The gas capacity across the globe grew by 22% YoY in 2022.
China and Vietnam led the markets with the most gas-fired power plant build-out in 2022, Global Energy Monitor (GEM) reported.
There are currently 117.21 gigawatts (GW) of gas plant projects in varying stages of development; whilst Vietnam with 76.94GW. These are followed by Brazil (61.72GW), Bangladesh (40.55GW), and the US (38.77).
Overall, the global capacity in development increased by 22% to 748GW year-on-year. GEM noted these cost an estimated US$601b in capital expenditure.
“The boom in gas plant construction risks creating an ‘age of gas’ that will last for decades and make the climate crisis worse,” Jenny Martos, Project Manager for the Global Gas Plant Tracker, said.
“Aiding this expansion is the continued conversion of coal to gas-fired power stations at a time when we should be rapidly shifting away from fossil fuels, not prolonging their use.”