BAKU, Azerbaijan, May 22
By Leman Zeynalova – Trend:
It is estimated that total gas investment, including upstream and midstream activities between 2020 and 2050 will reach about $10 trillion, representing a compound annual growth of 1.26 percent from a total of $258 billion in 2020 to $375 billion in 2050, Trend reports with reference to the Gas Exporting Countries Forum (GECF).
The GECF is convinced that natural gas, as an abundant, affordable and clean hydrocarbon source, has a central role to play in the energy transition while simultaneously supporting progress on several sustainable development dimensions including the guardianship of ecosystems, human health, and the economy.
In fact, the member countries are already demonstrating their manifold commitment to environmental stewardship by reducing emissions from their own operations and wherever they hold equity to accelerate decarbonisation.
The GECF’s in-house developed Reference Case Scenario (RCS) implies a realistic approach when it comes to governments – including some of the most energy-poor nations – increasing their ambitions from current Nationally Determined Contributions (NDCs) and net zero pledges. The RCS takes into account adopted and announced national energy policies, while building its long-term assumptions, based on pragmatic assessment of policies’ implementation as well as progress in technologies that support carbon mitigation.
Based on the latest estimates in the GECF RCS, global primary energy demand is projected to increase by 24 percent over the next three decades, boosted by cumulative economic and population growth drivers. The only approach to achieve energy market stability, responsible and inclusive economic growth, as well as sustainable development goals is to consider natural gas as a destination fuel that will always be an essential element in achieving a lower-carbon energy system.
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