Natural gas has never been more crucial to the global energy mix, replacing coal and liquid fuels while supporting the adoption of intermittent renewable energy, especially in developing countries. However, years of underinvestment in oil and gas development risk an imbalance in the energy trilemma of affordability, availability, and sustainability in the coming years. A $200 to $300 billion annual gap in global investment in natural gas development over the past decade threatens supply imbalances and further price spikes globally as demand for natural gas rises in developing countries, Majid Jafar, CEO of Crescent Petroleum, informed an audience of business leaders and policymakers at the International Energy Forum annual Symposium in Riyadh. The 14th IEA-IEF-OPEC Symposium on Energy Outlooks, which took place on Wednesday, was initiated by Saudi Minister of Energy Prince Abdulaziz bin Salman. Presented as a joint producer-consumer energy dialogue, the event saw participation from Joseph McMonigle, Secretary-General of the International Energy Forum; Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC); and Fatih Birol, Executive Director of the International Energy Agency. The discussion emphasized the importance of dialogue on energy outlooks and market signals amid conditions of market volatility and a widening gap between energy supply scenarios. "Clean-burning natural gas is more important than ever as an enabler of the energy transition, replacing coal and liquid fuels for power generation while supporting renewables when there is insufficient sun or wind. But as demand for natural gas rises, a shortfall in investment of about $200 billion to $300 billion annually over the past decade will impact supply going forward," Majid Jafar said. He emphasized the need for balance in the energy trilemma of affordability, availability, and sustainability, particularly in the developing world, which is central to achieving prosperity while tackling climate change as a global challenge. Jafar, who is also Board Managing Director of Dana Gas PJSC, highlighted the projected growth in global trade in liquified natural gas (LNG) by 50% by 2040 to approach 700 million tonnes per year. He pointed out that underinvestment in infrastructure and supply is leading to high LNG prices, exacerbating energy poverty in developing countries in Asia and Africa and encouraging the increased burning of coal, thus contributing to higher carbon emissions that exacerbate climate change. "The developing world is where the challenge of climate change will be won or lost," he stressed. "We must enable these countries to have access today to cleaner, low-cost sources of stable energy, including natural gas, if the global effort is to succeed." The Ministerial and CEO session included discussions with several ministers, including Marcel Abeke, President of the OPEC Conference, Minister of Petroleum, Gabon; Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources for Nigeria; Antonio Oburu Ondo, Minister of Mines and Hydrocarbons, Equatorial Guinea; and Bruno Jean-Richard Itoua, Minister of Hydrocarbons for Congo, among others. Jafar also noted that the Gulf region has become a pioneer in cutting-edge energy technologies, ranging from low-cost solar to blue and green hydrogen, as well as carbon capture. He highlighted the investments from the region in proving energy technologies, ensuring its central role in global energy for decades to come. Crescent Petroleum has been a leader in the industry, achieving carbon neutrality across its operations in 2021 through projects aimed at reducing carbon intensity and offsetting remaining emissions. This milestone, achieved after years of effort to improve total process efficiencies, has established Crescent Petroleum as one of the least carbon-intensive companies in the energy sector, with a carbon intensity one-third of the global industry average.