Gas: a key enabler of the global energy transition

The global energy landscape is undergoing a profound transformation, driven by the urgent need to reduce greenhouse gas emissions and address climate change. Energy security must be ensured alongside decarbonisation, to sustain life and economic prosperity and to address the global energy crisis. In this context, low-cost energy is also essential to guarantee equitable progress. Renewables play an important role on the path towards net-zero emissions; at the same time, considering the other challenges, natural gas remains a vital strategic partner in the energy transition, helping to build a secure and sustainable future for the globe.

Natural gas in the energy transition

Natural gas stands out as a key transition fuel for the global energy system. It is often regarded as one of the cleanest fossil fuels, due to its lower carbon intensity compared to coal and oil. Moreover, it plays a crucial role in supporting intermittent renewable sources like solar and wind. This synergy between renewables and gas helps maintain grid reliability and provides a pathway toward cleaner energy systems. Natural gas is also integral to sectors beyond power generation: key industrial processes rely heavily on gas, used as a feedstock or fuel.

Methane mitigation and technologies like CCUS may further reduce the environmental footprint of gas, allowing it to play a larger role in the low-carbon economy. Excellent opportunities to make gas even cleaner are available and should be seized in the coming years.

Aspirations and discussions about the energy transition need to align with economic reality and foresee the implementation of specific plans. It is essential that governments and industry stakeholders continue to recognise the importance of gas, with a view to developing untapped resources and investing to decarbonise its supply chain and use.

The outlook: opportunities and challenges

Looking ahead, the global gas demand is expected to remain robust, driven by several factors. In Europe, natural gas is expected to remain a crucial part of the energy mix, especially in the face of energy security concerns and the need to restock and diversify supplies. Asia is projected to remain a significant consumer, while in other regions, including Latin America, Southeast Asia, and parts of Africa, gas is gaining traction as an affordable and reliable fuel for growing energy markets.

On the supply side, this demand may be confronted with some challenges, due to production or market uncertainties and geopolitical headwinds. In such a complex landscape, developing and decarbonising the available gas resources remains imperative to ensure energy security, sustainability, and the prosperity of world economies. This will need to be done with a collaborative spirit: achieving these goals will not be possible without leveraging international cooperation and partnerships, not just between governments but also between all the relevant stakeholders.

The Eastern Mediterranean and the role of the EMGF

The Eastern Mediterranean basin has emerged in past years as a key energy hub. In the context of the region, where gas resources are significant, natural gas plays a crucial role in supporting energy security, especially as it provides a more environmentally friendly alternative to coal and oil. East Med gas is also strategically important for other regions, including Europe. In the context outlined above, developing East Med gas resources will be vital to ensure energy security and the steady supply of low-carbon, low-cost fuel to the region and beyond.

Energy ambitions in this region are intertwined with geopolitical developments, which can bear substantial impact on collaborative efforts in this sector. The East Mediterranean Gas Forum (EMGF) has since its inception been creating long-term value for countries in the region, promoting energy cooperation as a potential foundation for broader economic cooperation. By fostering collaboration, the EMGF provides a framework for mutually beneficial projects.

In the evolving global energy landscape, the EMGF remains committed to advancing its strategic pillars, including regional integration, decarbonisation, and private sector engagement. In the past years the organisation has conducted studies and spearheaded important decarbonisation initiatives, outlining a solid roadmap for the sustainable development of regional gas resources. The EMGF will continue to play a key role in this regard, by harnessing the efforts of all stakeholders—governments, industries, regulators, and scientific institutions—on its unique platform.

As we move into the future, Eastern Mediterranean gas resources will be a cornerstone in the global energy transition. It is imperative that we harness these resources wisely and collaboratively, to ensure a sustainable and secure energy future for all.