The International Gas Union (IGU), Snam and knowledge partner Rystad Energy, are releasing the 2023 Global Gas Report (GGR), at the Energy Intelligence Forum in London.
- Having demonstrated significant resilience in the face of extreme shocks through 2022, the global gas industry came out of the most turbulent year in its history more agile and adaptable than ever, yet the global gas market is still in an unstable equilibrium in 2023.
- The gas market remains undersupplied, highly sensitive to fluctuations on supply and demand sides.
- Massive divergences across international energy and gas demand outlooks vis-à-vis low investments in natural gas, low carbon and renewable gases, fuels risk of worsened energy shocks toward 2030 and beyond.
- Natural gas, low carbon and renewable gases play a pivotal role in decarbonising energy systems around the world, helped by the adaptability of LNG infrastructure that delivers critically needed flexibility.
- A strengthened focus on comprehensive energy planning, low-carbon gases development, robust conservation measures to reduce demand, and CCS will determine the success of the energy transition.
As a consequence of the supply and price shocks coming on the heels of the Russia–Ukraine crisis, global gas demand decreased by 1.5% in 2022 compared to 2021. The largest declines were recorded in Europe and Asia and were partially offset by strong growth in North America. Europe’s gas demand decreased by almost 12% in 2022. Spikes in international LNG prices caused the demand in Asia to fall by 18 Bcm (1.9%) in 2022, with significant demand destruction seen in South Asia, where unaffordable LNG prices led to gas shortages and blackouts. Pakistan and Bangladesh were hard hit and saw a 12% and 15% gas drops, respectively in 2022. On the contrary, North America’s gas demand grew by 4.8% in 2022, as the North American prices remained largely isolated and affordable. In the first half of 2023, China saw gas demand grow at 5.4% year-on-year to reach 194 Bcm.
Snam CEO, Stefano Venier highlighted:
As part of a more and more interconnected global market, the European gas system managed to overcome the enormous challenges faced in 2022, also thanks to the flexibility provided by LNG and the further diversification of gas supplies, which brought storages almost at full capacity ahead of the winter season. It is important to continue investing in gas infrastructure to secure reliable and affordable natural gas supply and accelerate the development of green, low-carbon gas and CCS, considering the key role that molecules will play in the energy mix of the near and longer future.
Global gas production in 2022 stayed flat with a marginal 8.3 Bcm or less than 0.5% uptick, keeping the global gas in short supply. The curtailment of Russia’s output in 2022 was offset by supply growth in North America, the Middle East, Europe and Asia, roughly balancing out the volume of available gas supply in the market to the pre-Russia–Ukraine war level. Africa experienced a small drop in gas production between 2021 and 2022.
Natural gas prices remain above pre-covid and pre-energy crisis levels in H2 2023, yet prices cooled from the record-breaking heights of 2022. Price reduction in 2023 largely came from dropping demand, mostly in Europe and Asia. In late August 2022 natural gas price had recorded a historical peak, as the Netherlands-based TTF closed at around 90 USD/MMBtu and Asian spot LNG prices surged past 60 USD/MMBtu. Subsequent demand contraction, marginal supply growth, and infrastructure debottlenecking helped the market ease into a fragile, unstable equilibrium.
IGU President, Madam Li Yalan stressed:
The energy crisis reminded the world that only when energy is affordable and secure can it become truly sustainable. So many developing countries in Asia, Africa, and South America, will continue to need more gas to fuel the economy, to reduce air pollution and emissions. It is clear, to build sustainable and affordable energy systems for all, gas investments are urgently needed alongside more renewables.
LNG has been critical to navigate through the crisis, offsetting the shortage and keeping the lights on in Europe, yet global supply shortage and exceptionally high prices left some countries in Asia in the dark. In 2022, Europe’s LNG imports surged by 69% to reach 169 bcm, amidst a tightly supplied global market. To restore the global LNG security of supply, the current shortfall needs addressing. Despite recent optimism, the investment growth is occurring on the back of a prolonged low-investment period, and the total level and off-take agreements are still short to produce sufficient supply. In the period between 2014 and 2020, gas supply development investments dropped by 58%, and only started to marginally recover in 2021.
Analysis of future potential trajectories of global gas market fundamentals towards 2030 illustrates that continued investments in natural gas value chain are needed to cope with global demand and likely growth in some regions. International energy outlooks project a wide range of scenarios for the supply and demand of gas to 2030 and beyond. The most aggressive 1.5-degree decarbonisation scenarios project reduced global energy demand with high rates of technology and behavioural change and are subject to extremely high uncertainty, especially in the short to medium term. The current pipeline of natural gas and low carbon gases projects will not satisfy many of the possible demand outlooks. Without further investment, the current existing and approved gas production level is expected to reach roughly 4,100 bcm in 2023, declining to 3,100 bcm in 2030 and further to just under 1,000 bcm in 2050, due to asset maturation and natural decline. At the end of 2022, the global supply capacity of low carbon hydrogen stood at 3.2 million tonnes per annum and biomethane stood close to 7 bcm, which is orders of magnitude lower than most 2030 targets.
Total global energy CO2 emissions in 2022 reached another record with a 1.1% yearly growth. High gas prices led to gas-to-coal switching and an all-time high in emissions from coal, reaching about 16.8 giga-tonnes of CO2e. 2022 and 2023 continued the decade-long trend with coal having a 40% share of global power sector emissions, while the global economic engines and major energy consumers like China and India increased their coal usage and approved new coal plants to mitigate energy security risks. In the first half of 2023, lower gas prices, nuclear recovery, and power production from renewable energy sources have reduced coal consumption and emissions, especially in Europe.
Zetrix and Beitou Launch Digital ID & Driver’s Licence Services on Blockchain
Service is the first global W3C-compliant Verifiable Credential implementation and will be initially used by China domestic users travelling abroad
KUALA LUMPUR, Malaysia, Dec. 10, 2023 /PRNewswire/ — Zetrix, a layer 1 public blockchain platform, today announced the launch of its groundbreaking Digital Credentials platform, ushering in a new era of secure, convenient, and interoperable credentials verification. This innovative solution addresses the challenges of traditional paper-based credentials, offering a range of benefits that will transform the way individuals, organisations, and governments interact in the digital realm.
The launch marks the commercialisation of the collaboration announced on 18th September 2023 between Malaysia’s MY E.G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd (“Beitou”), the IT arm of Guangxi Beibu Gulf Investment Group listed as one of China’s Top 500 enterprises.
The launch was held on 9th December 2023 at Ritz-Carlton Hotel Kuala Lumpur and officiated by Malaysia’s Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi.
The service initially will be offered to domestic China nationals who can choose to digitise their National ID or driving licence as a Verifiable Credential (“VC”) on Xinghuo International, the international gateway for China’s national Public Blockchain. Through Zetrix, which is integrated with Xinghuo, the National ID or driving licence VC can then be presented abroad to be authenticated by any verifier wishing to verify the relevant identity or driving licence data according to their needs.
Beitou IT’s integration to China’s nationwide police and transport department databases ensures seamless authentication and digitisation of the documents into VCs.
Furthermore, in view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine.
It is foreseen that besides IDs and driving licences, other important credential documents held by individuals or businesses would also be digitised as VCs in the near future.
Enhancing Security and Combating Breach of Data
The use of digital credentials, with the initial pilot of driving licences based on blockchain technology will significantly enhance security and combat counterfeiting of electronic licences. By leveraging on the Self Sovereign Identity (“SSI”) framework, Zetrix’s Digital Credentials platform enables the real time verification of documents digitised as Verifiable Credentials, providing a robust defence against fraud and forgery.
“In addition to ensuring authenticity, documents digitised as Verifiable Credentials offer the ability for selective disclosure or confirmation of data. For instance, document holders can have their age or their home location verified without actually having to provide their date of birth or full address. This is extremely useful as it protects raw user data from being shared unless absolutely necessary, thus reducing the possibilities of cyber attacks,” explained TS Wong, founder of Zetrix.
Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co.,Ltd, Lai Shuiping, said: “The China-ASEAN digital driving license cross-border verification platform is jointly developed by Beitou IT and MYEG. The platform will continue to expand into providing more convenient services for communication between citizens of China and ASEAN countries, and promote economic development across the entire region.”
“In future, Beitou IT will further strengthen cooperation with Malaysian enterprises in the field of transportation digitalisation, and promote continuous improvement of intelligent transportation in ASEAN countries,” Lai added.
Multi-Chain e-Wallet for International Travelers
Zetrix’s Digital Credentials platform also leverages a multi-chain e-wallet that is able to store Zetrix’s native tokens as well as VCs from Xinghuo International and Ethereum. This feature facilitates seamless cross chain transactions and simplifies identity and document verification across multiple scenarios, enhancing the experience for travelling individuals.
The digital credentials service exemplifies the World Wide Web Consortium (W3C) standards of Verifiable Credentials and Decentralised Identifiers as Self-Sovereign Identity. This will be a key catalyst to enable a greater interoperability across blockchains and decentralised applications.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About Guangxi Beitou IT Innovation Technology Investment Group Co Ltd
Guangxi Beitou IT Innovation Investment Group Co. (Beitou IT) stands as a wholly owned subsidiary of Beibu Gulf Investment Group (Beitou Group), boasting total assets exceeding 300 billion RMB. Established in October 2020 with a registered capital of 1 billion RMB, Beitou IT has emerged as the foremost digital company in Southwest China. Beitou IT strategically concentrates on four primary business domains: ITAI project implementation and operation, IT product R&D, integration and sales, and the development of New Infrastructure. Over the past three years, Beitou IT has successfully undertaken numerous government and enterprise-level projects encompassing digital government, digital transportation, digital port, smart court, and enterprise digitalization.
With a workforce exceeding 400 employees, Beitou IT houses a team of hardware and software engineers, where over 50% hold master’s degrees from esteemed universities. The team includes 2 State Council-subsidized experts, numerous district industrial authorized experts, and a Fin-Tech expert from the ‘Hong Kong, Macao, and Taiwan Talent Project.’ This robust talent pool positions Beitou IT as one of the rare state-owned digital companies capable of independent R&D.
Photo – https://mma.prnewswire.com/media/2297236/Photo_ZCert_Launch.jpgLogo – https://mma.prnewswire.com/media/2163610/4448283/ZETRIX_Hires_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/zetrix-and-beitou-launch-digital-id–drivers-licence-services-on-blockchain-302010835.html
Sustainability Empowerment, Brand Upgrade VIVOTEK among Taiwan’s Best Global Brands
TAIPEI, Dec. 10, 2023 /PRNewswire/ — VIVOTEK (3454TW), the global leading IP surveillance solution provider, has been selected to the Best Taiwan Global Brands, and consistently earned market recognition. The three development engines of operational excellence, comprehensive brand management, and active promotion of sustainable actions, have elevated the brand above competition to display outstanding brand value.
Best Taiwan Global Brands is organized by the Industrial Development Bureau, MOEA, and valuation is carried out by Interbrand, a global authority on brand valuation; this year, ESG was also included as key standards of valuation. In 2022, VIVOTEK set a record high in revenue with annual consolidated revenue reaching USD $332 million, achieving a growth rate of 82% compared to the same period in 2021. In addition to displaying operational strengths, VIVOTEK also advocated several sustainable actions, while also encouraging its employees to practice environmental protection both at work and in daily life, further earning the approval of the organizer.
“Being selected to Taiwan’s Best Global Brands is a recognition of the company’s strengths,” pointed out Allen Hsieh, VIVOTEK Spokesperson and Director of Global Marketing Division. “Brand power is not just manifested through the technical aspect of products, but also through the CSR aspect. By embedding ESG into our brand’s DNA, we not only adopt sustainable thinking, but also create a differentiated brand image. In the future, VIVOTEK will continue to empower our brand through ESG, while also constantly promoting smart and green innovations of security and protection technology, steering the brand towards greater value of sustainable development.”
Evolution of the brand is the firm starting point of VIVOTEK’s brand management. Through redefining identity and slogan, “We Get The Picture,” VIVOTEK breaks the limitations of the industry to redefine its brand value, establishing its unique status within the security and protection industry. By grasping the opportunity of technical innovation, VIVOTEK combines its hardware advantage and software capability to expand its deployment of security and protection solutions, becoming a leading solution provider, while also actively exploring the market of AI security and protection, such as: successfully launching innovative VORTEX smart cloud surveillance service that focuses on customer needs and accumulating many successful cases around the world. Recently, VIVOTEK was ranked number 12 among a&s Security 50, reaching the highest spot ever, and this is the very manifestation of the brand’s continued improvement of brand competitiveness.
VIVOTEK is a leading surveillance brand that strives for sustainability and began deploying ESG strategy many years ago. Key measures include voluntary publication of sustainability report for six consecutive years, participation in the RE100 global corporate renewable energy initiative, and promotion of renewable energy applications. More recently, VIVOTEK has incorporated the principle of sustainability into its product box design, reutilizing packaging of its products to create eco-friendly smartphone holders. This marks the first time the brand’s innovative sustainability principle has been extended through its products. VIVOTEK also plans to launch a product carbon footprint project in 2024 to facilitate formulation of comprehensive carbon reduction strategy, further strengthening brand development and upgrading sustainable operations.
Photo – https://mma.prnewswire.com/media/2297171/1128__________2.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sustainability-empowerment-brand-upgrade-vivotek-among-taiwans-best-global-brands-302010856.html
Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
Photo – https://mma.prnewswire.com/media/2297131/FPS_Chancellery.jpg
View original content:https://www.prnewswire.co.uk/news-releases/belgian-commitment-to-partnership-supports-a-new-frontier-of-europe-us-space-research-302010742.html
- Zetrix and Beitou Launch Digital ID & Driver’s Licence Services on Blockchain
- Sustainability Empowerment, Brand Upgrade VIVOTEK among Taiwan’s Best Global Brands
- Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
- Savory & Partners: Digital Nomad Visas Sparking a Migration Boom
- Robotic Lawn Mower Market to Reach $2.4 Billion, by 2032 at 10.9% CAGR: Allied Market Research
- HH Global discloses environmental impact through CDP
- Cloud-based Data Management Services Market worth $141.7 billion by 2028 – Exclusive Report by MarketsandMarkets™
- TCL CSOT Redefines the Future of Display at Global Display Tech-ecosystem Conference 2023
- GoNetZero™ Launches Conversational AI Platform ‘Renewable Energy Navigator Explorer’ To Simplify Energy Data
- SquaredFinancial introduces enhanced Fraud Prevention Framework and uncovers fraud network
- INDONESIA MUST ACCELERATE DELIVERY OF DIGITAL STRATEGY TO ACHIEVE GOVERNMENT’S “TOP 10 GLOBAL ECONOMY BY 2030” AMBITIONS, SAYS GSMA REPORT
- “Turing Town” in west China builds on AI to empower industrial digitalization
- Electric Vehicle Tires Market worth $11.2 billion by 2030 – Exclusive Report by MarketsandMarkets™
- Taiwan’s Key Robotic Technologies Shine at iREX 2023 in Japan
- Automated Liquid Handling Technologies Market Size to Expand Lucratively and Reach $4.31 Bn to 2031 – Explained Details | Updated InsightAce Study
Artificial Intelligence7 days ago
China Daily: Digital tech helps rural economies thrive
Artificial Intelligence7 days ago
Biorational Pesticides Market worth $15.1 billion by 2028 – Exclusive Report by MarketsandMarkets™
Artificial Intelligence7 days ago
Media Alert: Stamus Networks Releases Updated “Security Analyst’s Guide to Suricata”
Artificial Intelligence7 days ago
Thoma Bravo Completes Sale of Imperva to Thales
Artificial Intelligence7 days ago
BioCatch Welcomes Sallie Krawcheck and Liat Nadai Arad to Board of Directors
Artificial Intelligence2 days ago
Savory & Partners: Digital Nomad Visas Sparking a Migration Boom
Artificial Intelligence3 days ago
Electric Vehicle Tires Market worth $11.2 billion by 2030 – Exclusive Report by MarketsandMarkets™
Artificial Intelligence3 days ago
TCL CSOT Redefines the Future of Display at Global Display Tech-ecosystem Conference 2023