The two main objectives of the working group are the diversification of LNG supplies and the reduction of EU demand for natural gas.
The U.S. and the EU on Friday established a working group to reduce Europe’s dependence on Russian energy resources. This is reported on the White House website.
“Today, [the U.S.] President Joe Biden and European Commission President Ursula von der Leyen announced the creation of a joint working group to reduce Europe’s dependence on Russian minerals and strengthen European energy security,” the statement said. The parties link this decision with the conduct of Russia’s special operation in Ukraine.
The two main objectives of the working group are the diversification of LNG supplies and the reduction of EU demand for natural gas. In particular, the U.S. promises to “work on supplying at least an additional 15 billion cubic meters of LNG to the EU market in 2022 and expand this amount in the future.”
The EU and the U.S. “will work to reduce greenhouse gas emissions from LNG infrastructure.” The European Commission promised to “accelerate the development of regulatory norms on energy supplies and energy security with an emphasis on accelerating the creation of infrastructure for LNG.”
The European Commission and EU countries will work to ensure the demand for natural gas from the United States to the EU at the level of at least 50 billion cubic meters, which “corresponds to the EU’s climate commitments to reduce greenhouse gas emissions.”
“The European Commission will work with the EU member states to ensure, at least by 2030, additional demand for American LNG in the amount of approximately 50 billion cubic meters per year,” the document says.
At the same time, the parties agreed that energy prices should correspond to the long-term fundamental indicators of the market and the stability of supply and demand.
The U.S. and the EU will continue to cooperate on renewable hydrogen. “We will continue our cooperation aimed at developing the production and use of clean and renewable hydrogen to displace fossil fuels and reduce greenhouse gas emissions,” the statement said. The cooperation of the parties will affect technologies and auxiliary infrastructure, the text notes.