Gas Sector Outlook 2024: Balancing Demand Surge and Decarbonisation Initiatives
Key Ideas
  • Global gas demand rose by 1.5% in 2023, with projections indicating a further 2.1% increase in 2024, led by Asia's industrial expansion, notably in China and India.
  • The Global Gas Report 2024 stresses the importance of gas in the energy transition, highlighting its role in economic growth and decarbonisation efforts worldwide.
  • The report warns of a potential 22% global supply gap by 2030, emphasizing the need for increased investments in gas infrastructure to ensure energy security.
  • Biomethane and carbon capture technologies are emerging as key tools, with the potential to significantly reduce emissions and contribute to a sustainable energy future.
The Global Gas Report 2024, prepared by the International Gas Union (IGU) in collaboration with Snam and Rystad Energy, provides an optimistic perspective on the natural gas sector's future. While global gas demand is on the rise, especially driven by Asia's industrial growth, the report underlines the crucial role of natural gas in the global energy transition. It emphasizes how transitioning from coal and oil to gas can lead to substantial reductions in carbon emissions, making gas a vital bridge fuel in lowering emissions without compromising energy reliability. Despite the positive outlook, the report also cautions about a potential global supply gap by 2030 if investments in gas infrastructure do not increase. The significance of biomethane and carbon capture technologies is highlighted as key drivers in decarbonisation efforts, with the potential to significantly reduce emissions and meet climate targets. Gastech 2024, scheduled in Houston, USA, will be a significant event for the energy industry, focusing on innovative technologies like biomethane scaling, carbon capture, and low-carbon hydrogen investments. The event aims to address the challenges posed by the supply-demand gap and accelerate decarbonisation. The report and Gastech 2024 collectively emphasize the importance of strategic investments and global collaboration to ensure a sustainable future for the natural gas industry, playing a pivotal role in both meeting energy needs and environmental goals.
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