DOHA, Oct 23 (KUNA) -- The 27th ministerial meeting of the Gas Exporting Countries Forum (GECF) concluded on Thursday affirming member states' right to manage, develop and use optimally their natural gas resources in a manner that benefits their nations.
In a final communique, the conferees said natural gas is a reliable, flexible and clean source of energy to achieve UN sustainable development goals, mainly in support of comprehensive economic and social development.
The communique expressed satisfaction about expected robust growth of natural gas to reach 32 percent by 2050 and the increase of global mix ratio of initial energy to 26 percent.
It stressed the need of proper investment in producing natural gas to meet expected growing demand, showing GECF members'' flexibility to ensure stable supplies amid unstable markets dynamics.
The communique also underlined the utmost importance of ensuring supply and demand, warning against misleading calls for not investing in natural gas that undermine energy security.
It expressed support to initiatives aiming to boost regional linkage of gas through cross-border gas pipelines and liquefied natural gas stations.
It called for mobilizing sustainable finding sources to back infrastructure of gas mainly in developing countries, along effective collaboration of international financial institutions and multilateral development banks and public sector companies.
Following the meeting, Qatar's Minister of State for Energy Affair Saad Al-Kaabi expressed his doubts about the ability of global energy and industrial companies to implement the European Union's Corporate Sustainability Due Diligence Directive.
The directive calls on companies to make further efforts tp prevent harmful impacts on human rights and environment in companies' operations and across their global value chains.
The EU's abandon to push for implementing this directive will protect investments and energy security in European countries, he said.
He attributed that the directive imposes a fine of five percent of revenues on global companies dealing with European market that are not compatible with this law.
The directive also requires maintaining a fixed percentage of carbon emissions, which conflicts with expansion ambitions as Qatar seeks to increase its LNG production from 77 million tons to 160 million tons annually, he noted.
Established in 2001 in Tehran and taking Doha its H.Q, the GECF is a government organization, which mainly aims to protect and defend member states.
GECF member states' output make up 70 percent of global gas reserves, and over 40 percent of marketed production and 47 percent of pipeline exports. (end) sss.sam.hm