Switching electricity generation from coal to natural gas helps cut carbon emissions: Crescent Petroleum CEO
As global demand for energy rises, natural gas is emerging as a fuel of choice for power generation in the 21st century.
- (1888PressRelease) July 18, 2019 - SHARJAH - Policymakers worldwide have a proven solution for cutting carbon emissions by switching electricity generation from coal and oil to natural gas, Majid Jafar, CEO of Crescent Petroleum, told an audience of energy ministers and industry leaders meeting in Abu Dhabi yesterday.
As global demand for energy rises, natural gas is emerging as a fuel of choice for power generation in the 21st century, serving as a central ingredient in a more sustainable energy mix in combination with renewable energy sources such as solar and wind, Jafar said.
"The switch to natural gas from coal and oil for baseload power generation could result in the kind of rapid emissions reductions that are needed and could have a definitive impact on global carbon footprint," he said. "The growing use of natural gas has is estimated to have avoided over two billion metric tonnes of carbon dioxide between 2005 to 2016, and its impact will only increase as gas adoption expands in growing regions like Asia."Mr. Jafar, who leads the Middle East's oldest private oil and gas company and serves as Board Managing Director of Dana Gas and Vice-Chairman of the Crescent Group of companies, made his comments at the Atlantic Council Global Energy Forum 2019, which opened in Abu Dhabi on Saturday.
Speaking on a panel entitled 'Setting the Energy Agenda for 2019', Jafar added, "The Middle East North Africa region contains almost half the world’s proven reserves of natural gas but still only one-sixth of global production, so the potential for growth is clear.
Almost every government in the region and across Asia is looking to boost its gas supplies, much of it for internal consumption as natural gas becomes synonymous with electricity generation and fuelling industry for economies with growing populations and energy needs."Forward-looking governments have embraced the changeover from coal or oil to gas as an opportunity. He cited, for example, the UAE’s announced national energy strategy, which targets that by 2050 the power generation needs of the country will be supplied about 40 percent each by natural gas and renewables.
The 2019 Global Energy Forum, which takes concludes today, is focused on four key themes: the future of oil, the digitization of energy, diversification within energy companies and countries, and a regional focus on East and Southeast Asia energy demand and energy innovation. Convened in partnership with the UAE Ministry of Energy and Industry, Abu Dhabi National Oil Company (ADNOC), and Mubadala Investment Company, with Crescent Petroleum as Platinum Co-Chair, the Forum is part of Abu Dhabi Sustainability Week.
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