COOS BAY — Last week 35 organizations in the state of Oregon, many of which are conservation and climate groups, released a report compiling information on the Jordan Cove Energy Project.
The report was sent to a number of investors in the project in an attempt to convince the investors that the project is no longer worth their time or money. The report was titled “Jordan Cove Risky Business.”
The report was sent to top bankers of Pembina Pipeline Corporation including RBC, Bank of Nova Scotia, CIBC, TD and JPMorgan Chase, in addition to potential investors of the project.
The briefing states that as global energy markets evolve, the Jordan Cove LNG export terminal looks ever more at risk of becoming a stranded asset.
Most of the report highlights local opposition to the project, and the immense amount of regulatory work that the company is working through with state federal and local governments.
“After over 14 years, and three different attempts at this proposal, Jordan Cove LNG is still at square one for permission to construct this project in Southern Oregon,” said Hannah Sohl of Southern Oregon-based community organization Rogue Climate. “Our communities will do all it takes to ensure our climate, safety, lands, and waterways are protected and that Jordan Cove LNG never gets the green light to build.”
In response Jordan Cove said that they believe the market for liquefied natural gas is still a viable investment opportunity.
“If these people were in the market, and understood the market then they would be doing something else,” Jordan Cove spokesperson Paul Vogel said. “Pembina is in the business and they are in the market, and all you have to do is look at the Paris climate agreement policy goals to replace coal with natural gas to understand that the market is there.”
The Paris climate Accord is an agreement within the United Nations Framework Convention on Climate Change, dealing with greenhouse-gas-emissions mitigation.
“If you look at all the coal consumption in Asia, the biggest impact you can have right now is displacing that with a cleaner fuel. Natural gas produces half the emissions of coal. So if nations are actually committing to the Paris Climate agreement, which they are, and they’re currently burning coal they have goals to meet. The way you can immediately start to meet those goals is by using fuel that is half the carbon emissions of coal,” Vogel said.
The report cites Lorne Stockman, Senior Research Analyst, Oil Change International, who said the project would increase the flow of fossil gas to the global market and in doing so would run counter to the goals of the Paris Agreement on Climate Change. The project would undermine Oregon’s potential to play a leadership role in addressing global climate change.