Tribune News Network
The Gas Exporting Countries Forum (GECF) on Sunday launched the latest edition of its annual Global Gas Outlook 2050 (Outlook), in the presence of the 2023 President of the GECF, Gabriel M. Obiang Lima, Minister of Mines and Hydrocarbons, Republic of Equatorial Guinea.
The key findings show that by 2050 say that the global GDP will more than double, from $ 95 trillion today to $210 trillion in the real term.
Population growth will see 1.8 billion additional people in 2050 with most of this rise taking place in Africa and the Asia Pacific, it said. Energy demand is expected to rise by 22 percent by 2050 and natural gas’ share in the energy mix will go from 23 percent today to 26 percent in 2050.
According to GECF, the natural gas supply will increase by 36 percent and the natural gas trade will expand by more than a third, led by LNG, which will overtake pipeline trade by 2026. Upstream investment required over the forecast period is a hefty $ 9.7 trillion, it said.
Commenting on the findings Lima said, “The GECF Global Gas Outlook 2050, has become over the years an essential consultation tool for the natural gas industry, governments, academic institutions such as universities, and for the general public, which makes me congratulate the entire GECF team that has worked for the edition of this consultation and management tool.”
GECF Secretary General Mohamed Hamel emphasised that all energy sources and technologies will be required to satisfy the world’s growing energy needs while improving air quality and reducing greenhouse gas emissions.
He said, “The uncertainties have never been so large, and the challenges so profound. What is nevertheless clearer, and more crucial, is the energy trilemma: how to ensure a secure, affordable, and sustainable energy system over the short- to long term? What steps should be taken to ensure that energy is available for socio-economic development, while concurrently protecting the environment?”
The outlook seeks to answer these pressing questions by examining the global and regional economic growth prospects, demand and supply of energy, natural gas trade and investment, the effects of policies, technological developments, and variousother drivers.
Meanwhile, the two newly-developed alternative energy scenarios of the Energy Sustainability Scenario and Accelerated Energy Decarbonisation Scenario consider ending energy poverty and promoting economic growth in Africa, and possible pathways for faster global decarbonisation, respectively.