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GECF ministers call for the mobilization of the necessary financial resources
Support and development of gas infrastructure
The ministers of the Gas Exporting Countries Forum (GECF), meeting Thursday in Doha (Qatar), called for mobilizing the financial resources necessary for the support and development of gas infrastructure. In coordination, indicated the final communiqué adopted at the end of the meeting attended by the Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, with international financial institutions, multilateral development banks and the private sector, in order to facilitate the financing of gas projects.
Stressing, on occasion, the need to strengthen gas investments in order to meet the growing demand for this clean energy source.
Praising the ability of member countries to ensure stable supplies despite market fluctuations, Forum ministers warned against misleading calls to halt investments in natural gas, a move that will have a negative impact on energy security. Expressing, in passing, their deep concern about the possibility of imposing unilateral restrictive measures or regulations with extraterritorial scope, citing in particular the European regulation on methane emissions (EU MER), the European directive on the duty of vigilance in matters of corporate sustainability (EU CSDDD) and the carbon border adjustment mechanism (EU CBAM).
These regulations, participants believe, impose obligations that often go against the principles and requirements of the United Nations Framework Convention on Climate Change, the Paris Agreement and the rules of the World Trade Organization (WTO). Announcing to this end the creation of a temporary working group of the Forum responsible for these questions.
Highlighting the importance of clean technologies, including carbon capture, utilization and storage (CCUS). The Forum’s final communiqué also highlighted the growing importance of digital technologies in enhancing operational efficiency, transparency and security across the natural gas value chain, encouraging investments in data analytics, artificial intelligence tools and smart infrastructure for better resource management and to increase efficiency and transparency of the sector, and highlighted the progress made by the Gas Research Institute (GRI) under the Forum, based in Algiers, while calling for strengthening cooperation in the areas of research, innovation and technology transfer.
Participants further praised the efforts of the Forum’s General Secretariat to broaden the membership base, promote constructive dialogue with stakeholders, produce high-quality studies and publications and strengthen the international presence of the Forum. Expressing, on the occasion, their deep gratitude to the Algerian Mohamed Hamel, outgoing Secretary General, for his exemplary leadership and significant contributions to the achievement of the objectives of the Forum, while congratulating Philip Mshelbila, of Nigeria, on his appointment as the new SG of the Forum.
Note that according to the Forum’s report on the Global Gas Outlook, demand for this clean resource is expected to increase by nearly 32% by 2050, its share in the global energy mix increasing from 23% to 26%.
Rabah Mokhtari