A sustainable future-powered by gas: A brief summary from the 28th World Gas Conference (WGC)

ABSTRACT

Natural gas will play more and more important role in the sustainable low-carbon development mode characterized by low energy consumption, low pollution and low emission. It has been and will continue to be the focus of attention. The 28th World Gas Conference (WGC2022) was held on May 23-27, 2022 in Daegu, South Korea. The conference summarized the progress of world natural gas in the past four years, analyzed and judged the future development trend, and reached seven consensuses (1) Natural gas is not only a transitional fuel, but also a basic fuel for future development. (2) Supply and demand value chain of natural gas has high flexibility and adaptability, and supply diversification has become a development advantage. (3) With the effect of the rapid increase of oil and gas price, the reversal of natural gas to coal has intensified the rapid growth of global carbon emissions. (4) Structural tension is emerging in the global LNG market, and the number of long-term agreement contracts will show an increasing trend. (5) The coordinated development of natural gas and hydrogen will accelerate the arrival of the low-carbon era. (6) Methane monitoring and leakage measurement technology in the natural gas industry will become the next important innovation. (7) Governments of various countries have continuously raised the minimum level of underground gas storage, and successively issued incentive policies to increase gas reserves and production. Based on the experience, the following suggestions are put forward for the development of China's natural gas (1) Continue to highlight the important position of the natural gas industry, increase exploration and development, and improve supply capacity and voice;(2) To adapt to the new setup of international natural gas supply caused by the COVID-19 and the conflict between Russia and Ukraine, and to formulate overall strategies for natural gas import and export trade;(3) Attach importance to LNG business, scientifically arrange the construction of LNG import supporting facilities, and take the initiative to cooperate with natural gas resource countries;(4) The whole industrial chain of natural gas and hydrogen business should be planned and deployed together, and hydrogen and natural gas infrastructure construction should be linked up effectively;(5) Increase policy support, strengthen infrastructure construction such as underground gas storage and LNG terminal, reserve more energy to develop confidence, and build a strong defense line for energy security. © 2022 Natural Gas Industry Journal Agency. All rights reserved.