BAKU, Azerbaijan, January 31. Global gas production is expected to grow by 3 percent or 130 bcm in 2024, Xi Nan, Senior Vice President on Rystad Energy's Markets research team, said, Trend reports.
"Gas will continue its effort to solve the energy trilemma (security, affordability, and sustainability) in 2024. Investments in greenfield LNG projects are set to slow down this year compared to 2023 but remain at a robust level to support global LNG demand, reaching 500 million tons by 2027. 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," he said.
According to Rystad Energy, fossil fuels will continue to be a crucial element in the global energy blend for the coming decades.
"Last year was a pivotal one for the energy world. Renewable energy capacity expanded rapidly, keeping up with global power demand growth for the first time. Solar PV needed to grow by 220 GW in 2023 to track the 1.6 DG scenario for global warming. The latest figures now indicate that it could end up at above 400 GW. And there is now supply chain visibility for an annual delivery of 1,500 GW. Global coal demand most likely peaked in 2023, and clean energy technologies are now more affordable than fossil fuel alternatives in most parts of the world. Fossil fuels will, however, remain an important component of the energy mix for the next decades. Countries like Denmark, Finland and Portugal are close to achieving zero carbon power sectors, successfully dealing with the intermittency challenge of renewables. Still, there are also setbacks in renewable deployment, like the cost inflation seen in offshore wind, and governments will need to step up stimulation to get these sectors back on track. This year could see more inflection points in the energy transition, with impacts felt well into the latter half of the decade," CEO Jarand Rystad said.