LNG Needed For Decades to Ensure Energy Security, Importers Say

(Bloomberg) -- Liquefied natural gas will be needed for decades to ensure adequate energy supply, even as the world shifts to cleaner sources, an industry group of importers emphasized on Monday. 

Regular investments will be required to meet rising demand in places like Southeast Asia, especially as Europe weans itself off Russian pipeline gas, the International Group of Liquefied Natural Gas Importers said in a statement at its annual general assembly held in Hiroshima on Monday.

“Reduced investment will impact both access to affordable and reliable energy and economic growth for producers and consumers,” the group said. 

The view echoes major energy producers, including Shell Plc and Chevron Corp., which assert that gas will play a long-term role in the energy transition to intermittent renewables. The International Energy Agency, however, sees gas demand peaking this decade and therefore no new long-lead projects are required.

©2024 Bloomberg L.P.