TEHRAN, Iran, May 18. The gas industry is in need of $8 trillion investment by 2050 to have sustainable development, said the Secretary General of the Gas Exporting Countries Forum (GECF) Mohammad Hamel, Trend reports citing ILNA.
"The recent events are a clear evidence that underinvestment is detrimental to both producers and consumers. The needs are huge, estimated at around $8 trillion by 2050, " he said at the 26th edition of Iran International Oil, Gas, Refining & Petrochemical Exhibition.
He pointed out that the natural gas industry demands policy and regulation stability. It also requires fair value for natural gas in order to ensure sufficient investments through the entire gas value-chain and the equitable risk-sharing amongst all gas market stakeholders to sustain the security of demand, as well as the security of supply.
The latest edition of the GECF Global Gas Outlook shows that gas will become the number one fuel in the global primary energy mix by 2050 at 27 percent, and when combined with renewables, will form the bedrock of power generation.
According to Hamel, natural gas is the fuel to drive sustainable development in the developing countries. It fulfills the promise of ’Energy for All’, reduces air pollution, and remains the least-costly greenhouse gas emissions reduction pathway.