Natural gas a key component of energy transition, Kerry tells CERAWeek (NYSEARCA:UNG)

Natural gas must be part of the world’s energy future despite the opposition by activists to further development of fossil fuels, U.S. climate envoy John Kerry told the CERAWeek conference on Monday, noting that affordable energy is especially needed in Africa and the developing world as an escape from poverty.

“Gas is going to be a key component of the [energy] transition, there’s no question about it,” although its development should be limited and must come with tools to capture the greenhouse gas emissions, Kerry said.

Kerry warned that higher crude oil and natural gas prices are the price of standing up to Russia’s invasion of Ukraine, “something we’re going to live with for a while… [It’s] going to be tough, but in the end, we still stand up and lay the groundwork for a stronger world.”

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Kerry also noted that the U.S. cannot get transmission lines for electricity and fuel permitted within 10 years, a problem that needs fixing in order to address climate change: “It’s amazing, we can send a rover to Mars but we can’t send an electron from California to New York.”

U.S. natural gas prices closed lower on Monday, as uncertainty over Russia’s war with Ukraine gave way to forecasts for warmer weather in the U.S.