Natural gas to rise 3% in 2024

Rystad Energy said the sector will continue to address the energy trilemma.

Natural gas is expected to grow by 3% or 130 billion cubic metres (bcm) in 2024 and is expected to support the world's energy security and transition, according to Rystad Energy.

In a statement, Xi Nan, senior vice president of gas and LNG Market Research at Rystad Energy, said greenfield LNG projects’ investments will slow down year-on-year but will “remain at a robust level” to meet global demand.

As such it is expected to reach 500 million tonnes by 2027.

“Gas will continue its effort to solve the energy trilemma (security, affordability, and sustainability) in 2024,” Xi said.

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“Gas will play an enabling role in the energy transition, especially in the power sector. It will be relied upon on a global scale for the foreseeable future, including in Europe,” Xi added.

Meanwhile, Carlos Torres Diaz, head of Renewables & Power Research, said that 2024 will be “another record breaker” for the solar and wind markets, growing by over 510 gigawatts globally.

Diaz added that the new projects will add over 900 terawatt-hours of electricity which can cater for most of the demand growth and contribute to limiting the need for fossil fuel-based power generation.