PHILLIP ISAKPA IN LONDON, UK
A world of unprecedented uncertainty in demand, along with an insufficient level of investment in natural gas, low-carbon, and renewable gases have combined to put the global push for energy transition at risk, the Global Gas Report for 2023 has revealed.
The report also states that this scenario is undermining energy affordability, security, and sustainability.
Prepared by the International Gas Union (IGU), Snam and their knowledge partner Rystad Energy, and released in London, United Kingdom, the report highlights five key messages in this 2023 edition.
Specifically, it noted thus:
- Having demonstrated significant resilience in the face of extreme shocks through 2022, the global gas industry came out of the most turbulent year in its history more agile and adaptable than ever, yet the global gas market is still in an unstable equilibrium in 2023;
- The gas market remains undersupplied, highly sensitive to fluctuations on supply and demand sides;
- Massive divergences across international energy and gas demand outlooks vis-à-vis low investments in natural gas, low carbon and renewable gases, fuels risk of worsened energy shocks toward 2030 and beyond;
- Natural gas, low carbon and renewable gases play a pivotal role in decarbonising energy systems around the world, helped by the adaptability of LNG infrastructure that delivers critically needed flexibility; and
- A strengthened focus on comprehensive energy planning, low-carbon gases development, robust conservation measures to reduce demand, and CCS will determine the success of the energy transition.