According to Alexander Novak, the Deputy Prime Minister of the Russian Federation, BRICS countries will drive in the development of the global gas market as these countries are expected to bring in an increase of witness natural gas by an approximation of 50 % by 2040.
BRICS is an acronym that associates the five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries are deemed to be developing at a similar stage of newly advanced economic development, on their way to becoming developed countries. The BRICS countries are known for their significant influence on regional affairs.
The Gas Exporting Countries Forum (GECF)
Novak made this comment during the virtual Gas Exporting Countries Forum (GECF) meeting, where the 5th edition of its annual GECF Global Gas Outlook 2050 was unveiled. The virtual event was attended by Energy Ministers, Senior representatives from member countries and a multitude of dignitaries & gas Industry Stakeholders. In addition to this statement, Novak also spoke on the aspect of potential progress for the LNG market. Russia, the fourth-largest producer of LNG, intends to increase its production from the present 29 million tons to 120-140 million tons of LNG per year, which will result in a significant 15-20 % increase in the market by 2035.
The GECF Global Gas Outlook 2050 is regarded as the most extensive forecast of the global energy industry and offers numerous forward-thinking scenarios based on present circumstances, covering COVID-19 recovery tactics to an up-and-coming hydrogen economy, up to 2050 – by which the gas industry is expected to become a steady primary fossil fuel of the 21st Century. Outlook 2050’s detailed assessment also accounts for national energy strategies, environmental and climate policies, and investments and business decisions.
Natural Gas – A Clean Source of Energy
During the event, Yury Sentyurin, the GECF Secretary General, shared his overview of the latest findings of the Outlook 2050. By simply raising shares from 23% at present to 28% by 2050, natural gas, thanks to its remarkable abundance, flexibility, affordability, and environmental efficiency, will play a crucial role in the global energy mix. The Secretary General also addressed the fact that the varying complexities of factors and the array of Stakeholders in the Energy industry have paved the way for a myriad of shifting strategies that are slowly introducing and morphing new infrastructure. However, mid-term and long-term fundamental factors are resolute. This abundance of crucial energy (Sentyurin referred to it as a ‘clean source of energy’) is predicted to expand across the Asia Pacific, North American and Middle Eastern markets.
International Energy Forum’s aim to promote Natural Gas
Joseph McMonigle, Secretary General of the International Energy Forum (IEF), added to the dialogue of natural gas being a cleaner alternative to other fossil fuels. Natural gas offers to the world a substantial attempt to mitigate climate changes and meet a global common goal at a faster pace.
The IEF aims to help advance the role of readily available gas resources, new infrastructure solutions, and innovative technologies to facilitate smart stable and secure energy transitions in partnership with the GECF and other organisations.
BRICS is an acronym that associates the five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries are deemed to be developing at a similar stage of newly advanced economic development, on their way to becoming developed countries. The BRICS countries are known for their significant influence on regional affairs.
The Gas Exporting Countries Forum (GECF)
Novak made this comment during the virtual Gas Exporting Countries Forum (GECF) meeting, where the 5th edition of its annual GECF Global Gas Outlook 2050 was unveiled. The virtual event was attended by Energy Ministers, Senior representatives from member countries and a multitude of dignitaries & gas Industry Stakeholders. In addition to this statement, Novak also spoke on the aspect of potential progress for the LNG market. Russia, the fourth-largest producer of LNG, intends to increase its production from the present 29 million tons to 120-140 million tons of LNG per year, which will result in a significant 15-20 % increase in the market by 2035.
The GECF Global Gas Outlook 2050 is regarded as the most extensive forecast of the global energy industry and offers numerous forward-thinking scenarios based on present circumstances, covering COVID-19 recovery tactics to an up-and-coming hydrogen economy, up to 2050 – by which the gas industry is expected to become a steady primary fossil fuel of the 21st Century. Outlook 2050’s detailed assessment also accounts for national energy strategies, environmental and climate policies, and investments and business decisions.
Natural Gas – A Clean Source of Energy
During the event, Yury Sentyurin, the GECF Secretary General, shared his overview of the latest findings of the Outlook 2050. By simply raising shares from 23% at present to 28% by 2050, natural gas, thanks to its remarkable abundance, flexibility, affordability, and environmental efficiency, will play a crucial role in the global energy mix. The Secretary General also addressed the fact that the varying complexities of factors and the array of Stakeholders in the Energy industry have paved the way for a myriad of shifting strategies that are slowly introducing and morphing new infrastructure. However, mid-term and long-term fundamental factors are resolute. This abundance of crucial energy (Sentyurin referred to it as a ‘clean source of energy’) is predicted to expand across the Asia Pacific, North American and Middle Eastern markets.
International Energy Forum’s aim to promote Natural Gas
Joseph McMonigle, Secretary General of the International Energy Forum (IEF), added to the dialogue of natural gas being a cleaner alternative to other fossil fuels. Natural gas offers to the world a substantial attempt to mitigate climate changes and meet a global common goal at a faster pace.
The IEF aims to help advance the role of readily available gas resources, new infrastructure solutions, and innovative technologies to facilitate smart stable and secure energy transitions in partnership with the GECF and other organisations.
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