GECF Forecasts 20% Growth in Global Energy Demand by 2055, Calls for New Gas Investment

Global energy demand is projected to increase by 20% by 2055, rising from 641 exajoules (EJ) in 2024 to 768 EJ, driven by economic and population growth, according to Abubakar Abbas, Senior Energy Forecast Analyst at the Gas Exporting Countries Forum.

Speaking during the Energy Finance Forum at African Energy Week 2026 in Cape Town, Abbas said renewable energy and natural gas are expected to account for much of the anticipated growth, creating significant opportunities for investment in new gas developments and supporting infrastructure.

Natural gas is expected to play an increasingly important role in power generation, providing reliable and flexible supply as renewable energy capacity expands. According to Abbas, the share of global natural gas demand attributable to power generation is projected to increase from 35% in 2024 to 39% by 2055, while the share used for residential purposes, including heating, is expected to decline.

“LNG’s share of power generation is projected to increase from 35% currently to 39% by 2055, while its share of demand for domestic use and heating is expected to decline,” Abbas pointed out.

The growth in demand will also reshape global gas trade, with LNG expected to play a greater role in connecting producing regions with international markets. North America, Eurasia, the Middle East, Africa and Latin America are expected to contribute to future supply, while demand growth is anticipated across the Middle East, Eurasia, North America and Africa over the next three decades.

Highlighting the importance of investment and financing in developing new projects, Abbas said 86% of global natural gas production by 2055 is expected to come from fields that are not currently producing, underscoring the need to accelerate exploration, resource development and project execution.

Africa alone will require an estimated $1 trillion in cumulative investment across the natural gas value chain to develop new resources and supporting infrastructure, Abbas added. This presents significant opportunities for upstream operators, infrastructure developers and financial institutions as the continent seeks to expand production, strengthen domestic supply and increase gas exports.

As global energy needs and development priorities evolve, Abbas said demand for more carbon-intensive fuels, such as coal, is expected to decline, while natural gas and renewable energy are projected to play increasingly important roles in meeting future energy requirements. This transition will also be critical to advancing global environmental and sustainability goals, including efforts to eradicate energy poverty.