Trump approves LNG exports from Louisiana's CP2 project

The Trump administration is ready to approve natural gas exports from Venture Global LNG Inc.'s CP2 project in Louisiana. This project has faced delays since President Biden took office. The Energy Department may authorize exports from the facility as early as Wednesday. Once finished, CP2 could export nearly 4 billion cubic feet of liquefied natural gas (LNG) each day. The project is projected to cost about $28 billion and produce 20 million tons of LNG every year. Under the new approval, CP2 will be allowed to export LNG to countries without free-trade agreements with the U.S. The decision is based on the belief that these exports will benefit the U.S. economy and improve energy security for allies. This approval marks a significant step for Trump in promoting U.S. gas exports. It follows other licenses and initiatives to support LNG use. However, environmental groups have long opposed the CP2 project, arguing it would hinder the transition to renewable energy and increase greenhouse gas emissions. Venture Global contends that the project will actually help the environment by replacing coal-fired plants with cleaner natural gas. Meanwhile, the Biden administration paused new LNG export permits last year, including for CP2, citing concerns over rising gas prices and emissions. Trump reversed this pause on his first day in office. Several companies, including Exxon Mobil and Chevron, are expected to buy LNG from the CP2 project.