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Global energy demand to rise 20% by 2055, Africa needs $1trn gas investment – EnviroNews
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Global energy demand is projected to increase by 20 per cent, from 641 exajoules (EJ) in 2024 to 768 EJ by 2055, driven by economic and population growth, the Gas Exporting Countries Forum (GECF) has said.
Abubakar Abbas, Senior Energy Forecast Analyst at GECF, disclosed this while speaking at the Energy Finance Forum during African Energy Week 2026 in Cape Town, South Africa.
Abbas said renewable energy and natural gas were expected to account for a significant share of the projected growth, creating investment opportunities in gas exploration, production and supporting infrastructure.
He explained that natural gas would play an increasingly important role in electricity generation by providing reliable and flexible power supply as renewable energy capacity expands globally.
According to him, the share of natural gas demand attributable to power generation is projected to increase from 35 per cent in 2024 to 39 per cent by 2055, while its share in residential applications, including heating, is expected to decline.
The projected changes, he said, would reshape global gas consumption patterns and increase the importance of natural gas in supporting electricity systems.
Abbas added that liquefied natural gas (LNG) would become increasingly important in connecting gas-producing regions with international markets as global trade expands.
He identified North America, Eurasia, the Middle East, Africa and Latin America as regions expected to contribute to future gas supplies, while demand growth is anticipated across the Middle East, Eurasia, North America and Africa over the next three decades.
New Gas Fields to Drive Future Production
Highlighting the importance of investment and financing in meeting future energy requirements, Abbas said 86 per cent of global natural gas production by 2055 was expected to come from fields that were not currently producing.
He said the projection underscored the need to accelerate exploration, resource development and project execution to ensure adequate supplies to meet future demand.
The anticipated reliance on undeveloped gas fields presents significant implications for energy companies, investors and governments, particularly in regions seeking to expand production and strengthen their positions in international gas markets.
Abbas stressed that adequate financing would be essential to bringing new gas resources into production and developing the infrastructure required to transport, process and distribute the fuel.
Africa Needs $1 Trillion in Gas Investment
Abbas said Africa would require an estimated $1 trillion in cumulative investment across the natural gas value chain to develop new resources and supporting infrastructure.
The investment would create opportunities for upstream operators, infrastructure developers and financial institutions as African countries seek to increase gas production, strengthen domestic energy supplies and expand exports.
The continent’s gas development potential could also support electricity generation, industrialisation and economic growth, provided investments are accompanied by the infrastructure and financing needed to commercialise available resources.
The scale of the projected investment requirement highlights the importance of mobilising public and private capital to develop gas fields, processing facilities, pipelines and LNG infrastructure.
For African gas-producing countries, the challenge will be to attract long-term investment while ensuring that gas development contributes to domestic energy access and broader economic development.
Renewables and Natural Gas to Shape Energy Future
Abbas said global energy consumption patterns were expected to change significantly over the coming decades, with demand for more carbon-intensive fuels, including coal, projected to decline.
In contrast, renewable energy and natural gas are expected to play increasingly important roles in meeting future energy requirements.
He explained that natural gas could complement renewable energy by providing flexible electricity generation to support power systems as the share of variable renewable sources increases.
The anticipated shift is also expected to influence investment decisions, international energy trade and the development of new infrastructure across major producing and consuming regions.
Abbas noted that the transition in the global energy mix would remain important to achieving environmental and sustainability objectives, including efforts to eradicate energy poverty.
The projections presented at African Energy Week 2026 highlight the growing importance of investment decisions in determining how countries meet future energy demand while balancing energy security, economic development and environmental considerations.
