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Home » Energy Transition » Global gas dilemma: Investing $7 Trillion for a
greener future

Posted inEnergy Transition, Climate, News


GLOBAL GAS DILEMMA: INVESTING $7 TRILLION FOR A GREENER FUTURE




IN A REPORT, IEEJ PROJECTS $7 TRILLION NEEDED FOR GAS SUPPLY BY 2050 AMIDST
CLIMATE GOALS, EMPHASIZING THE URGENCY OF SUSTAINABLE ENERGY.

by Dean MikkelsenOctober 23, 2023 02:38 PM GSTOctober 23, 2023 10:46 AM GST
SHARE
FBTWMAILLN
Natural gas is the future of MENA economies

In a recent report released by the Institute of Energy Economics, Japan (IEEJ),
it has been projected that the world will require a staggering $7 trillion in
investments to secure an adequate gas supply through the year 2050. This
estimate comes as nations across the globe transition towards cleaner energy
sources in an effort to combat climate change.

The comprehensive investment plan outlined by the IEEJ includes the construction
of new liquefied natural gas (LNG) export plants, the refurbishment of existing
facilities, and the development of gas fields. These essential measures are
deemed crucial to ensure a consistent and reliable supply of natural gas to meet
the world’s energy needs.



The report from the IEEJ takes into account a scenario where global carbon
emissions are reduced by 56% by 2050. This reduction target reflects the
consensus that many emerging nations may not be able to achieve carbon
neutrality by the middle of the century. It highlights the urgency of
transitioning to cleaner energy sources while also securing the necessary
natural gas infrastructure.

However, the IEEJ also warns that if global emissions continue at their current
levels, the investment required to maintain a sufficient gas supply through
mid-century could soar to nearly $10 trillion. This underscores the importance
of swift and effective action to reduce emissions and shift towards sustainable
energy alternatives.



The International Gas Union (IGU) has emphasized the challenges posed by varying
forecasts for gas consumption and ambitious net-zero emission proposals. These
factors have complicated the planning process for the future of the global gas
industry. As the world grapples with the urgent need to address climate change,
striking a balance between sustainable energy goals and maintaining a reliable
gas supply remains a critical challenge.

The International Energy Agency (IEA) anticipates a peak in gas demand within
this decade, suggesting that there is no need for new long-lead projects.
Nevertheless, prominent energy producers such as Chevron Corp. and Shell Plc
remain steadfast in their belief that natural gas will continue to play a
substantial and enduring role in the ongoing energy transition, particularly as
nations move away from more environmentally harmful coal sources.


Tagged: ANALYSIS, energy transition, Gas, International News


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