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International consultancy Wood Mackenzie said gas demand is expected to grow rapidly by 2040 as countries implement clean air policies, meaning $2 trillion will be needed to develop new gas resources
of about 200 billion barrels of oil equivalent.
The company said in a white paper that natural gas demand in Asia will grow at an average annual rate of nearly 3 percent over the next two decades, with gas demand in China and India expected to double by 2040 as current low prices drive natural gas development
.
This, in turn, will require about $1.
36 trillion in capital investment to bring discovered reserves and yet-to-be-discovered resources into production simultaneously, compared to another $0.
6 trillion
for proposed liquefied natural gas (LNG) projects, WoodMac said.
But the Paris agreement's goal of limiting the rise in world average temperature to below 2 degrees Celsius by the end of the century could lead to an earlier peak in gas demand and "dramatically change that outlook" and require an infusion of $700 billion into new investment
.
WoodMac said the carbon intensity of the natural gas market will come under scrutiny
as global investors become more focused on low-carbon projects.
Although burning natural gas produces fewer carbon dioxide emissions than coal, climate scientists warn that the industry's rapid growth and leakage of methane, another potent greenhouse gas, threaten progress
to limit climate change.
LNG buyers in Asia are increasingly demanding greater transparency on carbon emissions, some of which are becoming carbon neutral
.
WoodMac's analysts said: "Future legislation and project financing may require all LNG cargoes to be accompanied by detailed
information about emissions associated with their production and delivery.
”
International consultancy Wood Mackenzie said gas demand is expected to grow rapidly by 2040 as countries implement clean air policies, meaning $2 trillion will be needed to develop new gas resources
of about 200 billion barrels of oil equivalent.
The company said in a white paper that natural gas demand in Asia will grow at an average annual rate of nearly 3 percent over the next two decades, with gas demand in China and India expected to double by 2040 as current low prices drive natural gas development
.
This, in turn, will require about $1.
36 trillion in capital investment to bring discovered reserves and yet-to-be-discovered resources into production simultaneously, compared to another $0.
6 trillion
for proposed liquefied natural gas (LNG) projects, WoodMac said.
But the Paris agreement's goal of limiting the rise in world average temperature to below 2 degrees Celsius by the end of the century could lead to an earlier peak in gas demand and "dramatically change that outlook" and require an infusion of $700 billion into new investment
.
WoodMac said the carbon intensity of the natural gas market will come under scrutiny
as global investors become more focused on low-carbon projects.
Although burning natural gas produces fewer carbon dioxide emissions than coal, climate scientists warn that the industry's rapid growth and leakage of methane, another potent greenhouse gas, threaten progress
to limit climate change.
LNG buyers in Asia are increasingly demanding greater transparency on carbon emissions, some of which are becoming carbon neutral
.
WoodMac's analysts said: "Future legislation and project financing may require all LNG cargoes to be accompanied by detailed
information about emissions associated with their production and delivery.
”
