Demand For And Use Of LNG Globally Increasing As The Effects Of Climate Change Become More Evident
Science, Energy and Technology Minister, Fayval Williams has noted that the demand for and use of LNG globally is increasing, and that as the effects of climate change become more evident, governments across the world are working assiduously to reduce harmful emissions, while increasing access to affordable power for their citizens.
She was speaking at a bond-signing ceremony between NCB Capital Markets Limited and New Fortress Energy (NFE), at the AC Marriott Hotel in Kingston, on Tuesday August 27.
Mrs. Williams said the International Energy Agency (IEA) reports that the demand for natural gas grew by about 4.6 per cent in 2018, the fastest annual pace since 2010.
She pointed out that the demand for natural gas is expected to rise by more than 10 per cent over the next five years, to reach more than 4.3 trillion cubic metres in 2024.
Additionally, Mrs. Williams said industrial use of natural gas as fuel and feedstock is set to expand at an average annual rate of three per cent, accounting for almost half of the increase in global consumption, up to 2024.
Minister, Fayval Williams noted that the Government of Jamaica’s partnerships with New Forest and many other stakeholders have gone a far way towards ensuring that Jamaica’s energy supply is secure and sufficient to support long-term economic and social development, and environmental sustainability, which is in accordance with Goal No. 4 of the National Energy Policy,
The extent of these developments, Mrs. Williams pointed out, include conversion of the Jamaica Public Service (JPS) 114-megawatt energy plant in Bogue, St. James, to an LNG-powered facility; construction of a similarly powered 190mw plant in Old Harbour Bay, St. Catherine, the JAMALCO facility, and the South Jamaica Power Company; and commissioning of the floating storage regasification terminal, which strategically positions Jamaica as a premier LNG hub in the region.