Secretary General of the GECF Eng. Mohamed Hamel with other participants during the virtual event.
Doha: The share of natural gas in the energy mix will increase from 23 percent today to 27 percent by 2050, according to the Global Gas Outlook 2050.
The Gas Exporting Countries Forum (GECF) unveiled yesterday the 6th edition of Global Gas Outlook 2050, a comprehensive report on the status of natural gas up to 2050.
Eng. Mohamed Hamel, Secretary General of the GECF delivered the opening remarks in which he highlighted the continued prominence of natural gas in various energy outlooks and pathways. “The GECF Global Gas Outlook 2050 underscores that investment in natural gas is critical for the stability of global energy systems. The outlook projects that by 2050, total upstream and midstream investments will reach a hefty $8.7 trillion,” GECF Secretary General said.
“Environmental policies are a key driver of the projections contained in the Outlook. In this context, whilst upholding that natural gas is the cleanest of hydrocarbon fuels, the Outlook explores the state of technologies that will make it even cleaner,” he added.
With global population expected to grow by 1.9 billion people by 2050 and global GDP to more than double in real terms, humanity’s energy needs will only grow despite energy efficiency improvements All energy sources will contribute to satisfy these needs, there is no one size fit all models.
Future energy pathways will vary from one country to another. Understandably, the energy transition in India cannot be the same as in Europe. Hamel said, “Natural gas is the energy that fits most pathways that permit the attainment of the UN sustainability development goals. It contributes to improve air quality in densely populated mega cities and it is a partner of renewables providing much needed backup and stability to power grids. Available, reliable, flexible and with a diversity of producers, natural gas is a true pillar of energy security.”
GECF Secretary General added, “Carbon capture utilization and storage (CCUS) is a promising mitigation pathway as it involves proven technologies and attracts increased interest. The number of new CCUS projects launched in 2021 has sharply increased. Methane emissions are expected to be reduced, considering that in most cases this is a commercially sound undertaking. Blue carbon from the natural gas is the least costly option to decarbonise high temperature processing industries such as steel and cement industries and direct air capture is also attracting more attention and research funds.”
The GECF Global Gas Outlook 2050 is the flagship publication of the association of 19 countries, who together represent 71 percent of the world’s proven gas reserves, 43 percent of its marketed production, 52 percent of pipeline, and 58 percent of LNG exports in the world. The Outlook finds that natural gas can become the fuel of choice in satisfying the growing world energy needs, addressing climate change and improving air quality.
Experts and analysts also discussed about the six chapters of the Outlook and shed light on the main findings of the Outlook during the event.
