World News | Study of Israel’s Natural Gas Industry Shows 87 Billion USD in Savings to Economy

Tel Aviv [Israel], August 2 (ANI/TPS): The Israeli Natural Gas Trade Association, together with BDO (an international network of public accounting, tax, consulting and business advisory firms) released what they called an “unprecedented in-depth study” of Israel’s natural gas revolution as it unfolded over the last decade.

Here are the main findings:

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Cumulative savings to Israel’s economy over the past decade from the industry was more than over 316 billion Shekels (87 billion USD).

This reflects a savings of more than 120,000 Shekels (33,000 USD) for every household in Israel over the past decade.

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There has been a 40 per cent increase in Israel’s national natural gas reserves.

Israel is the OECD leader in saving gas for the future and third in the organization in reserves per capita.

Am amount of 19 billion Shekels (5.2 billion USD) was paid directly to the state treasury over the last decade. That amount is expected to rise to 90 billion Shekels (25 billion USD) by 2030.

Thanks to natural gas, the price of electricity in Israel was nearly 50 per cent lower than in Europe at the end of 2022.

Israel also saw a substantial reduction in the intensity of pollutants and greenhouse gas emissions.

Israel has been engaged in a national campaign to switch over to renewable and less polluting sources of energy for some time. This includes preparations to switch over to only electric vehicles in the country.

Israel has a number of underwater natural gas fields in the Mediterranean and has yet to even fully develop them. It has more than enough gas for its own needs and so Israel is already working on pipelines to export its natural gas to other countries. (ANI/TPS)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)