GLOBAL GAS DEMAND IN 2050 IS EXPECTED TO EXCEED 5,360 BILLION CUBIC METERS

Fri 15 March 2024:

The demand for natural gas is expected to rise by 34% globally in 2050 compared to 2022, to a volume of about 5,360 billion cubic meters.

The 2050 Outlook report from the Gas Exporting Countries Forum (GECF) estimates that natural gas consumption would be approximately 4,015 billion cubic meters worldwide in 2022.

The report listed the key drivers of demand growth as the increase in population and economic production, air quality improvement, greenhouse gas emissions reduction, and policies targeting the transition from coal and oil to gas.

Accordingly, 52% of global demand growth is estimated to originate in the Asia-Pacific 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 read.

The growth in demand from the electricity generation sector alone was estimated at 500 billion cubic meters.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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