BAKU, Azerbaijan, July 11. The Gas Exporting Countries Forum (GECF) forecasts that global gas demand will grow by nearly 30 percent by 2050, requiring investments of $9 trillion for gas projects over the next 25 years, Trend reports.
"Ensuring global gas demand of 5.3 trillion cubic meters by 2050 will require total investments in exploration and production of $8.2 trillion, and $9 trillion when including transportation and marketing," GECF noted in its latest review.
In 2023, global gas production reached a staggering 4.05 trillion cubic meters. Analysts from the GECF attribute the expected rise in gas demand to the growing energy needs of developing nations, fueled by population and economic expansion.
"The growth in gas demand is also driven by global environmental and climate policies, which encourage the transition from coal and oil to gas, and the use of methane for blue hydrogen production," industry experts said.