#Venezuela looks to #Gas in Long-Shot Bid to Revive its Economy

Venezuela wastes more gas via flaring and leaks than the UK produces in an average year

The ambitions make economic sense — there's robust demand from European nations looking to replace Russian supplies, and Venezuela wastes more gas via flaring and leaks than the UK produces in an average year — some $1 billion of the fuel annually. Exports could provide precious dollars for an economy that's shrunk by two-thirds since 2013 amid a currency collapse.

The moves also would be an incredibly difficult undertaking in a country where major energy companies have seen billions of dollars of investments expropriated without compensation,

Where’s the Grid?

Grid connection delays are the "major obstacle" to the rollout of Renewable Energy projects

Renewable power generated must more than triple from 3,000GW today to more than 10,000GW in 2030 in order to meet the target to limit global temperature rises to below 2C and ideally 1.5C above pre-industrial levels, according to the International Renewable Energy Agency, or Irena.

Matthias Taft, chief executive of BayWa RE, which has operations in more than 30 countries, says grid connection delays are now the "major obstacle" to the rollout of the renewable projects not just in Europe, but in the US and Australia among other countries.