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27	27	As per recent global reviews, energy consumption in the world grew by around 3% in the year 2018 as compared to 2017. This has been one of the highest yearly growth since year 1990. This growth was largely driven by additional energy consumption in China, US and India which together accounted for around two-thirds of the growth. Energy consumption growth also echoed across all the primary fuels – renewable energy, gas, oil and even coal. Most of the primary fuels grew more intensely compared to their historical averages. On the other side, carbon emissions from energy use also increased sharply by around 650 million tonnes, a YoY growth rate of 2%, highest in last seven years. Most of the regions contributing to high growth in energy consumption also contributed to high growth in carbon emission while few regions like Europe showed reduction in carbon emissions compared to last year indicating their move towards cleaner fuel mix.{{footnote}}https://www.bseindia.com/bseplus/AnnualReport/532155/5321550319.pdf{{/footnote}}
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29		-Gas contributed to around 43% in overall energy growth in the world followed by Renewables. 2018 was a windfall year for natural gas, with both global consumption and production increasing by over 5%, one of the highest growth for both gas consumption as well as supply in last 30 years (Refer figure 2 for fuel wise share). USA became the major contributor for growth in gas, accounting for almost 40% of global demand growth and over 45% of the increase in production while gas consumption in China grew by 18% compared to last year. China’s gas demand was largely an outcome of their continued environmental policies encouraging coal-to-gas switching in both industries and buildings in order to reduce pollution in cities while continuing industrial growth.
	29	+Gas contributed to around 43% in overall energy growth in the world followed by Renewables. 2018 was a windfall year for natural gas, with both global consumption and production increasing by over 5%, one of the highest growth for both gas consumption as well as supply in last 30 years. USA became the major contributor for growth in gas, accounting for almost 40% of global demand growth and over 45% of the increase in production while gas consumption in China grew by 18% compared to last year. China’s gas demand was largely an outcome of their continued environmental policies encouraging coal-to-gas switching in both industries and buildings in order to reduce pollution in cities while continuing industrial growth.
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31	31	== LNG Industry ==
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33	33	LNG trade grew over 9% in 2018 with increased supply from US and growing consumption in European and Asian markets. Further, LNG imports by China grew by approx. 40% in the year 2018. The growth in India’s gas consumption was brought almost entirely by LNG as domestic gas output remained stagnant, According to Shell LNG Outlook 2019, the number of LNG importing countries continues to increase, reaching 42 in 2018, with Panama and Bangladesh turning to LNG imports to meet their energy requirement. Also according to the same report, the average length of new LNG supply contracts doubled from around six years in 2017 to about 13 years in 2018. According to GIIGNL Annual Report 2019, total volume of over 30 Mtpa was contracted under mid-term/long-term (above 4 years of contract) LNG as compared to around 20 Mtpa in 2017. These developments indicate improved long-term health for the global LNG market.