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Soaring LNG prices expected to hurt Asia
The war has become a catalyst to rethink global energy supplies: Surging fossil fuel prices, intense competition and rising geopolitical risk. With climate change impacts intensifying, will the crisis unite the world in stronger climate action and spending on cheaper renewable energy? Or will it entrench fossil fuels in the pursuit of energy security?
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An LNG tanker in Yokohama, Japan. The scramble for LNG means global prices are likely to stay high for another two years.
PHOTO: REUTERS
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Asia is set to be hard hit by the war in Ukraine, especially poorer nations already struggling to meet their energy needs.
The region imports about 70 per cent of the world's liquefied natural gas (LNG) production and the super-chilled fuel has become an essential part of Asia's growing appetite for energy.
