IGU Global Gas Report Calls for Boosted Gas and LNG Investments

SEATTLE (Oil Monster): The recently released Global Gas Report 2024 by the International Gas Union (IGU) calls for increased investments in gas and liquefied natural gas (LNG).

The report, published in collaboration with Snam and Rystad Energy, highlights that gas will have a key role to play in energy transition. It also offers a positive outlook on the natural gas industry.

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According to the report, the global gas demand recorded a marginal growth by 1.5% in 2023. The demand growth was mainly led by Asian region, driven by rapid industrial growth in countries, especially in China and India. The demand is expected to see further rise by 2.1% this year. Europe continues to remain as a key importer, while the export markets continue to be dominated by the U.S. and the Middle East, the report said.

The analysis projects a 22% global supply shortfall by the conclusion of the current decade. Energy security could be at risk due to the shortage unless there is a notable improvement in the investments made in gas infrastructure. It demands that all parties involved move quickly to preserve supply levels and balance.

A global transition to gas by 2030 could result in almost 10% reduction in cumulative emissions, the Global Gas Report 2024 said.