Alaska LNG is a Corrupt, Costly, Catastrophic Carbon-Bomb
New analysis from Friends of the Earth affirms that the subject of Trump’s latest energy summit is a pipeline to nowhereWASHINGTON – The Trump Administration’s so-called summit for Alaska LNG ended Monday without binding commitments from potential investors in Asia.
Hesitancy from investors aligns with new research released by Friends of the Earth that details the projected environmental and economic costs of the project. Although Alaska LNG continues to face significant economic headwinds, the new report identifies over $35 billion in subsidies the Trump Administration could steer towards the project.
Summary of “Donald’s Trump Pipeline to Nowhere”:
- Alaska LNG is one of the country’s most expensive proposed fossil fuel projects at an astounding $43.8 billion. Due to construction concerns in the Arctic and the rising cost of aluminum and steel, the price tag will likely rise.
- The Trump Administration is using LNG exports as a weapon in their trade war against Asia Pacific countries, who are being pressured to reduce trade deficits with the U.S. by committing to finance Alaska LNG.
- While the current administration is trying to bully other countries into paying for the project, the U.S. will likely have to subsidize a large portion of the project. There are plenty of sneaky taxpayer-funded giveaways that could make this happen, including $30.25 billion in loan guarantees and between $5.04 and $7.14 billion in tax credits
- There’s a massive global LNG glut on the horizon. If Alaska LNG comes to fruition, it will be producing in a saturated market, leaving long-term purchasers stuck in inflexible and likely uneconomic supply contracts.
“The data speaks for itself: there’s no case for Alaska LNG that would benefit investors, consumers or the climate,” said Raena Garcia, Senior Energy Campaigner at Friends of the Earth, “It’s an extremely expensive project that will lock in decades of emissions, while the Trump administration’s buddies in Big Oil line their pockets with American taxpayer dollars. Alaska LNG is far from ‘America First’.”
COMMUNICATIONS CONTACT: Erika Seiber, [email protected]