IEA: Natural Gas to become the World’s Second Largest Energy Resource By 2030

IEA, the International Energy Agency has made an announcement on Tuesday. According to IEA, the demand for natural gas would be more than coal by 2030 and it will be the world’s second-largest energy sources after oil.

IEA also stated in its World Energy Outlook this year that between 2018 and 2040 the overall demand for energy worldwide would grow more than a quarter, and will continue to rise without being used efficiently.

The global demand for natural gas will increase than the current scenario. By 2040, the demand for it will increase by 45% (1.6 percent increase from now every year until 2040).

Currently, China ranks third in terms of the world’s biggest natural gas users. But, the present situation in the country is different as it imports 40 percent of its needs to meet the local production.

The reports provided by IEA suggest, by 2040, the LNG imports of the emerging economies in Asia would double to 60% and the economies would account for about half of total global gas demand growth.

By 2025, the US would account for 40% of total gas production growth.

In the case of electricity, by 2040, most of the electricity will be utilized by end users like industry and consumers which will account a quarter of the energy. From now, the demand for electricity worldwide will grow by 2.1%, mostly driven by an increase in use by developing nations.

The energy released by the carbon monoxide emissions will continue to decrease by 2040.