are-new-fossil-gas-projects-needed-to-meet-future-demand-a72b2aadcf6fe0b5.pdf

The report asserts that existing production and export capacities are sufficient to meet global fossil gas demand, which is expected to peak before 2030. It highlights that demand declines in developed economies, such as the EU, Japan, and South Korea, will offset potential increases in emerging economies. The document concludes by calling for financial institutions to halt all support for fossil gas expansion, including new gas fields and LNG export terminals.

• Global fossil gas demand is projected to peak before 2030 regardless of the energy scenario. Under the IEA's Announced Pledges Scenario (APS), demand would decline by 4% between 2023 and 2030, while the Net Zero Emissions by 2050 Scenario (NZE) projects a 14% reduction in the same period.
• Existing production and export capacities, including those with final investment decisions (FID), are sufficient to meet future demand, making the development of new oil and gas projects unnecessary.
• Demand declines in developed economies are offsetting potential increases in emerging and developing nations. In 2023, demand in OECD European countries fell 7% from 2022, with 75% of that reduction coming from the electricity generation sector. Japan and South Korea have also seen reduced needs; South Korean imports dropped by nearly 5% in 2023.
• European gas consumption is on a structural decline, with the EU's Fit for 55 and RePowerEU programmes targeting reductions of 32% and 68% respectively between 2018 and 2030. Overall European fossil gas imports decreased by 12% in 2023 compared to 2022.
• Increases in gas consumption in emerging and developing economies are unlikely to significantly impact global demand due to the superior competitiveness of renewables in Asia, as evidenced by Pakistan reversing its gas import projects.

APA

Reclaim Finance (n.d.). are-new-fossil-gas-projects-needed-to-meet-future-demand-a72b2aadcf6fe0b5.pdf. https://reclaimfinance.org/site/wp-content/uploads/2024/11/Are-new-fossil-gas-projects-needed-to-meet-future-demand.pdf

Chicago

Reclaim Finance. are-new-fossil-gas-projects-needed-to-meet-future-demand-a72b2aadcf6fe0b5.pdf. n.d. https://reclaimfinance.org/site/wp-content/uploads/2024/11/Are-new-fossil-gas-projects-needed-to-meet-future-demand.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=are-new-fossil-gas-projects-needed-to-meet-future-demand-a72b2aadcf6fe0b5.pdf |url=https://reclaimfinance.org/site/wp-content/uploads/2024/11/Are-new-fossil-gas-projects-needed-to-meet-future-demand.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinancendarenewfossilgasprojectsneededtomeetfuturedemanda72b2aadcf6fe0b5pdf, author = {{Reclaim Finance}}, title = {{are-new-fossil-gas-projects-needed-to-meet-future-demand-a72b2aadcf6fe0b5.pdf}}, institution = {Reclaim Finance}, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/11/Are-new-fossil-gas-projects-needed-to-meet-future-demand.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }