International Energy Agency report shows major role for natural gas
Global demand for natural gas as a lower carbon energy source will continue to grow in coming decades, according to the International Energy Agency (IEA)鈥檚 new World Energy Outlook 2019.
鈥淭his is further evidence of the major role natural gas has to play in lowering emissions,鈥� says Petroleum Exploration and Production Association of New Zealand (PEPANZ) spokesman Phil Rennie.
鈥淓ach of the three IEA scenarios in the report show increasing demand for natural gas over coming decades, with a 36% increase by 2040 predicted under the 鈥楽tated Policies鈥� scenario.
鈥淓ven the 鈥楽ustainable Development鈥� scenario predicts that natural gas will become the world鈥檚 single biggest energy source in the 2030s.
鈥淭his reinforces the BusinessNZ Energy Council (BEC)鈥檚 future scenarios released this week, highlighting there are different energy pathways and choices ahead and that as a country we need to be open, not closed to them eventuating.
鈥淭he IEA highlights the potential of natural gas to replace coal in electricity generation as 鈥榓 compelling near-term option for reducing emissions鈥� worldwide, and 鈥榯heoretically, up to 1.2 gigatonnes (Gt) of CO2 could be avoided using existing infrastructure鈥�.
鈥淚t also highlights the growing demand for natural gas in Asia with consumption in China growing 33% over the last two years.
鈥淕lobal demand for imported natural gas is only going to increase and it would be great if New Zealand could one day become an exporter, helping to lower global emissions and deliver cleaner air as well as the obvious economic benefits.
鈥淐arbon capture and storage is highlighted as a 鈥榢ey technology鈥� in meeting sustainability goals. We agree and would like to see a regulatory regime to specifically enable it here in New Zealand.鈥�