Asia is taking strategic steps to diversify its fuel sources, reducing its dependence on liquefied natural gas (LNG) despite falling prices. Asian governments and utilities have favored nuclear power, renewables, coal and fuel oil, helping to stabilize power grids while enhancing energy security in the region.

With extremely high temperatures sweeping across southern Europe, the gas and electricity markets are facing a sharp rise in demand. Heat waves lead to increased cooling demand and price sensitivity, putting the region's security of supply to the test.

Japan proposes to strengthen the role of the International Energy Agency in natural gas security at the Conference of LNG Producers and Consumers in Tokyo. This landmark proposal aims to enable the IEA to better analyze natural gas reserves and prepare for potential supply disruptions, while fostering collaboration for a cleaner value chain and carbon neutrality for LNG.

Renewable natural gas (RNG) is experiencing phenomenal growth in North America thanks to new government incentives for the transportation sector, offering significantly lower carbon emissions. With 66 future projects announced in 2022 and a total capacity of 385 million cubic feet per day, the RNG market is expected to reach 3% of the North American natural gas market by 2050, driven by policy support and technological development.

The global energy crisis following Russia's invasion of Ukraine is leading to the formation of a new global gas market, requiring closer dialogue between producers and consumers to ensure short- and long-term security of supply and reduce emissions. The International Energy Agency stresses that coordination between market players is essential, and that increased use of low-emission gases will play a key role in reducing the sector's greenhouse gas emissions.