Europe gas demand
European gas demand has delivered significant gains since the last outlook, despite high prices and lingering coronavirus restrictions. Power continues to underpin demand long term, although competition from renewables will displace thermal generation, gas will provide essential support to the evolving supply mix and long-term electricity demand growth. Gas generators must deliver decarbonisation options such as CCS to secure a long-term future. The EU will struggle to meet ambitious Green Deal carbon targets without renewed emphasis on hard-to-decarbonise industrial sectors. Decarbonisation of energy use in buildings will gather pace in the 2030s and further accelerate through the 2040s. These factors combine to reduce gas demand to 438 bcm by 2040 and 340 bcm by 2050. On the other hand LNG will increasingly be adopted in maritime transport, with demand growing to 10.7 bcm by 2030 and up to 20 bcm by 2050.