The Secretary-General of the Doha-headquartered Gas Exporting Countries Forum (GECF), Dr. Yury Sentyurin, has reaffirmed that the natural gas will be the fastest growing fuel in the global energy mix, increasing its share from currently 23 percent to 28 percent by 2050.
Dr. Yury, speaking at a virtual event recently, said: “It (natural gas) will overtake the so-called ‘dirty coal’ in 2025 and become the largest global primary energy source by 2047, with oil plateauing around 2040 and then beginning its irreversible decline.”
In his welcome address to the Director-General of the International Renewable Energy Agency (IRENA), Francesco La Camera, on Tuesday, at the GECF’s Monthly Gas Lecture Series titled ‘The Energy Transformation: the Way Forward’, Dr. Yury noted GECF projections show that during this time, renewables will quintiple to 10 percent in the global energy mix.
“Together, natural gas and renewables will provide almost 60 percent of 2050’s electricity supply,” said the Secretary-General of GECF, an international governmental organisation which provides the framework for exchanging experience and information among Member Countries of the Forum.
The GECF’s founding Members include leading gas producers and exporters such as Qatar, Russia and Iran among others which have 72 percent of the world’s proven gas reserves, 46 percent of its marketed production, 55 percent of pipeline, and 61 percent of LNG exports across the globe.
According to the GECF Global Gas Outlook 2050, which was launched early this year, natural gas is projected to rise by 1.3 percent per annum from 3924 bcm (billion cubic metres) in 2018 to 5966 bcm by 2050 driven by environmental concerns, air quality issues, coal-to-gas switching as well as economic and population growth.
“Staying on the prospects of natural gas, according to the GECF Global Gas Outlook 2050, I am talking about the recent edition of this Outlook, this abundant, flexible, clean source of energy will expand across all regions, with, perhaps the exception of Europe, due to the advancement of renewables as well as enhancement of environmental and energy efficiency policies in European countries,” Dr. Yury added.
“Meanwhile, the Asia Pacific, North America and the Middle Eastern markets will be responsible for more than 75 percent of the total gas demand growth by 2050. Africa is expected to witness the fastest growth of natural gas – at approximately 3.1 percent per annum – albeit starting from a low base.”
Commenting on the new gas suppliers such as the non-conventional shale gas producers and others, he said that despite new gas exporters emerging between now and 2050, the share of the GECF in the global gas trade will still be more than half.
“This position, while encouraging for our organisation, also places huge responsibility on us. And we are using this position in the advancement of sustainable development. We do believe it is our duty to the world”, he noted.
Highlighting the Forum’s efforts towards the climate change and sustainable development goals (UN SDGs), Secretary-General said that there are numerous steps and initiatives taken by the GECF to this extent.
“I would like to point out our participation at the COP24 and COP25, where our message reaffirmed the crucial importance of challenges posed by climate change, alongside with the shared values and joint efforts undertaken by the international community, and the Forum’s Member Countries in particular, to deal with the environmental issues,” he added.
SOURCE: THEPENINSULAQATAR