Global natural gas demand is projected to grow by 32% by 2050, rising from 4,018 billion cubic meters (bcm) in 2023 to 5,317 bcm, according to the latest edition of the Gas Exporting Countries Forum (GECF) Global Gas Outlook 2050.
Released on March 10, the report attributes this growth to economic expansion in developing countries and a projected global population increase to 9.8 billion by 2050.
By the late 2030s, natural gas is expected to overtake coal as the second-largest energy source, increasing its share of the global energy mix from 23% in 2023 to 26% by 2050. To meet this rising demand, investments of up to $11.1 trillion will be needed in upstream and midstream sectors.
Eng. Mohamed Hamel, General Secretary of GECF, emphasized that significant changes in trade, energy policies, and geopolitical shifts are transforming global energy markets. He noted that energy security and affordability are once again top priorities.
Hamel further explained that natural gas is a key driver of growth, industrialization, and poverty reduction in developing economies.
“The findings of the Global Gas Outlook confirm our belief that only a diverse energy mix, tailored to the unique needs of individual countries, regions, and cities, can achieve a balance between energy security, affordability, and sustainability,” said Hamel.
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