Investments in new liquefied natural gas (LNG) infrastructure are set to grow to $42bn annually in 2024, according to new Rystad Energy research.
These greenfield investments are 200 times the amount in 2020 when just $2bn was invested in LNG developments due to the pandemic.
However, project approvals after 2024 are forecast to fall off a cliff as governments transition away from fossil fuels and accelerate investments in low-carbon energy infrastructure.
The new LNG projects are driven mainly by a short-term increase in natural gas demand in Europe and Asia due to Russia’s war in Ukraine and ensuing sanctions and restrictions placed on Russian gas exports.
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