Global natural gas demand will rise by 46% from 3,840 billion cubic metres (bcm) in 2020 to 5,625 bcm in 2050, the Gas Exporting Countries Forum (GECF) said in a report released Monday.
The report, titled Global Gas Outlook 2050, also found that the Asia Pacific region, Middle East, and Africa would responsible for the biggest source of this growth. In the Asia Pacific region, GECF expects consumption to almost double.
“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 $8.7 trillion,” Eng. Mohamed Hamel, secretary general of the GECF said in a statement.
Countries and companies have increasingly been turning to natural gas for energy as a cleaner alternative to oil and call while calls for sustainability increase. GECF says that natural gas’s share of the global energy mix will increase from over 23% now to 27% in 2050.
“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,” Hamel added.
The Middle East will play an important role in providing the gas of the future, delivering 32% of the global gas supply increase, according to the report.
Hydrogen has also been touted as a future fuel, with countries in the Middle East placing big bets on the technology. Natural gas can be used to create one form of hydrogen – blue hydrogen – and the GECF expects that in its hydrogen scenario, almost 46% of total hydrogen production will be sourced from blue hydrogen.
The report noted that in the hydrogen scenario, GECF members “boast a compelling potential” to export nearly half of all global hydrogen trade.
The GECF is an intergovernmental organisation consisting of 19 member countries that together represent 71% of proven gas reserves, 43% of its marketed production, 52% of pipeline, and 58% of LNG exports in the world.