GAS CONSUMPTION
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G7 ministers agree to cut gas consumption, speed up renewable energy
The Group of Seven rich nations have agreed to call for reducing gas consumption and increasing electricity from renewable sources while phasing out fossil fuels faster and building no new coal-fired plants, France's energy transition minister said on Saturday.
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World gas needs $10.53tn by 2050
The Iranian Ministry of Petroleum’s Directorate of OPEC & Int’l Energy Fora has analyzed the latest edition of the Gas Exporting Countries Forum (GECF)’s 2050 Global Gas Outlook. Investment in natural gas is instrumental in stabilizing the global energy system because by 2050, the total investment needed to meet global gas demand would add up to $10.5 trillion. In a sector, whose annual production fall-off is estimated at 4-5%, lack of investment would mean a slump in supply and instead a spike in prices, which would subsequently bring about inflationary pressure and put a strain on livelihoods. That may blunt the willingness of citizens in developed nations to support governments backing energy transition and even make them resistant to any change. A revision of energy policies along with understanding the significance of investment in natural gas, as backup fuel for renewables and a factor of global development, would be a positive development for the future of human beings.