IGU calls for more investments in gas & LNG to meet future demand

In 2023, global gas demand grew by 1.5%, with projections suggesting a 2.1% rise in 2024. Asia leads this surge, driven by rapid industrial expansion, especially in China and India, according to the Global Gas Report 2024 by the International Gas Union (IGU). Europe, meanwhile, remains a key importer, while the United States and the Middle East continue to dominate global exports.

The Global Gas Report 2024 offers a hopeful view of the natural gas sector, while emphasising the role gas will play in the world’s energy transition. The report is published in collaboration with Snam and Rystad Energy, the report outlines critical data and trends, showing how natural gas can foster both economic growth and decarbonisation efforts globally.

However, the report warns of a potential global supply gap of up to 22% by 2030. This shortfall poses risks to energy security if investments in gas infrastructure do not scale up accordingly. The data underscores the need for swift action to maintain supply levels and balance the global energy equation.

Natural gas: a critical role in decarbonisation

Natural gas is widely recognised as the cleanest-burning fossil fuel and is essential for reducing global emissions, particularly when replacing coal and oil. The report notes that switching from coal to gas cuts carbon emissions by 50%, while replacing oil results in a 30% reduction. As countries pursue their climate targets, natural gas is positioned as a vital bridge fuel for lowering emissions without compromising energy reliability.

The report highlights that by 2030, if the transition to gas is embraced globally, cumulative emissions could be reduced by 10% compared to a business-as-usual scenario.

Biomethane and carbon capture: key emerging technologies

Biomethane, a renewable gas, represents a critical part of the energy transition but currently comprises only 1% of the global gas supply. Regions such as Europe, North America, and Asia are rapidly scaling up biomethane production, with the potential to supply up to 20% of the world’s gas needs by 2050.

Additionally, carbon capture and storage (CCS) technologies are emerging as significant tools to offset industrial emissions. CCS is projected to mitigate 2.6 gigatonnes of CO2 annually by 2050, further demonstrating the potential for gas and related technologies to contribute to a sustainable future.

Gastech 2024: catalysing energy innovation

In light of these trends, *Gastech 2024* will be a pivotal moment for the energy industry. As the world’s largest gathering of gas and hydrogen professionals, Gastech will focus on the innovative technologies and strategies needed to close the supply gap and accelerate decarbonisation.

At Gastech, discussions around scaling biomethane, investing in CCS, and boosting low-carbon hydrogen will shape the future trajectory of the gas sector. Key players will also address the importance of global collaboration in meeting both the energy needs of today and the environmental goals of tomorrow.

The Global Gas Report 2024 demonstrates that with strategic investments, the natural gas industry can not only meet growing energy demand but also play a pivotal role in the global decarbonisation effort. Events like Gastech 2024 will be central to realising this vision, offering a platform for the industry to chart a path toward a sustainable, secure, and prosperous energy future.

By harnessing innovations in biomethane, carbon capture, and hydrogen, the gas sector has a unique opportunity to deliver positive outcomes for the economy and the environment. The future, indeed, looks promising for gas as the world continues its transition to cleaner energy solutions.