A new report from Rystad Energy forecasts an increase in global investment in liquefied natural gas infrastructure to as much as $42 billion in 2024.

The rapid surge in investment is due to an increased desire for secure energy sources in Europe and Asia, spurred by Russia’s invasion of Ukraine and the subsequent sanctions placed on Russian gas exports.

Spending on LNG infrastructure was significant in 2021, with Rystad estimating that $28 billion was approved on greenfield LNG projects.