The Gas Exporting Countries Forum (GECF), the global platform of the leading gas producing countries, on Tuesday publicly unveiled its annual GECF Global Gas Outlook 2050 (Outlook), a comprehensive report on the status of natural gas up to 2050.
In the sixth edition, the Outlook finds that natural gas can become the fuel of choice in satisfying the growing world energy needs, addressing climate change and improving air quality. It predicts the share of natural gas in the energy mix will increase from 23% today to 27% by 2050.
In his overview of new-edition Outlook, HE Eng. Mohamed Hamel, Secretary General of the GECF, highlighted the continued prominence of natural gas in various energy outlooks and pathways.
Hamel said: “The GECF Global Gas Outlook 2050 underscores that investment in natural gas is critical for the stability of global energy systems. It projects that by 2050, total upstream and midstream investments will reach a hefty US$ 8.7 trillion.”
“Environmental policies are a key driver of the projections contained in the Outlook. In this context, whilst upholding that natural gas is the cleanest of hydrocarbon fuels, the Outlook explores the state of technologies that will make it even cleaner.”
The GECF Global Gas Outlook 2050 is the flagship publication of the association of 19 countries, who together represent 71% of the world’s proven gas reserves, 43% of its marketed production, 52% of pipeline, and 58% of LNG exports in the world.
The Outlook is based on a proprietary GECF Global Gas Model.