To ensure a smooth energy transition and meet demand, the world needs to invest $7 trillion in new liquefied natural gas LNG infrastructure and gas fields.
The world is in the midst of an energy transition; however, the complete transition from fossil fuels to renewables won't be realized anytime soon. Natural gas is expected to replace dirtier fossil fuels through 2050. Yet, there are growing worries about the world's NatGas supply, especially in the absence of new investments.
Bloomberg recently spoke with Kenichi Hori, president of Japanese trading house Mitsui & Co., who said global LNG demand will likely be much higher than forecasted and the current 'pipeline of projects' won't be enough. 'Announced projects in the world still won't make up for the supply needed when considering the energy transition that will take several decades,' Hori said. Hori is one of Japan's top traders of LNG and believes, just like Chevron Corp.
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