‘Demand for gas will increase in the coming years’ | Financial

Global demand for gas will rise by 3.6 percent this year. The agency expects it to grow about 2 percent per year over the next three years. By 2024, demand will be 7 percent higher than in 2019, the period before the corona pandemic.

The increase this year is mainly due to the economic recovery that follows the pandemic, writes the IEA. Demand will increase further in the coming years due to the replacement of other, more polluting fuels such as coal and oil with gas. This is the case in sectors such as industry, transport and energy generation. Nearly half of the increase in gas demand between 2020 and 2024 will come from the Asia-Pacific region.

The increase in gas demand is moving faster than the climate scenarios the agency had previously outlined. In order to achieve the emissions targets by 2050, new measures must be introduced to further replace fuels. More developed markets in particular should take the lead in this, because steps have already been taken there towards alternative fuels. In addition, rules must be introduced for the more efficient use of gas. The IEA is calling on the gas industry to step up action to shift to cleaner and more low-carbon gases to curb “unnecessary” methane emissions.

Developments that have already been approved or started before the virus outbreak ensure that the rising demand for gas can be met. This concerns, for example, investments in shale gas in the United States for the export of liquefied natural gas (LNG). LNG allows the gas supply to remain flexible and guaranteed, according to the IEA.

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