Cheaper gas would help India reduce emissions

India’s economy must find an optimal path to its net-zero goal. An expected decline in global prices would make gas affordable enough to enlarge its role in carbon reduction

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It is not often that geopolitical events make space for greater economic efficiency.

As trade turmoil snaps and re-links supply chains across the globe, with costs rising more than ebbing along the way, the gas market deserves attention. The dynamics of this commodity are exposed to geopolitics in their very own way. After Russia’s 2022 invasion of Ukraine, Europe’s dependence on Russian piped gas has tapered. This year alone, Europe's imports of liquefied natural gas (LNG) are up 20%, over half of it from the US. Not surprisingly, Russia is scouting for new markets in friendly countries. As Mint reported this week, its state-run Gazprom is looking to set up an LNG terminal in India. To the extent greater gas usage can help us decarbonize our economy, such projects are welcome.