NewMed Energy has announced the proposed combination with Capricorn Energy PLC. For more information, including access to the press release and presentation to analysts and investors, please click here:
Natural gas leads the transition from using polluting fuels to using renewable energies, while maintaining the reliability and efficiency of the power supply and continually reducing the environmental footprint.
The production of natural gas enables the execution and implementation of the plan announced by the Government of Israel to end the use of coal by 20251. Phasing out of coal while transitioning to natural gas will cause a decrease of approx. 10 million tons of CO2 emissions in 2025 compared to 2020, despite the consistent increase in power generation:
NewMed Energy's operations improve the air quality in Israel by reducing emissions of greenhouse gases and other pollutants into the air. NewMed Energy strives to minimize the negative impact and to expand and maximize the positive impact that its business creates.
According to the Ministry of Energy's data, the shift to natural gas from 2013-2020 enabled Israel to reduce by more than 70% the emissions of pollutants caused by power generation and roughly 50% reduction in the national level. It also led to savings of over NIS 130 billion in environmental costs. In addition, the use of natural gas over coal, diesel, LPG, and fuel oil from 2013-2020 resulted in approx. NIS 51 billion in economic savings.
The significance of the production of natural gas versus the production of coal2:
The gas that NewMed Energy exports to Egypt and Jordan helps such countries to reach their decarbonization environmental targets, by decreasing their use of more polluting fuels. Beyond the many environmental, economic, and security benefits, natural gas discoveries contribute to strengthening Israel's foreign relations with its neighbors, who consume its natural gas on a long term commercial relationship.