We emphasize that the prolonged period of low investment in the development ofnatural gas resources over the past decade has been a major factor contributing tothe current supply shortage.To achieve balance in the market and to ensureaffordability,sustainability,and security of supply,new investments in natural gasare required,alongside investments in low carbon gaseous energy,includingrenewable natural gas,hydrogen and carbon capture and storage.
As we think about how much gas we will need in the coming decades,we mustn’tforget about the emerging regions of the world where population and energy needsare quickly growing.The huge economic engines of the most populous countries inthe world,China,and India,still rely heavily on coal,and the gas crisis contributed toan upward trajectory of its use.Africa is the fastest growing region of the world withthe youngest population,600 million of which lacks access to power while manyothers are faced with unstable energy systems and weak infrastructure that requirereinforcement for any energy transition to happen.
Importantly,while natural gas will continue to play a pivotal role in the energy
transition facilitating the decarbonisation of the global economy,the gas sector itselfwill also undergo a process of decarbonisation.This is imperative,and we call for anacceleration in the deployment of carbon capture,low-carbon,and renewable gases.We also stress that doubling down on the elimination of methane emissions is requiredto make this transition possible.Realising these ambitions will require collaborationwithin the gas industry and,importantly,the implementation of appropriate policytools and frameworks,including emission pricing,the removal of barriers todeployment,and access to finance.
To this end,this year’s report explores future pathways for natural gas,low-carbon,and renewable gases to drive the energy transition,in conjunction with the increasingshare of renewable energy and storage technologies.Amongst the pathways,weunderscore the critical importance of energy conservation and efficiency to minimisedemand,with numerous readily available opportunities to pragmatically reduce gasconsumption without hurting the economy.
Finally,as we have seen in a clear case example last year when it saved Europe,LNG isa critical energy source that is flexible,abundant,and efficient.The report includes ahighlight section on the role of LNG in delivering essential energy transition flexibilitynow and in the future,as it will become increasingly necessary in a decarbonised world,while also progressing to decarbonising the fuel.So,we emphasize that only gasinvestments capable of demonstrating their future-proofing and excellence inreducing methane emissions are likely to succeed.
Today more than ever,the world requires comprehensive energy planning to achievea better balance between security,sustainability,and affordability,because whensecurity and affordability are compromised,sustainability fades out of focus.Hence,balancing this trilemma is essential for the global energy transition to take place and toachieve the deep emissions reduction necessary in the fight against climate change.
We invite you to delve into this report and explore the future pathways for the gasindustry,learning how gas will continue to provide the assurance of sustainable,secure,and affordable energy for the world.
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