The unprecedented boom in the global liquified natural gas could undo efforts to keep global temperature increases below 2 degrees, a new report from US based Global Energy Monitor.
The New Gas Boom report, released earlier this week, tracks the USD $1.3 trillion in investments in the industry as it transitions from localised markets to a global heavyweight.
“Such an expansion is also incompatible with the IPCC’s warning that, in order to limit warming to 1.5°C above pre-industrial levels, gas use must decline 15% by 2030 and 43% by 2050, relative to 2020,” the report warns.
The report warns that the current boom is set to position the industry as the new coal, with the level of expansion set a ‘direct challenge’ to the Paris Agreement climate goals.
Despite the new cash flowing into the industry, the report warns that the rapid proliferation of renewable energy production, coupled with the decreasing cost of new sustainable energy production, raises questions of the industry’s long-term financial viability.