BAKU, Azerbaijan, May 24. In order to limit global warming to 1.5oC and fulfil net zero ambitions by 2050, greenhouse gas emissions will need to peak before 2025, Trend reports with reference to the Global Gas Report 2022 (GGR) released by the International Gas Union (IGU), Snam and Rystad Energy.
“Within the limited time available, governments, policymakers and industry will need to develop realistic and achievable strategies to curb emissions across all sectors. Natural gas, together with decarbonised and low or zero-carbon gases, will play a critical role in supporting these decarbonisation initiatives,” the report says.
The analysts point out that emissions have resumed their upward trend since 2020, particularly in the power sector, where there has been a post-COVID19 surge in demand and increased coal-to-gas switching, as gas prices have outpaced those for coal.
“The situation has been exacerbated by global energy supply tightness, and the 2022 Russia-Ukraine conflict. Reversing the shift from gas to coal will require a focus on gas availability, emission pricing and CO2 and pollution policies. The Russia-Ukraine conflict has brought the issue of energy security to the forefront and highlighted the value of diversifying supply. Additional infrastructure, including import and storage facilities, can increase energy security. Extreme weather over the past two years has also put energy security to the test, but during this time natural gas has proven to be a reliable source of electricity generation that can offset shortfalls from other sources. The future of the gas industry will be closely linked to sustainability. With its low-carbon profile, natural gas can achieve immediate cuts in emissions. Progressively, the gas industry will be an enabler of low- and zero-carbon gas technologies such as hydrogen, biomethane and CCUS, through its supply of feedstock, infrastructure and expertise,” reads the report.
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