GECF Message to COP21 on the occasion of the 3rd Gas Summit
On the occasion of the 17th Ministerial Meeting of the GECF and 3rd GECF Gas Summit of Heads of State and Government in Tehran, Islamic Republic of Iran, on November 21 and 23, 2015, the Ministers of the GECF approved the following message to the 2015 Paris Climate Conference, COP21.
The GECF Message to Cop21 on the occasion of the 3rd Gas Summit
The Gas Exporting Countries Forum (GECF) recognizes the importance of challenges posed by climate change and global warming and is genuinely concerned about issues raised by these phenomena. As the global community is increasingly becoming more concerned about environmental issues and is getting prepared to mitigate greenhouse gas (GHG) emissions, the challenge that still needs to be dealt with is the manner of achieving the Sustainable Development Goals (SDGs).The delicate task of achieving economic development while treating the environmental concerns in a responsible manner is a balancing act that could only be achieved through pragmatism and global policy coordination.
It is a known fact that currently more than 80 percent of the energy used to sustain global economy is met by fossil fuels and this trend will continue in the foreseeable future; and the share of renewable energies will account for 20 percent of global energy mix in 2040; therefore, the fossil fuels especially gas will still play a vital role the global energy markets.
Natural gas as the cleanest of all known fossil fuels is in a unique position to provide the lion share of global energy needs in the coming decades. Natural gas is a versatile; clean burning, cost-effective, and efficient fuel that could be used in industrial, residential, and commercial applications as well as power generation. Thus, natural gas is capable of easing the world’s transition into the age of renewable energies as the relevant substitute for pollutant fuels, such as coal, currently in widespread use.
The Declaration of the 3rd GECF Summit also underlines the role of natural gas as fuel of choice in the global energy mix that could contribute to achieving the goals of sustainable development framework.
As a matter of fact GECF member states are currently in possession of around 60 percent of global natural gas reserves and are in a unique position to supply clean and safe energy in sufficient volumes to meet the ever growing global energy requirements. However, development of natural gas cannot be guaranteed without adequate and secure investment, especially in the upstream sector.
Natural gas industry is capital intensive and requires stable flow of revenues to ensure its survival. Consequently the security of supply cannot be realized in a volatile environment shrouded with uncertainty; where the investors are unsure of recouping their investments. Long-term agreements and reasonable prices play key roles in maintaining security of supply essential for both producers and consumers of natural gas. To that end, collective efforts are required to adopt proper policies and instruments to expedite the promotion of natural gas against pollutant fuels.