Majid Jafar, CEO of Crescent Petroleum, emphasized the pivotal role of natural gas in securing energy supplies and addressing climate change during a speech in London. He suggested that a $2 trillion investment could shift the world's coal power to gas, potentially reducing global carbon emissions by 15 percent. Jafar, who leads the Middle East's oldest and largest private oil & gas company, highlighted the importance of natural gas as a transition fuel, especially in developing nations, to facilitate a more balanced and equitable energy transition.
In his keynote address at the World Energy Capital Assembly, Jafar noted that while OECD nations consume half of the world's natural gas, many developing countries are left behind, forcing them to rely on dirtier fuels like coal. He underscored the need for urgent action, as over 7 billion people in the Global South demand stable energy and prosperity, similar to the 1 billion in OECD nations. Jafar also pointed out that current global investment in the natural gas sector is insufficient, leading to underinvestment and energy poverty in developing countries.
Crescent Petroleum has been a strong advocate for natural gas, contributing to significant CO₂ reductions and enabling affordable electricity. The company has also been a founding signatory to the Oil & Gas Decarbonisation Charter, launched at COP28 in the UAE. Jafar concluded by emphasizing the importance of natural gas in creating a resilient and equitable global energy future that balances economic growth, energy security, and environmental sustainability.
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