A recent report published by the IEA (International Energy Agency) entitled "Are we entering a golden age of gas? " sparked a series of discussions across the globe about the future of gas. Many energy market experts came forward to express their opinions and thoughts about the report which led me to right this article.
The IEA report says that the discovery of new reservoirs in South america, Middle East and Central Asia, the supply from unconventional resources such as shale gas and the unpredicted increase in demand are the major factors that will make natural gas enter a golden age.
According to the IEA global consumption will rise by more than 50% over the next 25 years accounting for a quarter of the world’s energy supply by 2035. On the back of low CO2 emissions when it is burned the report also suggests it could be a quick fix for global warming.
That is when opinions start to differ. Despite having the lowest CO2 emissions between all fossil fuels, natural gas still emits CO2 when it is burned and a strong reliance on gas could see temperatures rise by 3. 5ºC in the next 50 years causing disastrous consequences. This problem could be easily solved by the installation of carbon capture and storage equipment on these power plants which in turn would elevate energy prices making gas not such a viable option after all.
But it is too early to conclude that as more studies are needed in this area to evaluate the operational costs of carbon capture and storage equipment.
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