Gas will overtake coal as the second largest source of energy in the world by 2030: IEA

Gas will overtake coal as the second largest source of energy in the world by 2030: IEA

Reuters
– 19:50 – 11/12/2018

  • The United States would represent 4% of the total growth of gas production by 2025

Liquefied natural gas transport ship Stena Blue Sky. (Photo: Reuters)

Natural gas would overtake coal as the second largest source of energy in the world after oil by 2030 due to a campaign to reduce air pollution and the increase in the use of liquefied natural gas (LNG), the company said on Tuesday. International Energy Agency (AIE).

The IEA, based in Paris, said in its report on the 2018 World Energy Outlook that energy demand would increase by more than a quarter between 2017 and 2040, assuming more efficient use, but could rise twice that estimate if not an improvement in consumption occurs.

World gas demand would grow by 1.6% per year until 2040 and would be 45% higher by then than today, he said.

The estimates are based on the "New Policy Scenario" of the IEA, which takes into account legislation and policies to reduce emissions and combat climate change. They also assume more energy efficiencies in the use of fuel, in buildings and other factors.

"Natural gas is the fastest growing fossil fuel in the New Policy Scenario, overtaking coal by 2030 to become the second largest source of energy after oil," the report said.

China, which is already the world's largest importer of oil and coal, will soon become the largest purchaser of gas and net imports will approach the level of the European Union by 2040, the IEA said.

According to calculations of Reuters, taking into account the data of the General Administration of Customs of China, the Asian country already surpassed Japan as the main importer of natural gas in the world. China is the third largest consumer of natural gas in the world behind the United States and Russia, but it has to import around 40% of its needs.

Emerging economies in Asia would account for approximately half of the growth in total world gas demand and their share of LNG imports would double to 60% by 2040, according to the IEA report.

"Although it is premature to speak of a global gas market similar to oil, the LNG trade has expanded substantially in volume since 2010 and has reached previously isolated markets," he noted.

The United States would represent 4% of the total growth of gas production by 2025, the IEA said, because other sources would surpass it since the country's shale gas generation would stabilize. Other nations began to resort to unconventional methods of gas production, such as hydraulic fracturing or "fracking".

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