GECF's 2050 outlook predicts 34 percent surge in global natural gas demand
Date
3/14/2024 6:41:26 AM
(MENAFN) The gas Exporting Countries Forum's (GECF) 2050 Outlook report forecasts a substantial rise in global Natural gas demand, projecting a 34 percent increase by the year 2050 compared to levels observed in 2022. This surge in demand is anticipated to elevate natural gas consumption to approximately 5,360 billion cubic meters by 2050, a significant uptick from the approximately 4,015 billion cubic meters recorded in 2022.
The report attributes the driving forces behind this growth in demand to several factors, including population expansion, heightened economic production, efforts to improve air quality, initiatives aimed at reducing greenhouse gas emissions, and policies focused on transitioning away from coal and oil towards gas as a cleaner energy alternative.
Notably, the Asia-Pacific region emerges as a focal point for this increased demand, with an estimated 52 percent of the global demand growth expected to originate from this region.
"As the share of renewables increases, natural gas-fired power generation is projected to play an increasingly vital role, providing essential flexibility and backup support to solar and wind power and hydroelectricity during drought periods. From a regional perspective, most of the future natural gas demand growth is expected to come from the fast-growing Asia Pacific markets and gas-rich Middle East and African countries," the report noted.
The report also highlights a significant portion of the projected increase in natural gas demand originating specifically from the electricity generation sector. It estimates that this sector alone will contribute approximately 500 billion cubic meters to the overall growth in demand.
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