Exploring Short-term Solutions to the Global Gas Crisis
Date:
13 December 2022Category:
Energy, Innovation and TechnologyType:
Policy BriefsTags:
Energy, LNG, G20, Global GovernancePrint Article:
This brief explores short-term solutions for stabilising the global gas market so that the world can continue to recover amidst the Russia–Ukraine geopolitical crisis. The proposed solutions consist of (i) across-the-board ramping up of natural gas and liquefied natural gas (LNG) production; (ii) supporting countries with idle capacities or delayed gas projects in regaining their capacity to produce and export gas, especially to the regions most in need; (iii) an emergency plan initiated by the G20 group to ‘reroute’ LNG cargoes to the world’s regions most in need with low purchasing power; (iv) optimising LNG cargo destinations by taking advantage of specific contractual agreements; (v) issuing statements that can help stabilise the short-term gas market; (vi) intensifying discussions on formulating potential short-term measures to mitigate excessive volatility in prices; and (vii) urgently establishing a universally accessible, real-time information platform on natural gas trade.
