From the editor: Gas demand unphased by renewables expansion [Global Gas Perspectives]
From the editor: Gas demand unphased by renewables expansion [Global Gas Perspectives]
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Natural Gas News
Summary
Look at the capacity figures and you might form the impression that renewable energy generation could nearly triple by 2030. Far from it, renewables’ dependence on solar power suggests that clean energy growth is still not fast enough to impact gas demand. by: Ross McCracken
The International Energy Agency (IEA) released its latest report on renewable energy in October, forecasting that an increase in global renewable energy capacity of 2.7 times by 2030 was likely based on countries’ current trajectories. However, this is still short of the tripling targeted by nearly 200 countries at the COP28 climate summit in November 2023. There is no question that the accelerated expansion of renewables heralds a revolution in the way the world generates energy and is a major step forward in reducing greenhouse gas (GHG) emissions, but is it enough and what does it mean for fossil fuel demand and, in particular, natural gas? Capacity versus generation In 2023, accordin...
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