Natural gas demand will rise by 50%, reaching 5,920 billion cubic meters (bcm) by 2050, expanding specifically across the Asia Pacific, North America and Middle Eastern markets, according to the Gas Exporting Countries Forum's (GECF) Global Gas Outlook 2050 on Thursday.
The GECF, an intergovernmental organization of 11 of the world's leading natural gas producers, reported that natural gas and renewables will make up 60% of the electricity supply, changing the global power generation mix by 2050.
The organization said that natural gas will overtake coal in 2025 and become the largest global primary energy source by 2047, with oil plateauing around 2040 and then beginning its irreversible decline.
The report also showed that renewables’ share in the global energy mix rises from 2% in 2019 to 10% in 2050.
The report underlined that the share of traded LNG will increase to approximately 48% of all traded gas in 2030 and 56% in 2050.
'Natural gas demand will be boosted by cumulative economic and population derivers, environmental concerns, increasing availability of supplies and positive policy support in many countries,' it said.
'This abundant, flexible and clean source of energy will expand specifically across the Asia Pacific, North America and Middle Eastern markets, which will be responsible for more than 75% of the total gas demand growth by 2050. The Asia-Pacific region will become the largest gas consumer,' it added.
The report also showed that low gas prices have encouraged a number of countries to push on with reforms to support greater gas demand.
It also said the pandemic encouraged the use of cleaner fuels.
'Furthermore, the COVID lockdowns have raised awareness of the benefits of clean air policies, incentivizing greater use of gas and switching away from coal and oil,' the organization said.
By Murat Temizer