Asia needs to increase investment in natural gas to reduce emissions

China Petroleum & Chemical News Network reported on May 28, according to the oil price network, Wood Mackenzie said on Thursday that despite the International Energy Agency (IEA) call, if the world wants to achieve net zero emissions by 2050, it does not need to provide new fossil fuels.

Gavin Thompson, vice chairman of Energy for WoodMac Asia Pacific, wrote in an analysis report: “The demand for coal in many other markets continues to rise, and the shift to natural gas is seen as the key to achieving emission reduction targets.

Last week, the International Energy Agency (IEA) stated that if you want to achieve net zero emissions by 2050, you don’t need to make any new investments in oil, gas and coal.

Asia may be a typical representative of the idea of ​​"no longer invest in fossil fuels.

WoodMac Thompson said: "In fact, we expect that in some Asian countries, while renewable energy investment begins to increase, natural gas will more actively replace coal, and it is most likely to achieve faster decarbonization.

Zhu Jiani excerpted and translated from the oil price network

The original text is as follows:

WoodMac: Asia Needs To Invest More In Gas To Lower Emissions

Despite the call from the International Energy Agency (IEA) that no new funding for fossil fuels is necessary if the world wants to get on the net-zero 2050 pathway, Asia is the region where investments in gas are necessary to cut its reliance on the more polluting coal, Wood Mackenzie said on Thursday.

"With coal demand continuing to rise across many other markets, switching to natural gas is seen as critical to emission reduction goals," Gavin Thompson, Vice Chairman, Energy – Asia Pacific at WoodMac, wrote in an analysis.

    Last week, the International Energy Agency (IEA) shocked all stakeholders in the energy industry with its suggestion that the world doesn't need any new investments in oil, gas, and coal beyond what is already approved if it hopes to achieve net-zero emissions by 2050.

    Asia is probably the poster child of the issue with the idea of'no investments in fossil fuels ever again.

    "In fact, in some countries in Asia, we expect that faster decarbonisation is most likely to be achieved through an even greater role for gas to more aggressively displace coal while investment in renewables starts to ramp up," WoodMac's Thompson said.