When the IEA released the latest edition of its influential World Energy Outlook at the end of 2022, the central message was surprisingly upbeat, given that the world was still going through “a shock of unprecedented breadth and complexity delivered by the energy crisis”.
The IEA concluded that the crisis precipitated by Russia’s invasion of Ukraine promised to hasten the transition to a cleaner and more secure energy future—with fossil fuels projected to peak earlier than previously thought. The agency was essentially echoing the adage of Britain’s wartime Prime Minister Winston Churchill that one should “never let a crisis go to waste”.
Government responses to the crisis were “accelerating energy transitions”, said Executive Director Fatih Birol, pointing to the Inflation Reduction Act in the US, the European Union’s REPowerEU plan, Japan’s Green Transformation (GX) programme and ambitious clean energy targets—“supported by real money”—in the world’s two most populous nations, China and India.
What does the crisis mean for LNG? And what's LNG's role in resolving Asia's trilemma?
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