New Asian gas projects create $379 bn stranded asset risk: Report
A planned $379 billion expansion of gas infrastructure in Asia risks becoming stranded assets as the world turns away from fossil fuels, a new report by the San Francisco-based Global Energy Monitor (GEM) said on Tuesday.
The gas build-out undermines pledges by several Asian countries to achieve net zero emissions as part of a transition to renewables by mid-century, and it is occurring despite a June 2021 warning by the International Energy Agency that achieving net zero globally depends on halting all future fossil fuel development.
The key findings of the report include the $379 billion in new gas infrastructure in Asia includes $189 billion of gas-fired power plants, $54 billion of gas pipelines, and $136 billion of new liquefied natural gas (LNG) import and export terminals.
