The exponential growth of LNG in AsiaMay 26, 2023 by Energy Connects
The exponential growth of demand for LNG in Asia represents tangible opportunities for public and private sector industry leaders to significantly decrease emissions and diversify Asia’s energy mix, yet key logistical areas, such as carbon capture and infrastructure development, need to be addressed to ensure the process goes ahead smoothly.
Asia's energy consumption has been increasing steadily, driven by population growth, urbanisation, and economic development. According to the International Energy Agency (IEA), Asia accounts for nearly two-thirds of the world's energy demand growth to 2040, with China and India representing almost half of that increase.
India’s government has shown exemplary resolve in addressing carbon emissions through large-scale implementation of LNG import infrastructure. According to Prime Minister Narendra Modi's plan, India will target 15% gas in its energy mix by 2030 up from 6% in 2021. LNG will make up the bulk of this growth in natural gas and support the development and implementation of other low-carbon solutions, such as green hydrogen and biofuels.
Across Asia, we are witnessing growth in demand for LNG from countries seeking to transition away from domestic fossil fuels turn to pursue a credible and practical transition towards net zero. The Philippines and Vietnam are poised to begin commissioning several LNG import terminals this year, while Thailand and Bangladesh are seeking to secure new volumes from the market.
The events of the past year have greatly elevated the importance of US LNG exporters such as Cheniere Energy in maintaining the stability of the global energy market, particularly in Asia. CEO Jack Fusco rightly highlighted that permitting reform to offset the impacts of government red tape in delaying upscaling of LNG production capacity is a necessity to ensure global energy needs are met.
The development of the LNG market in Asia – both in terms of boosting import and export capacity – will be a central theme for Gastech 2023. As industry leaders, policymakers and investors gather in Singapore, we can expect to hear announcements and plans relating to LNG flows and infrastructure across Asia and beyond.
Don’t miss your opportunity to join the debate shaping Asia’s energy future at Gastech Singapore. To find out more about the conference and exhibition, visit our website at: https://www.gastechevent.com/