Secretary General of the Gas Exporting Countries Forum (GECF), Yury Sentyurin, Secretary General of International Energy Forum (IEF), Joseph McMonigle with other officials during the webinar.
The global primary energy demand is projected to grow by 24 percent by 2050, returning to its 2019 level as early as 2023. Speaking at the webinar, Secretary-General of the Gas Exporting Countries Forum (GECF), Yury Sentyurin, said that hydrocarbons will continue to remain a dominating energy source for the foreseeable future.
“It is too early to write off hydrocarbons, they will remain the dominating energy source in the global energy mix for the foreseeable future. Natural gas will be the only hydrocarbon resource to increase its share from 23 percent to 28 percent in 2050 as it is one of the global enablers for reducing emissions quickly, cost effectively and steadfastly by replacing carbon intensive fuels,” said Sentyurin during the GECF gas lecture series titled ‘The Role of Gas in Clean, Reliable, and Sustainable Growth’ yesterday.
He stated that In GECF’s latest assessment this plentiful and crucial clean source of energy will expand across Asia Pacific, North American and Middle Eastern markets.
GECF member countries will enjoy the largest share of natural gas reserves in the world both in terms of gas production and trade will retain their position and continue to develop natural gas resources through the energy throughout the energy transition, he added.
Joseph McMonigle, Secretary General of International Energy Forum (IEF) said, “As the world economy moves out of the shadows of COVID-19 pandemic, natural gas plays the central role in clean, reliable and sustainable growth.”
“The collaboration between the IEF and GECF has gone from strength to strength over the past years. The pandemic has reset energy market outlook and its impact on short and medium energy demand and supply balances is unparalleled in the history of energy markets.”
He said, the growing natural gas share in the energy consumption of Organisation for Economic Cooperation and Development (OECD) economies has enabled to phase out of coal and ease reliance on nuclear while in non-OECD growing economies natural gas accelerates switching from biomass and coal to gas.
In Asia gas import and electrification requirements will continue to rise as demand growth shifts from North East Asia to South East Asia where LNG demand is set to quadruple in the longer term.
“Amid the efforts to overcome COVID-19 impacts multiple challenges remain in reigniting economic growth, returning livelihoods and job opportunities. And at the same time meeting climate, clean air, and sustainable development goals all center on the use of natural gas technologies and their capacity to accelerate fuel switching, create synergies to integrate renewables, green gas, hydrogen, and other carbon dioxide solutions,” he said.
In the short, medium and long term, natural gas technologies will play an ever-larger role in achieving climate, clean air and energy access goals.
As more consumers and producers are added in global gas market, more consumer-producer dialogue and cooperation is needed to fully achieve potential of natural gas, he added.
