Emissions

Global Gas Report 2022

0
139

The 28th World Gas Conference (Daegu, South Korea, 23rd-27th May 2022) of the International Gas Union (IGU) was the occasion to present the new «Global Gas Report 2022» report, drafted by IGU, Snam and Rystad Energy. The report examines the evolution of the energy market over the last two years, which have been particularly difficult for the global gas industry and energy markets in general.

The report shows that, starting in 2020, greenhouse gas emissions have resumed their upward trend, especially in the energy sector, where there has been an increase in post-pandemic energy demand and a tendency to switch from gas to coal due to cheapness.

The paper points out that to limit global warming to 1.5 °C, according to the Paris Agreement target, peak emissions will have to be reached in 2025, a 43% reduction by 2030 and zero by 2050.

Given the short time frame, governments, policymakers, and industry should develop realistic and feasible strategies to drive deep emission reductions across all sectors. In this context, according to the authors, natural gas and decarbonised gases with low or no CO2 content could play a key role in supporting decarbonisation initiatives and driving the global energy transition.

Three actions would be:

1. better balance the structure of portfolios with a mix of both long-term and short-term contracts to avoid being exposed to greater price fluctuations;

2. geographically diversify gas imports to minimise geopolitical risk;

3. plan increasing shares of intermittent generation sources in the electricity supply mix with limited capacity values.