BAKU, Azerbaijan, May 16. The Gas Exporting Countries Forum (GECF) will continue working with all stakeholders and overcome the challenges to provide efficient and reliable gas supplies to the world, the organization’s said secretary general Mohamed Hamel said, Trend reports.
Addressing the 26th Int'l Iran Oil, Gas, Refining & Petrochemical Exhibition, Hamel noted that Natural gas has been crowned as the fastest growing hydrocarbon fuel, increasing by 26 percent in the last decade.
“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. With the global population slated to grow by 1.9 billion people, and the global GDP more than doubling to reach 180 trillion US dollars by 2050, worldwide demand for energy will continue to rise despite energy efficiency improvements. For the developing countries, natural gas is the fuel to drive sustainable development. It fulfils the promise of ’Energy for All’, reduces air pollution, and remains the least-costly greenhouse gas emissions reduction pathway,” said GECF secretary general.
Hamel noted that whilst natural gas is the cleanest of the hydrocarbon sources of energy, it could be made even cleaner.
“Proven technology exists to reduce gas flaring, methane venting, and even to capture, use or store carbon dioxide. Then there is the immense potential of natural gas-led ‘Blue Hydrogen’. The GECF has the ambition to enhance cooperation in these areas, through, amongst other, our newly-established Gas Research Institute in Algeria. 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 dollars by 2050,” he explained.
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