CASS Forecasts Gas Demand Reaching 800 bcm by 2050

In the next 30 years, natural gas will be the fastest-growing energy product in China, with demand reaching about 520 billion cubic meters (bcm) in 2030 and 800 bcm in 2050, said the Chinese Academy of Social Sciences.

According to its recent report on China's energy prospects, the next 30 years will witness a huge structural change in China's energy demand, owing to the combined effects of supply-side reform and economic growth path changes. By 2050, coal will account for less than 40 percent of the nation's energy demand, while the ratio of natural gas will increase sharply to more than 20 percent.

"China's economy has shifted from a high-speed growth stage to a high-quality development stage. Promoting green development, establishing a sound economic system with green and low-carbon recycling, as well as strengthening energy saving, and environmental protection and clean energy industries are the future trend, which offer great opportunities for the development of natural gas industry," said Cai Fang, deputy head of CASS.

As the government increases its requirements in environmental protection, the concept of green development is deeply rooted in people's minds, and the development of the natural gas industry has entered the fast track. Statistics from the National Development and Reform Commission showed that in 2017, China's natural gas consumption surged by 15.3 percent to 237.3 bcm.

China has become the world's top importer of natural gas in the first five months of 2019, as its superpower economy develops and weans itself off coal-generated energy. In terms of where the natural gas will be applied, the report from CASS predicted that electricity will be one of the major fields. Natural gas power generation will shift from its current position as a power source during peak times to a major form of power generation. It is estimated that by 2020, power generated by natural gas will reach 335.1 billion kilowatt-hours, and the figure will reach 582.2 billion kWh by 2030 and 1 trillion kWh by 2050.