Doha: The 27th ministerial meeting of the Gas Exporting Countries Forum (GECF) concluded with a strong affirmation of member states' rights to manage, develop, and optimally use their natural gas resources for national benefit. The forum emphasized the role of natural gas as a reliable, flexible, and clean energy source to support UN sustainable development goals, particularly in fostering economic and social development.
According to Kuwait News Agency, the final communique from the meeting expressed satisfaction with the projected robust growth of natural gas, expected to reach 32 percent by 2050, and the anticipated increase in the global energy mix ratio to 26 percent. The GECF highlighted the crucial need for proper investment in natural gas production to meet the growing demand, emphasizing the members' adaptability to ensure stable supplies in fluctuating market conditions.
The communique also underscored the importance of balancing supply and demand, cautioning against misleading calls that discourage investment in natural gas, which could undermine energy security. It voiced support for initiatives aimed at enhancing regional gas connectivity through cross-border pipelines and liquefied natural gas stations. The forum urged the mobilization of sustainable funding sources to bolster gas infrastructure, particularly in developing countries, and called for effective collaboration with international financial institutions, multilateral development banks, and public sector companies.
Following the meeting, Qatar's Minister of State for Energy Affairs, Saad Al-Kaabi, expressed skepticism regarding the capability of global energy and industrial companies to implement the European Union's Corporate Sustainability Due Diligence Directive. The directive mandates companies to exert more effort in preventing harmful impacts on human rights and the environment within their operations and across their global value chains. Al-Kaabi argued that the EU's reluctance to enforce this directive would safeguard investments and energy security in Europe, citing the directive's imposition of a five percent revenue fine on non-compliant global companies and its requirement to maintain fixed carbon emission percentages, which conflicts with Qatar's LNG production expansion goals.
The GECF, established in 2001 in Tehran and headquartered in Doha, is a governmental organization dedicated to protecting and defending its member states. GECF members account for 70 percent of global gas reserves, over 40 percent of marketed production, and 47 percent of pipeline exports.