Natural gas to be fastest-growing fossil fuel through 2040 – EIA

Natural gas to be fastest-growing fossil fuel through 2040 – EIA

Baku, Azerbaijan, Sept.15

By Leman Zeynalova – Trend:

Natural gas will be the fastest-growing fossil fuel through 2040, the US Energy Information Administration (EIA) said in its International Energy Outlook 2017.

EIA projects that world energy consumption will grow by 28 percent between 2015 and 2040.

“Most of this growth is expected to come from countries that are not in the Organization for Economic Cooperation and Development (OECD), and especially in countries where demand is driven by strong economic growth, particularly in Asia. Non-OECD Asia (which includes China and India) accounts for more than 60 percent of the world's total increase in energy consumption from 2015 through 2040,” said the report.

Through 2040, the EIA projects increased world consumption of marketed energy from all fuel sources, except for coal demand, which is projected to remain essentially flat. Renewables are expected to be the fastest-growing energy source, with consumption increasing by an average 2.3 percent per year between 2015 and 2040. The world’s second fastest-growing source of energy is projected to be nuclear power, with consumption increasing by 1.5 percent per year over that period.

Even though EIA expects the nonfossil fuels (renewables and nuclear) to grow faster than fossil fuels, fossil fuels still account for more than three-quarters of world energy consumption through 2040.

“Natural gas, which has a lower carbon intensity than coal and petroleum, is the fastest-growing fossil fuel in the outlook, with global natural gas consumption increasing by 1.4 percent per year. The relatively high rate of natural gas consumption growth is attributed to abundant natural gas resources and rising production—including supplies of tight gas, shale gas, and coalbed methane,” said the report.

Although liquid fuels—mostly petroleum-based—remain the largest energy source throughout the EIA projections, the liquids share of world marketed energy consumption is projected to fall slightly, from 33 percent in 2015 to 31 percent in 2040.

As oil prices rise, energy consumers are expected to turn to more energy-efficient technologies and switch away from liquid fuels where possible, EIA analysts believe.

Compared with the strong growth in coal use in the 2000s, global coal use remains flat in EIA’s international projection.

Coal is increasingly replaced by natural gas, renewables, and—in China and a few other countries—nuclear power for electricity generation. Demand for coal in industrial processes is also expected to slow.

---

Follow the author on Twitter: @Lyaman_Zeyn

Кazakh Electricity Grid Operating Company to buy hydraulic press via tenders
Кazakh Electricity Grid Operating Company to buy hydraulic press via tenders
Kazakhstan’s oil-producing company opens tender to buy pumps
Kazakhstan’s oil-producing company opens tender to buy pumps
Turkmenbashi Oil Refineries opens tender for purchase of metal products
Turkmenbashi Oil Refineries opens tender for purchase of metal products
Loading Bars
Latest
Moody's sees low risk stemming from waste and pollution issues in Georgia
Putin reaffirms Russia’s support for Lebanon’s sovereignty
Georgia benefits from favorable debt structure - Moody
Tipalti buys Approve.com in all-Israeli fintech merger
Iran's trade turnover with Qatar drops
UK job ads and restaurant bookings rebound as lockdown eases
Turkey issues data on volume of crude oil shipment via local ports from Jan. through Feb. 2021
Iran can enrich uranium to high degree – President Rouhani
Shell to raise share of has in hydrocarbon output to 55%
Kazakhstan set up task force to develop local investment management system
Production of catalysts for Iran’s petrochemical sector launched
Data on cotton yarn sales on Turkmen exchange in March 2021 revealed
Bank of America profit more than doubles on reserve release boost
Group of journalists visit Azerbaijan’s Aghdam district (PHOTO)
Russian company to supply big batch of agricultural machinery to Azerbaijan
Shell targets 2-3% reduction in carbon intensity this year
Iran’s PMO unveils volume of cargo loaded, unloaded in Fereidoonkenar port
2M2021 volume of stone coal shipment via Turkish ports disclosed
Data on shipment of goods across Turkish Antalya port from January through February 2021 disclosed
Graduate of Baku Higher Oil School marries Pakistani student from same university (PHOTO)
Data on cargo movement through Turkey's Gemlik port revealed
Turkey's steel exports to China surge
Turkey’s activity on Turkmen commodity and raw materials exchange in March 2021
Iran reveals COVID-19 data for April 15
Azerbaijan announces commissioning date for 'Victory Road' to liberated Shusha (PHOTO)
Revenues of Georgian Silknet mobile operator down
Iran’s Bahar Azadi gold coin price falling
Value of Iran's import of Turkish chemicals notably up
Azerbaijan improving access of entrepreneurs to insurance services
Turkey talks number of ships received at Aliaga port from Jan. through Feb. 2021
Kazakhstan boosts import of electrical goods from Turkey
Russia discloses amount of grains and legumes imported from Turkey
Central Bank of Azerbaijan holds foreign exchange auction
Iran to create major turning point on production of petrochemicals
Turkmenistan, French Public Investment Bank may sign MoU
Russian, Belarus presidents discuss situation in Karabakh via phone
Date of next interest payment on SOCAR bonds announced
Iran's Ilam Gas Refining Company discloses its production data
Microsoft implementing projects with Azerbaijan's educational institutions
Everything we agreed on will be implemented - President Lukashenko
Turkey hopes US won't recognize so-called "Armenian genocide" - Turkish FM
Azerbaijani PASHA Bank's Q12021 total assets grow
We are ready to share vaccine with Azerbaijan - President of Belarus
We reaffirmed strategic nature of relations between Belarus and Azerbaijan - President Lukashenko
President Ilham Aliyev is the best educated, civilized person of all presidents of post-Soviet space - President of Belarus
Nagorno-Karabakh conflict has now been resolved - President Aliyev
Culprit of what happened to Armenia is precisely Armenian leadership - Azerbaijani president
What Minsk Group will be doing is still unknown to us - President Aliyev
Iran's trade turnover with Turkmenistan down
We clearly defined our goals - Azerbaijani president
Companies from three friendly countries already working on reconstruction projects in Karabakh - President Aliyev
Turkish Energy Ministry prolongs Acacia Mining Operations license for oil, gas exploration
Belarus is our friend, trusted partner - Azerbaijani president
Turkish Airlines suspends flights to Russia
Russia reports over 8,900 daily COVID-19 cases
Kazakhstan resumes supplies of scrap metal to Russia
Russia's 2020 exports of chemicals to Azerbaijan disclosed
Кazakh Electricity Grid Operating Company to buy hydraulic press via tenders
Azerbaijan's AzerGold names winner of tender for purchasing ingot purity machine
Cargo movements in Iran's Genaveh port decline
Georgia reports 1,030 coronavirus cases for April 15
Kazakhstan’s KazMunayGas pays out coupon on its international bonds
Iran declares production data for sugar beet
Share of exports of Russian machinery, equipment, vehicles to Azerbaijan unveiled
Oil market may need extra supply in 2H 2021
War Trophy Park in Baku symbolizes heroic Azerbaijani people's triumphant victory - MP
Facebook signs first deal to buy renewable energy in India
Georgia to spend significant funds on tourism infrastructure in Akhaltsikhe
Top German health official says need to break third COVID-19 wave now
Iran's bitumen exports decrease
Azerbaijan sees increase in prices for silver, platinum, palladium
Turkmenistan should closely monitor bank balance sheets for asset quality risks - IMF
Minsk IT holding voices interest in Azerbaijani-Belarusian smart projects
European oil demand sees largest fall since April 2020
Cargo transportation volumes down in Kazakhstan
Moscow ahead of regional partners in terms of exports to Azerbaijan
Azerbaijan boosts exports to Iran
Azerbaijan expanding co-op with Turkey on mail, money transfers
Kazakhstan’s Tengizchevroil to possibly face criminal case
Former heads of state, gov't call on President Biden to waive intellectual property rules for COVID-vaccines
CPI up 0.6% in March, housing prices still rising
Uzbekistan looks to build first pumped storage power plant
IMF continues to promote Turkmenistan's structural reforms aimed at economic diversification
Process begins for inviting financial bids for AI, deal to conclude by Sep
India, France discuss boosting cooperation, greater collaboration in diverse sectors
German COVID-19 cases jump by most since early January
U.S. vows to help bring investment to assist India’s mitigation efforts
Azerbaijani oil prices continue to rise
Wizz Air forecasts gradual flying recovery into late summer
PM: Despite local constraints, India sent doses to 80 countries
Oil steady near one-month highs as IEA, OPEC raise forecasts
Footage from Azerbaijani Zangilan's Agh Oyuq village (VIDEO)
Kazakhstan’s oil-producing company opens tender to buy pumps
Russia to finance modernization of 14 oil refineries
Azerbaijani currency rates for Apr.15
France's 1Q2021 chemical imports from Turkey rise in value
Iranian currency rates for April 15
Azerbaijan sees growth in securities market
Minsk Group worked ineffectively for 30 years on Karabakh - MP
SOCAR, Belneftekhim to expand opportunities in oil products’ output, sale
All news