Global natural gas demand will grow by 50% by 2040 — IEA

The implementation of the Paris climate agreement, which is about curbing CO2 and other GHG emissions to limit global warming averages below 2° C, will bring significant contribution to the transformation of the energy sector, — believes the IEA. According to analysts, stricter limitations on emissions will result in an increase of shares of both renewables and natural gas which is the cleanest fossil fuel.

“We see clear winners for the next 25 years — natural gas but especially wind and solar — replacing the champion of the previous 25 years, coal,” said Dr Fatih Birol, the IEA’s executive director.

According to the IEA, gas consumption is predicted to increase almost everywhere with China and Middle East to become global demand growth drivers.

The IEA predicts a greater role of LNG in the global gas trade. This growth will be fueled by the expansion of floating storage and regasification units on new smaller LNG markets. The share of new consumers in the global LNG trade will grow from 42% in 2014 to 53% in 2040.