(TheIndoDaily) – Doha-based Gas Exporting Countries Forum (GECF) on March 12, 2024, officially launched the new edition of its annual flagship publication, the Global Gas Outlook (GGO) 2050.GECF Secretariat said via a video conference that this publication presents projections and in-depth analyses of the global energy system, focusing on natural gas and extending until the middle of the century.
The launch was attended by Sheikh Mishal bin Jabor Al-Thani, GECF Executive Board Chairman and distinguished representatives from the GECF member and observer countries.
The GECF Global Gas Outlook 2050 stands as one of the flagship publications of the Gas Exporting Countries Forum, offering invaluable insights into the future of global energy dynamics.
The 8th edition of Outlook delves deep into the intricate challenges of the energy trilemma, exploring economic growth, energy demand, supply complexities, and the evolving landscape of natural gas.
Key Insights from the 8th Edition:
- Sustained growth in energy consumption.
The latest edition forecasts continued growth in global energy consumption, accompanied by a trend towards more equitable distribution per capita, especially in developing regions striving for sustainable development.
- Renewable energies are on the rise.
While renewable energy sources are on the rise, particularly in the power sector, they have yet to mature sufficiently to meet the growing energy demand, highlighting the need for a diversified energy mix.
- Natural gas as a key player in energy transition.
Natural gas emerges as a crucial partner in facilitating just, orderly, and equitable energy transitions. Its clean burning properties make it a sustainable alternative to traditional biomass, contributing to improved air quality, reduced emissions, and global food security.
- Investment and production outlook.
The majority of natural gas production by 2050 is expected to come from new projects and undiscovered resources, necessitating significant investments exceeding US$9 trillion to meet global demand. Investing in natural gas becomes imperative to address the trilemma of affordability, security, and sustainability.
- Surge in natural gas trade
The Outlook reveals a significant surge in global natural gas trade, expected to account for over one-third of global gas demand by 2050. LNG trade is set to more than double by 2050, surpassing long-distance pipeline trade, thereby enhancing integration, flexibility, and efficiency in natural gas markets.
- Advancements in clean energy technologies
While natural gas is inherently cleaner, further advancements in clean energy technologies such as CCUS and hydrogen production are essential to limit global temperature increases. Comprehensive policy support and market mechanisms are crucial for successful implementation.
Edited by Roffie Kurniawan
Email: roffie.kurniawan@theindodaily.com