Global LNG Markets at a Crossroads: Turning Market Turmoil into an Opportunity to Reduce Gas Dependence and Emissions

​Ensuring affordable and reliable energy for industries and households is a fundamental responsibility of governments worldwide. At COP28 in Dubai, Parties to the Paris Agreement agreed on the need to transition away from fossil fuels in energy systems. The repeated turmoil in global gas markets should provide an additional incentive for governments to accelerate this transition and reduce their dependence on fossil fuel imports.

​Yet fears of short-term supply shortages, combined with existing fossil path dependencies, continue to drive public and private investment in LNG infrastructure and long-term supply contracts. These decisions risk locking countries into costly overcapacity, to create stranded assets, weakens governments’ ability to regulate the industry, and contributes to a prolonged fossil fuel dependence, while exacerbating environmental damage and greenhouse gas emissions.

​With perspectives from Japan, Germany, South Korea and more, this session will explore how governments can ensure affordable, reliable energy without deepening LNG dependence. Discussions will draw on national experiences to examine the risks of infrastructure expansion and long-term supply contracts, their implications for climate regulations, and opportunities to move beyond short-term responses toward a faster transition away from fossil fuels.