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Gas Will Become Second-Largest Energy Source By 2040

Natural gas will overtake oil as the second most popular energy source for power generation by 2040, the International Energy Agency said in its latest World Energy Outlook, adding that all worries about a glut will soon dissipate thanks to China’s ever-growing thirst for what many call a bridge fuel between the fossil fuel era and the renewables era.

Despite this growth in natural gas consumption, however, according to the authority, coal will remain the single largest source of energy for power generation in the next two decades, but gas and renewables will gain a lot of ground, nevertheless. In fact, the IEA said, renewables will grow the most, representing two-thirds of new capacity additions until 2040. Their share in the power generation mix will increase to 40 percent, from today’s 25 percent, which is certainly an impressive rate of growth.

Related: Permian Drillers Prepare To Go Into Overdrive In 2019

And yet, even after 20 years, fossil fuels will continue to dominate this power generation mix, with coal keeping its place as the single largest source of energy in this sector. It’s up to governments to enable the transition to cleaner fuels, the IEA said.

“Our analysis shows that over 70% of global energy…

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