TOKYO: Japan’s Ministry of Economy, Trade and Industry (METI) and the International Energy Agency (IEA) held the LNG Producer-Consumer Conference 2024 in Hiroshima on Oct. 6 in collaboration with the International Group of Liquefied Natural Gas Importers.
Participants discussed the role of LNG towards net zero through dialogue among LNG producers and consumers.
The focus was on strengthening gas security, the decarbonization of the LNG value chain, and the role of finance.
The conference report noted how Russia’s full-scale invasion of Ukraine caused widespread disruption in energy markets. It said countries need to balance three challenges: energy security, affordable energy prices and climate action.
Demand for LNG is growing, particularly in Asia, and is expected to increase steadily through 2030.
“Natural gas and LNG will continue to play a considerable role in the global energy system in the coming decades,” the report said. “In emerging and developing economies, particularly in Asia, gas and LNG can help facilitate the transition away from coal. A roadmap for decarbonizing the LNG value chain is urgently needed to address the future role of LNG technologies in energy systems.”
MURASE Yoshifumi, the Commissioner of ANRE, stated that member countries should tackle the issue of achieving energy security and securing energy at stable prices at the same time to achieve energy transitions and that they should reaffirm the role that natural gas and LNG should play.
Japan and the European Commission agreed on collaboration among LNG importer countries to reduce methane emissions from the LNG value chain.
The conference held panel discussions on public and private efforts to enhance gas security and the role of gas reserve mechanisms; technology progress toward decarbonizing the LNG value chain; and the role of financing in ensuring the growth of a stable LNG market.