Assessing the role of LNG in global carbon neutrality efforts: A project management review

Abstract

This paper review explores the role of LNG in the context of global carbon neutrality efforts. It examines various aspects such as the current state of LNG usage, its environmental impacts, technological advancements, regulatory frameworks, and the challenges and opportunities associated with its integration into the energy mix. Through a comprehensive analysis, this review aims to provide insights into how project management principles can facilitate the effective implementation of LNG projects to support the transition towards a carbon-neutral future. The transition to a carbon-neutral global economy is an imperative challenge of the 21st century, necessitating a profound shift in energy systems and practices. At the forefront of this transition, liquefied natural gas (LNG) has emerged as a potential bridge fuel, offering a pathway towards decarburization. This project management review delves into the multifaceted role of LNG within the context of global carbon neutrality efforts, examining its current usage, environmental implications, technological advancements, regulatory frameworks, and the associated challenges and opportunities. Through a comprehensive analysis, this review aims to shed light on how project management principles can effectively facilitate the implementation of LNG projects to support the transition towards a carbon-neutral future. LNG's emergence as a potential bridge fuel stems from its relatively lower carbon intensity compared to other fossil fuels. As nations strive to reduce greenhouse gas emissions and meet their commitments under the Paris Agreement, LNG presents an opportunity to mitigate climate change while addressing energy security and economic development objectives. However, a nuanced understanding of LNG's role requires a thorough examination of various dimensions. Firstly, the current state of LNG usage underscores its growing significance in the global energy landscape. With LNG trade reaching record highs in recent years, countries are increasingly turning to LNG to meet their energy needs. Major LNG-producing nations such as Qatar, Australia, and the United States have invested in liquefaction infrastructure, enabling the export of LNG to markets around the world. Additionally, LNG is utilized across diverse sectors, including power generation, industrial processes, transportation, and residential heating, highlighting its versatility and applicability. Despite its potential benefits, LNG is not without environmental impacts. The extraction, production, and transportation of natural gas, the primary component of LNG, can result in methane emissions, a potent greenhouse gas. In conclusion, LNG has emerged as a potential bridge fuel in the transition towards a carbon-neutral global economy. Its relatively lower carbon intensity, versatility, and scalability make it a viable option for reducing greenhouse gas emissions while meeting energy demand. However, realizing the full potential of LNG requires careful consideration of its environmental impacts, technological advancements, regulatory frameworks, and associated challenges. By applying project management principles, stakeholders can effectively navigate the complexities of LNG projects and contribute to the achievement of global carbon neutrality goals.