Asia leads growth in oil, gas capacity globally

The region holds 75% of the capacity that started construction last year.

The oil- and gas-fired capacity in development globally increased by 13% in 2022 mainly driven by China and Southeast Asian countries despite the price volatility and decline in green electricity costs.

In the Global Oil and Gas Plant Tracker, the Global Energy Monitor said Asia accounts for nearly two-thirds of the oil and gas capacity in development globally. 

China comprises a fifth of the development capacity, which is more than the combined capacity of the three other leading countries in the oil and gas-fired power development sector which are Brazil, Vietnam, and Bangladesh.

ALSO READ: Asia needs natural gas to balance ‘energy trilemma’

 “Gas continues to grow even with its reputation unraveling as a cheaper, cleaner and reliable transition fuel. Price volatility has led many countries to turn their backs on gas plans,” Jenny Martos, project manager for the Global Oil and Gas Plant Tracker, said.

“The severity of gas’ impact on the climate is better understood everyday because it leaks the potent greenhouse gas methane. And extreme weather events are causing fossil fuel power plants to fail. Still, the transition away from oil and gas is not happening anywhere near fast enough,” she added.

Last year, 207 gigawatts (GW) of new oil and gas-fired power plants started construction, increasing by 23% year-on-year. Of this, Asia accounts for 75% of the capacity mainly in China.

Global Energy Monitor said that the cost of electricity from solar and wind is on average below the price of gas-fired power.

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