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NATGAS: Gas Supply Shortfall of 22% by 2030 if No Additional Investiment: IGU

NATGAS

Natural gas demand will grow faster than available supply by 2030 highlighting “the urgent need to scale up investments”, according to the International Gas Union.

  • “Should gas demand continue to grow as in the last four years, without additional production development, a 22% global supply shortfall is expected by 2030,” the report said.
  • The conservative trend of consumption growth shows a supply shortfall at about 927bcm without new production.
  • Global gas demand is forecast to rise 2.1% in 2024, compared with 1.5% growth in 2023, mostly driven by Asia. Industrial sectors are driving demand in India and China while demand in North America has surpassed 2019 levels driven by the transport sector and AI data centers.
  • Coal burning increased more than ever last year, with the fuel the biggest source pushing global energy emissions at another record.
  • “If current energy demand and supply trends persist, 2030 targets outlined in policy driven decarbonization scenarios will most likely be missed.”
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