(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 15. The volume of
investments in upstream and downstream required to cover the global
gas demand will rise to $10.5 trillion by 2050, said Mohamed Hamel,
Secretary General of the Gas Exporting Countries Forum (GECF),
trend reports.
“In an industry characterized by a production natural decline
rate of 4-5 percent per annum, a lack of investment can only lead
to higher prices and chaotic energy transitions. This penalises the
poorest and the developing world. It risks creating a backlash
against the very policies that stifle investment. It also
jeopardises the attainment of the UN Sustainable Development Goals
and the very battle for mitigating and adapting to climate change,”
he said, addressing the 7th Symposium of Algerian Association of
the Gas Industry.
Hamel believes that all this is even more crucial for Africa,
where 900 million people don't have access to clean cooking fuels,
while 600 million people lack reliable electricity.
“Africa's population is set to rise from 1.4 to 2.5 billion in
2050. A doubling of the continent's average GDP per capita by 2050,
a rather modest objective, would increase energy demand by around
150 percent,” said GECF's secretary general.
He pointed out that Africa needs to use its natural resources to
mitigate poverty and ensure socio-economic development.
“The right of Africa to develop its vast natural resources shall
thus be preserved, and its access to finance and technology shall
be facilitated. In this connection, I am proud that since I assumed
office, Mozambique joined the GECF – Mozambique started exporting
LNG in November of last year and is expected to become the fifth
largest LNG exporter in 2040 – and Mauritania has officially
applied for membership – Mauritania will start exporting LNG by the
end of this year,” said Hamel.
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