Natural gas is the answer to energy crunch, transition
The current energy crunch around the world and the intensifying climate change debate serve to highlight the serious need to embed natural gas as part of a long-term solution to energy market stability and transition, HE Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum (GECF) said at the Russian Energy Week (REW).
On 13 October HE Vladimir Putin, the President of the Russian Federation emphasised at the REW plenary session that the situation on the gas market – primarily the European one – does not yet look “balanced and predictable.” The reason for this is that not everything in this industry is manufacturer-specific. “Gas consumers play an even more important role here.”
“According to experts forecasts looking at a 25-year horizon, the share of hydrocarbons in the world energy balance may decrease from the current 80-85% to 60-65%. At the same time, the role of oil and coal will decrease. But the role of natural gas as the most environmentally friendly clean, transitional fuel will grow, including the development of the production of liquefied gas,” asserted the REW host country leader.
A day later, joining the panel on ‘International Energy Organisation Dialogue: Predicting the Development of Energy and Global Markets’, GECF Secretary General stressed that gas was, is, and will remain the most realistic option to attain the energy transition, spur economic growth and social progress.
“The long-term solution provided by natural gas is available in the GECF’s flagship publication of Global Gas Outlook (GGO) 2050, which foresees natural gas becoming the primary energy mix of the world by 2050 and increasing its present share from 24% to 27%.”
The GGO, featuring multiple contexts on gas’ growth and role in the energy mix, is now underpinned by very strong analytical effort on new scenarios, such as the Energy Transition Scenario, and Hydrogen Scenario, to name a few. The latest findings will be launched in the 6th edition of the GECF Global Gas Outlook 2050 in February 2022.
“We are championing gas for post-COVID-19 recovery and achieving the UN Sustainable Development Goals. The gas industry is of course also looking at innovation to transform this natural resource into a sustainable fuel, using such methods as green LNG, carbon capture, hydrogen, ammonia, and methane emissions reduction.”
“One of the most sensible, economically-viable way to achieve sustained energy market stability, inclusive economic growth and Sustainable Development Goals is to consider natural gas as a destination fuel,” HE Sentyurin told the panel. “Natural gas remains one of the global enablers for reducing emissions quickly, cost-effectively and steadfastly by replacing carbon-intensive fuels as well as backing up intermittent renewables”
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