Boom and Bust Gas

The report finds that global gas-fired power capacity in development (615 GW) now exceeds that of coal (457 GW), representing an estimated US$509 billion in capital expenditure. This expansion is described as ubiquitous across all continents, directly conflicting with the IEA's 1.5°C net-zero pathway. The authors argue that these investments face significant stranded asset risks as clean energy portfolios (CEPs) increasingly outcompete gas on cost, particularly in the US and Australia.

• The global build-out of gas-fired power plants currently in pre-construction or construction phases would add over 615 GW of capacity, with an estimated capital expenditure of nearly US$509 billion.
• The expansion of gas-fired power capacity (615 GW) has surpassed the current global development of coal-fired power plants, which stands at 457 GW.
• Current gas expansion is incompatible with the IEA's 1.5°C net-zero pathway, which requires unabated fossil gas-fired generation to peak by 2030 and be reduced by 90% by 2040 compared to 2020 levels.
• Investments in gas-fired power are identified as a stranded asset risk because they may need early retirement to meet net-zero goals and are increasingly underutilized due to the competitiveness of renewables.
• Clean energy portfolios (CEPs), including renewables with battery storage and demand-side management, are now more cost-competitive than gas in many regions, including the United States and Australia.
• The surge in gas development is widespread globally, with the top five countries accounting for 39% of new capacity in development and the top 20 accounting for 75%.

APA

Martos, J., & Joly, J. (2022). Boom and Bust Gas. Global Energy Monitor. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM_BoomBustGas2022_FINAL_11.pdf

Chicago

Martos, Jenny, and Julie Joly. Boom and Bust Gas. Global Energy Monitor, 2022. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM_BoomBustGas2022_FINAL_11.pdf.

Wikipedia

{{cite report |last1=Martos |first1=Jenny |last2=Joly |first2=Julie |title=Boom and Bust Gas |publisher=Global Energy Monitor |date=March 2022 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/GEM_BoomBustGas2022_FINAL_11.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{martos2022boom, author = {Martos, Jenny and Joly, Julie}, title = {{Boom and Bust Gas}}, institution = {Global Energy Monitor}, year = {2022}, month = mar, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/GEM_BoomBustGas2022_FINAL_11.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }