Global Gas Report 2023ForewordGlobal Gas Report 20233We are pleased to present the 2023 edition of the Global Gas Report, which offers a significant perspective on the evolution of the global gas markets amidst a historical global energy crisis. This crisis has been unfolding in parallel with the energy transition towards a more sustainable future, as the world has struggled to align with the decarbonisation goals outlined in the Paris Agreement. Global emissions grew in 2022 with coal related emissions reaching an all-time high, due to gas to coal switching amidst the gas price and supply crunch.In 2022, the global gas markets experienced shifts demonstrating remarkable flexibility and exceptional resilience, in the face of unprecedented shocks from supply and demand sides. These shocks included the conflict between Russia and Ukraine, which exacerbated to the extreme the already tight global supply situation and drove gas prices to the highest ever recorded, as the supply of Russian pipeline gas to Europe dropped, causing a pressing search for additional imports to the continent. The unaffordable prices were detrimental to many developing countries, especially in South Asia, who suffered painful energy supply shortages and prolonged blackouts.Nevertheless, by September 2023, European storage levels exceeded required capacity, thanks to expanded import infrastructure, massive additional LNG inflows, and increased production of domestic natural gas. While Europe’s commendable rapid development of new infrastructure and efficient utilisation of existing gas networks has been critical in rebalancing the regional situation, we should not forget that it does not eliminate the lingering supply risk, as global gas sup...
