The debate over how to fund new gas projects in a rapidly transitioning energy world is heating up. As the world faces mounting pressure to decarbonize, the question is no longer whether gas has a role—but who will pay for it. That question took center stage on December 1, 2025, during a high-profile panel at the World Energy Capital Assembly in London, moderated by Mark McCrory, Strategy and Advocacy Director at the International Gas Union (IGU).
The session, titled “Financing Gas in the Transition – Who Is Backing New Projects?”, explored one of the most complex dilemmas in global energy finance today: how to secure funding for gas infrastructure while staying aligned with net-zero ambitions. The panel went far beyond surface-level discussions, tackling issues that shape real-world investment decisions—from the influence of infrastructure funds in upstream, LNG, and midstream financing, to the evolving role of long-term offtake contracts that often make or break major deals.
But here's where it gets controversial. As regions around the world compete for capital, some are thriving while others face significant barriers that keep investors away. The panel examined these global capital flows, asking why some emerging markets, despite high energy demand, remain underfunded. Is the challenge purely economic, or does it reflect growing environmental, social, and governance (ESG) pressure from financial institutions?
Mr. McCrory emphasized the urgency of maintaining balance amidst this transformation: “Global energy demand continues to rise at a pace that could surpass current forecasts. Consistent, well-targeted investment in gas supply and related infrastructure remains critical to ensuring the world meets its growing needs reliably, affordably, and sustainably.” His statement sparked discussion on whether gas should still be viewed as a ‘transition fuel’—a position that some stakeholders now challenge.
Joining Mr. McCrory on the IGU-moderated panel were Tom Wheeler, Senior Vice President at EIG; Euan Shirlaw, CEO of Bluenord; Zaki Hassan, Senior Director of Finance at Crescent Petroleum; and Vincent Lyle, Managing Director for Corporate & Investment Banking in EMEA Energy & Power at Wells Fargo. Together, they shared different perspectives from across the investment landscape, highlighting how financial strategies must evolve if the gas sector is to stay competitive in a carbon-conscious world.
And this is the part most people miss: while global headlines often focus on renewables, gas remains deeply intertwined with energy security—especially when renewable capacity falls short. The real challenge lies not in abandoning gas altogether, but in financing it responsibly.
What do you think? Should investors continue supporting new gas projects as part of the energy transition, or is it time for finance to move entirely toward renewables? Share your thoughts in the comments—this is a debate that’s only getting started.
