Japan Invest in LNG Supply with $1 Billion Loan in Australia Japan Invest in LNG Supply with $1 Billion Loan in Australia

"In every corner of the country and around the globe, people are grappling with the devastating impacts of climate change," Biden stated in a release from the White House.

During this pause, the administration will conduct a comprehensive study on the effects of LNG exports on energy costs, US energy security, and the environment. The President emphasized that exceptions to the pause would only be made in the case of "unanticipated and immediate" national security emergencies.

A separate statement from the White House highlighted that the current economic and environmental analyses used by the Department of Energy are outdated, being approximately five years old. These analyses no longer adequately address factors such as potential increases in energy costs for American consumers and the latest evaluations of greenhouse gas emissions.

The White House noted, "Today, we have an evolving understanding of the market need for LNG, the long-term supply of LNG, and the perilous impacts of methane on our planet."

Importantly, the decision will not affect the ongoing supply of LNG to US allies in the short term, as the pause specifically pertains to countries without a free trade agreement with the US, according to the latter statement.

The United States, being the world's leading LNG exporter, sent approximately half of its exports to Europe last year. The White House anticipates a doubling of the export volume by the end of the decade.