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The latest report released by Global Energy Monitor (GEM) indicates that the prospects for the development of liquefied natural gas (LNG) are not optimistic, due to overbuilding, falling natural gas prices, the impact of the pandemic, protests, and political opposition stemming from concerns about climate change. The report found that over the past year, the capacity of LNG terminals under construction worldwide more than doubled, with total capital investment rising from $82.8 billion to $196.1 billion. Currently, four of the world’s five largest developers of LNG export terminals are located in the United States, while five of the six largest developers of LNG import terminals are in China. However, many planned or under-construction projects face the risk of asset stranding. GEM’s survey shows that at least 24 projects have been canceled recently or are facing severe construction delays. Typically, these projects facing problems have to deal with financing difficulties, public protests, a labor shortage caused by the pandemic, and a sluggish economy. The report states that although it is regarded by some supporters as a \"transition energy source,\" due to methane leaks and energy losses during long-distance transportation, the carbon footprint of building new gas power plants in Europe and Asia could be quite similar to that of a new coal power plant built in the same location. The expansion of LNG is not in line with the Paris climate goals, which require the world to reduce its natural gas consumption by 15% by 2030 and 43% by 2040 compared to 2020 levels. Due to the falling costs of renewable energy, the long-term economic viability and stranded asset risks associated with the expansion of LNG infrastructure are also being questioned. Ted Nace, executive director of GEM, said, “Studies show that renewable energy now has a greater competitiveness in power generation in South Korea than imported natural gas.” With each passing year, renewable energy becomes more competitive than before. ” (Article source: China Coal Resources Network)