By: Energy capital & power

Global demand for natural gas will rise by 32% by 2050, increasing from 4,018 billion cubic meters (bcm) in 2023 to 5,317 bcm, according to latest edition of the Gas Exporting Countries Forum (GECF)’s Global Gas Outlook 2050.

Released on March 10, the report highlights that growth will be driven by economic expansion in developing economies and an increase in global population to 9.8 billion by 2050.

Natural gas will surpass coal as the second-largest energy source by the late 2030s, increasing its share of the global energy mix from 23% in 2023 to 26% by 2050. Up to $11.1 trillion in upstream and midstream investment is required to meet the growing demand.

According to Eng. Mohamed Hamel, General Secretary of the GECF, seismic shifts in trade, energy and environmental policies coupled with evolving geopolitical realignments are reshaping global energy markets with energy security and affordability reemerging as dominant priorities.

He said natural gas serves as a catalyst for growth, industrialization and a pathway to lift people out of poverty in developing economies.

“The findings of the GGO confirm our argument that only a diverse energy mix – tailored to the unique circumstances and priorities of individual countries, regions and cities – can ensure a balance of energy security, affordability, and sustainability,” stated Hamel.