said: “No, it’s something you’re going to be hearing about … before the end of the week, very powerfully I think.”Earlier, White House spokeswoman Kayleigh McEnany told a briefing that Trump finds it “hard to see how Hong Kong can remain a financial hub if China takes over.”Trump’s economic adviser, Larry Kudlow, said on Tuesday that China was making “a big mistake” with the planned security legislation and pledged the U.S. government would pay expenses of American firms that wanted to shift operations from Hong Kong or China.The anthem bill is set for a second reading on Wednesday and is expected to be turned into law next month. It requires China’s “March of the Volunteers” to be taught in schools and sung by organizations, and imposes jail terms or fines on those who disrespect it.Opponents say it represents another example of Beijing encroaching on Hong Kong, while supporters say the city has a duty to ensure national symbols are treated respectfully.Hong Kong and Beijing authorities have issued repeated statements insisting there is no risk to the city’s high degree of autonomy, urging patience until the laws are finalized.Hong Kong police issued a warning late on Tuesday that they would not tolerate disruptions to public order, after activists circulated calls online for protests on Wednesday.The security legislation could pave the way for mainland security agencies to open up branches in the global financial hub. It targets secession, subversion, terrorism and foreign interference – terms that are increasingly used by authorities to describe last year’s pro-democracy protests. Hundreds of riot police took up posts around Hong Kong’s legislature overnight, as protests were expected on Wednesday over a bill criminalizing disrespect of China’s national anthem and against plans by Beijing to impose national security laws.The proposed new national security laws have triggered the first big street unrest in Hong Kong since last year, when violent protests posed Hong Kong’s biggest crisis since the return of Chinese rule in 1997 from Britain.Activists say the security laws could bring an end to the autonomy of China’s freest city, now guaranteed under a policy known as “one country, two systems”.center_img Topics :last_img read more