Fossil Gas: A Barrier to Clean Energy Transition in Asia
To ensure compliance with the Paris Climate Agreement, it is imperative for Asian countries to expedite their shift towards renewable energy sources. Opting for LNG-based power generation is not a suitable solution, as the greenhouse gas emissions associated with the entire lifecycle of LNG are equally detrimental to those produced by coal.
The Energy demand in Asia is skyrocketing as economies flourish and populations grow. As we confront the urgent need to address climate change, transitioning to renewable energy sources becomes imperative. However, a concerning trend is emerging in the region — the increasing reliance on fossil gas. The gas lobby in Asia and worldwide is busy propagating the myth that fossil gas is the bridge fuel the world needs to transition from coal to renewable energy.
Gas Lobby: “Gas is cleaner than coal, and this is the fuel the world needs to stop catastrophic climate change.”
Truth: “Fossil Gas is a false solution to the climate crisis.”
Gas combustion alone produces more emissions than desired for the climate. Developing untapped gas reserves should be avoided, as it will irreparably overheat the planet.
Five important facts show that fossil gas is neither affordable, clean, nor required.
First, ongoing and future coal, oil, and gas extraction projects would violate the Paris Agreement by taking the world’s temperature beyond safe levels.
Second, even with limited methane leakage, replacing coal facilities with new gas plants does not meet emission reduction standards. The phase-out of both coal and gas is necessary to meet climate goals.
Thirdly, the falling costs of wind and solar energy disrupt the gas industry’s economic model, offering a low-cost renewable energy option to replace dwindling fossil fuel capacity.
Fourth, while grid balancing is necessary for wind and solar power, there are better resources than gas. Battery storage is increasingly competitive with gas plants designed for grid balancing, and various technologies and solutions are available to manage high levels of wind and solar power on the grid.
Finally, constructing new gas infrastructure locks in emissions and represents financially unviable investments that will persist for decades. It is crucial to cease the construction of any new gas infrastructure in Asia.
$500 billion in new gas infrastructure is planned for Asian countries.
Infographic Credit: Energy Monitor Report
According to a report by Energy Monitor, over the next decade, Asian countries are planning to invest $500 billion in new gas infrastructure. This includes pipelines, LNG terminals, and other gas-related infrastructure. The surge in LNG use throughout Asia puts the Paris Agreement's climate change goals at risk.
One of the most significant obstacles to reducing greenhouse gas emissions and transitioning to renewable energy sources is Asia’s high demand for natural gas and liquefied natural gas (LNG). Asia is currently the world’s largest market for fossil gas, and demand is expected to grow in the coming decades.
However, several policies and initiatives could accelerate the transition to cleaner energy sources in Asia. Many Asian countries have pledged to increase their use of renewable energy and have large-scale renewable energy projects in the works. They are also taking action to phase out fossil fuels and promote energy efficiency. Governments and private companies must work together to create policies and incentives that encourage the adoption of renewable energy and energy-efficient practices. The transition to renewable energy must also be coupled with efforts to address social and economic impacts, particularly in communities that rely heavily on fossil fuel industries.
While fossil gas may be a short-term fix, it seriously jeopardizes Asia’s move towards renewable energy. Decision-makers at all levels of government, business, and society must prioritize investments in renewable energy, implement robust regulatory frameworks, and work together internationally. By doing this, we can ensure a future free from the constraints of reliance on fossil fuels and open the door for a cleaner, greener Asia.
