European Commission Moves to Ban Long-Term Natural Gas Contracts After 2049

European Union (EU) long-term natural gas contracts would not be extended after 2049 under a package of legislative proposals put forward by the European Commission (EC) last week to decarbonize EU gas markets, promote hydrogen and reduce methane emissions.  

The proposals are part of a broader strategy to cut greenhouse gas (GHG) emissions by 55% by 2030 and reach net-zero GHG emissions by 2050.  

“Europe needs to turn the page on fossil fuels and move to cleaner energy sources, “ Executive Vice President for the European Green Deal Frans Timmermans told reporters during a video conference on Dec. 15. 

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The EC’s rationale to end long-term  natural gas...