The agency predicts that growth will slow to less than 0.4% of current levels through 2030.
The world’s “golden age” of gas is coming to an end amid falling demand. This is what the International Energy Agency (IEA) said in its World Energy Outlook 2023, published on Tuesday, October 23.
The term, created by the IEA in 2011, is about to expire. Global gas consumption increases by an average of 2% per year from 2022, but under the STEPS (scenario) growth slows to less than 0.4% from now until 2030.
Weak demand in the construction and energy sectors, the world’s biggest consumers of gas, is enough to reach peak consumption by 2030, the agency said.
The maximum growth in natural gas capacity was reached in 2002, its increase reached 100 GW – more than 65% of the new commissions, and in 2022 the increase decreased to less than 30 GW. However, installed global gas capacity continues to grow, the report said.
The IEA forecasts gas demand in the generation sector will continue to decline until 2050, with a particularly pronounced decline in the 2030s, while sales of gas boilers for space heating have also increased.
“In advanced economies, the recovery in gas demand seen in 2021 is short-lived, and demand is below pre-pandemic levels in 2022. In the STEPS scenario, demand continues to decline and by 2030, this will more than offset the increase in demand that continues in emerging markets.” , the IEA summarizes.
Let’s remember that the IEA said that Russia’s share in the international gas trade, which was about 30% in 2021, will decrease by half by 2030 – to 15%.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.