With the U.S. well on its way to becoming the world’s largest liquefied natural gas export capacity by YE 2022, we wanted to take a step back and take stock of broader trends at home and abroad – in particular, the role of natural gas and LNG in the energy transition. While outcomes will vary sharply, perhaps even dramatically, across different markets and regions, we believe that LNG and natural gas will expand their role due to the increasing worldwide rejection and even stigmatization of coal. With coal in retreat and widespread renewables adoption years or even decades off in developing markets, we believe that many Asian energy-importing countries will increasingly turn to LNG. China’s coal policies and LNG affordability for countries such as India will have decisive implications for future LNG demand.