LNG is Canada’s opportunity to provide clean natural gas to growing markets in Asia, helping to create opportunity here at home while reducing climate change and air pollution globally.
Demand for natural gas is on the rise. Global demand for LNG is expected to grow 3.6% annually to 2035, according to a 2019 report from McKinsey & Co. Asian markets are looking to diversify their energy imports to meet growing demands, but to also seek cleaner alternatives to offset the often hazardous levels of air pollution.
“According to the International Energy Agency’s latest World Energy Outlook, natural gas demand in [China] will triple by 2040.”JWN International, April 2020 https://www.jwnenergy.com/article/2020/4/chinas-long-term-need-lng-still-huge-short-term-demand-uncertain-due-covid-19/
Did you know? Canadian LNG exported to Asia will offset coal as an energy source and help reduce emissions.
As one of the world’s largest and fastest growing economies, China’s energy requirements continue to expand and shift to clean energy sources. Natural gas is a key source of power generation and according to the IEA, will continue to be a growing component of China’s transformation to cleaner air.
Currently, Canadian natural gas exports are almost exclusively to the U.S. – but as their domestic supply grows, import demands are decreasing.
Canada’s opportunity is to send natural gas to Asia, where it will complement renewables and replace existing sources of energy such as coal. This can play a significant role in helping to build global prosperity and combat climate change.