GECF resolved to strengthen natural gas’ environmental credentials, in particular through efforts to reduce gas flaring and methane emissions, and the development of eco-friendly technologies, including carbon capture, utilisation, and storage.
The forum will pursue the necessary steps for natural gas to be treated as an environmentally friendly good in climate and investment regulations, international banking and global trade. Furthermore, it will work with relevant stakeholders to co-develop joint initiatives for climate action, especially in view of COP27 Climate Change Conference, which will be hosted by Egypt this year.
GECF is committed to improve conditions for the international trade of gas, based on the most effective and efficient practices and work towards increasing the share of natural gas in maritime and land transport, and to develop necessary infrastructure to provide natural gas to consumers.
The forum vows to support the fundamental role of long-term gas contracts as well as the gas pricing based on oil/oil products indexation to ensure stable investments in development of natural gas resources.
GECF resolved to expand cooperation in natural gas technologies, scientifically-guided research, and innovation-led capacity-building, inter alia, through the GECF Gas Research Institute.
It will explore new areas of cooperation within the GECF with a goal to leverage the advantages of natural gas for hydrogen production as well as production and utilisation of new gases.
The forum will collaborate within the GECF as well as with consumers and transit countries to protect critical gas infrastructure and to enhance resilience to natural disasters, technological incidents, and man-made threats, such as malicious use of information and communication technologies.
The Heads of State and Government welcomed the proposal of the People’s Democratic Republic of Algeria to host the 7th GECF Summit in 2023.
Ends