| 
.jpg)
According to Shell's LNG Outlook 2024 published last month, worldwide demand for liquefied natural gas (LNG) will continue to surge by more than 50% by 2040.
As China accelerates industrial coal-to-gas switching South Asian and South-east Asian countries utilize more LNG to support economic growth. Shell said that global LNG trading increased to 404 million tonnes last year from 397 million tonnes the year before.
With limitations in LNG supplies restricting growth while keeping prices and volatility above previous levels, the UK energy giant observes that demand for natural gas has already peaked in particular regions but is still rising internationally.
“China is likely to dominate LNG demand growth this decade as its industry seeks to cut carbon emissions by switching from coal to gas,” said Steve Hill, Executive Vice President for Shell Energy. stated that "China is likely to dominate LNG demand growth this decade as its industry seeks to reduce carbon emissions by switching from coal to gas." With China's coal-based steel sector producing more emissions than the combined emissions of the United Kingdom, Germany, and Turkey, petrol plays a critical role in addressing one of the world's largest sources of carbon emissions and local air pollution."
According to Shell's LNG context, gas enhances wind and solar power in governments with strong renewables in their power-generating mix, giving "short-term flexibility and long-term security of supply." By this, the oil major emphasises that LNG would continue to play "a key role" in European energy security in 2023.
Read the full report here- https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/global-lng-demand-to-grow-beyond-2040.html
