Affordable, Reliable, Lower Carbon Energy
Energy is one of the most fundamental drivers of modern society. Yet in 2021, 770 million people worldwide had no access to electricity, according to the International Energy Agency.
To adequately power our planet in the years ahead, we’ll need to significantly increase energy supply, while also responding to the growing risks of climate change. Concerns about GHG emissions and abiding by the framework of the Paris Agreement — which seeks to keep the increase in global temperatures below 2 degrees Celsius above pre-industrial levels — will continue to encourage global energy change.
Chesapeake supports the ambitions of the Paris Agreement, recognizing that we have an important role to play in addressing climate change risks, while providing affordable, reliable energy to all.
Natural gas’ readiness to meet global energy needs and its record as the cleanest-burning fossil fuel make it a key part of the solution for projected energy growth in a lower carbon future. Also, the U.S. natural gas industry’s environmental performance continues to improve — primarily due to voluntary emissions reductions programs, a strict regulatory environment and active stakeholder involvement — further promoting the global adoption of this fuel.
In the last 30 years in the U.S.(1):
96%
Increase in natural gas production
17%
Decrease in U.S. methane emissions
Replacing coal with natural gas for power generation has been a significant driver in this success, leading to a 30% decrease of GHG emissions since 2005.(2) And, shift from coal to natural gas resulted in the U.S. reaching its 2025 emissions reduction target eight years faster than projected.(3)
Demand for domestic natural gas is expected to increase, particularly following the Biden administration’s commitment to support an additional 15 billion cubic tons of liquefied natural gas (LNG) to Europe in 2022 with plans to increase this number through 2030. The U.S. natural gas market is poised to meet the majority of this demand (in both Europe and Asia) due to its lower cash costs and emissions profile, availability and transportation infrastructure.(4)
With a production mix weighted toward natural gas, Chesapeake is answering the call for affordable, reliable, lower carbon energy. We’re proud to be a leader in meeting global demand and addressing energy poverty, while helping to reduce global GHG emissions.
“We firmly embrace a lower carbon future and believe our portfolio is uniquely positioned to help responsibly supply the energy that is needed across the globe today.”
–Nick Dell’Osso, President and Chief Executive Officer
(1) Jacobs, Nicole. “EPA: Oil and Natural Gas Methane Emissions Fall Despite Record Production.” Energy In Depth, April 19, 2021.
(2) “U.S. Power Sector Sees Impressive Carbon Emission Reductions Amid Natural Gas Growth.” Energy In Depth, accessed September 23, 2021.
(3) “Power Sector Carbon Index.” Carnegie Mellon University, accessed September 23, 2021.
(4) “Global Energy Review 2021: Natural Gas.” IEA, accessed September 23, 2021. Fact Sheet: “United States and European Commission Announce Task Force to Reduce Europe’s Dependence on Russian Fossil Fuels.” The White House, March 25, 2022.
