Diverging Paths for Natural Gas
Tuesday, October 22, 2024
12:00 pm - 1:00 pm
Natural gas has long benefitted from its reputation as the cleanest of the fossil fuels, with far lower carbon intensity than petroleum products or coal. Utilities, concerned about limiting emissions, have swapped coal-fired power plants for cleaner-burning natural gas generators. Some medium- and heavy-duty vehicle fleets have switched from diesel to compressed natural gas, and certain industrial applications have shifted from petroleum-powered equipment to those fueled by natural gas.
As a result, demand for natural gas is unlikely to decline as quickly or steeply as that of other fossil fuels as the world attempts to slow climate change. Demand for natural gas is expected to continue growing over the next few decades, driven by efforts in the developing world to increase access to energy and replace coal and other dirtier energy sources with gas.
However, natural gas—once viewed as a key intermediate in the energy transition—is already facing headwinds. Demand in the United States and other advanced economies is plateauing as part of the move to electrification powered by clean energy sources, such as solar, wind, and nuclear. Additionally, natural gas markets are evolving, reflecting both current interest in and anticipated future demand for cleaner forms of natural gas.
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