Renewable energy capacity additions are set to increase by a record 107 GW year on year to reach 440 GW globally in 2023, an IEA report said.
A forecast by the EIA shows U.S. LNG exports rising in the years to come. The more gas that is exported, the higher domestic prices rise.
Climate activists blasted a communique from the G7 nations, which issued qualified support for investment in more gas supplies.
For years, proposed U.S. LNG projects could count on the government to extend their export licenses. But a recent policy change means extensions may be harder to come by, leaving delayed LNG projects stuck on the drawing board.
The head of the International Energy Agency Faith Birol said that the oil and gas industry needs to slash emissions from its operations and show that it is serious at the COP28 summit.
The Biden administration has supported an expansion of gas exports. But members of his own party warn that the buildout of U.S. LNG pollutes local communities and amounts to a major setback for the climate.
Europe will likely continue to receive Russian gas in some form in the coming years, conference delegates heard.
Europe needs to make up its mind on whether it wants to be an “opportunistic” short-term buyer from LNG suppliers or whether it wants to provide long-term signals to investors, energy executives said.
European LNG buyers might not be able to secure all the LNG they need amid a widening disconnect between buyers and producers.