BAKU, Azerbaijan, Dec.4
By Leman Zeynalova – Trend:
Natural gas embodies all the attributes required to achieve the multidimensional challenges of environmental protection, energy access, and affordability in a world stepping onto the road of recovery, the Gas Exporting Countries Forum Secretary General Yury Sentyurin said at the 7th IEF-IGU Ministerial Gas Forum, hosted virtually by the Government of Malaysia, Trend reports.
“As the world reaches the end of the pandemic tunnel, it will need an energy partner that can help prevent environmental degradation, ensure a stable and uninterrupted supply of energy, and bring affordable and reliable energy for all. Natural gas is that partner,” said Sentyurin.
“The GECF Member Countries are amongst the lowest cost producers globally and are able to weather the current storm – or any other. We understand our duty to the world and are committed to strengthen global energy security as reliable suppliers of this important energy source,” he said while adding that natural gas will become the leading source in the global energy mix by mid-century, increasing its share from currently 23 percent to 28 percent.
The high-level gathering embraced the exponential growth of natural gas since the first edition in 2008 and highlighted the role of natural gas as it pertains to strengthening energy security and facilitating an orderly energy transition in an increasingly carbon constrained world.
Most of the energy ministers speaking at the day-long conference – from India to Qatar to Malaysia – pinpointed Asia as the main demand node for natural gas on the back of rising populations, environmental pledges, and phasing out of coal. Currently coal meets 47% of Asia’s energy consumption, while natural gas provides just 12 percent of primary energy consumption in the world’s largest region.
According to the GECF Global Gas Model, ASEAN and East Asia countries’ energy needs will account for around 60 percent of global energy demand increase between today and 2050. This growth will account for 42 percent of the global gas increments within the outlook period, driven by China, India, emerging markets such as Bangladesh, Pakistan, and a few others in South East Asian countries.
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