Member Corner
The Gas Exporting Countries Forum (GECF), the global platform of the leading gas producing countries, participated in the 5th international conference "Risk Management in Energy – 2022", held in Moscow, the Russian Federation.
The event was organised by Russia-based Institute for Energy and Finance Foundation with the support of the Ministry of Energy of the Russian Federation and the Black Sea Economic Cooperation Organisation
The conference discussed approaches to solving the difficult challenges of energy security in terms of the energy transition, and considered possible solutions for diversifying sources, routes and methods of energy supply, taking into account new geopolitical and economic realities.
Representing the GECF via videoconference, Dr Alexander Ermakov, Energy Econometrician, Energy Economics and Forecast Department, took part in the plenary session, "Challenges of Providing Energy Security and Risks of the Global Energy Transition: Issues of Adaptation, Sustainability and Transition", and delivered a presentation on the role of natural gas in satisfying global energy needs. A special focus was provided on Asia Pacific countries, given the enormous potential in the region for natural gas demand expansion.
Mr Ermakov emphasised that natural gas will continue to play a crucial role in fuelling economic growth, remaining an important pillar of decarbonisation and sustainable development. Particularly in the Asia Pacific region, solid estimates for long-term natural gas demand are underpinned by energy policies aimed at improving air quality and by replacing coal in industry and power generation sectors. The deployment of low-carbon technologies, such as blue hydrogen production and CCUS, will decarbonise the gas industry, thereby enhancing the resilience and competitiveness of natural gas as a transitional fuel.