Next, we will highlight our strategic agenda which continues to service well. In terms of our growth, the energy market dynamics continue to be supportive of our GTL value proposition as the need for energy security and energy diversification prevails globally. Here our project pipeline offers significant opportunity and is gaining traction as we continue to bring projects along into the implementation phase.And finally the company remains an extremely compelling investment proposition. To frame our key messages, I will begin with some high-level introductory remarks, followed by Christine who will go into more detail in the financial and operational performance of our businesses. I will then review Sasol strategies and initiatives going forward and open it up for any questions you would like to ask us. So let's turn to slide six and start with a broader environment and how it is shaping our priorities at Sasol. Most people would agree that despite cautious optimism in 2011, it is evident that the world’s economies are still limping along and clearly this has an impact on the petrochemical, oil and gas sectors. In the short-term, the global downturn which is now in its fourth year has reduced demand, but over the longer term the trend is increasingly upwards. Driven by industrialization in the developing economies, global energy demand will continue to rise and will be approximately 30% higher by 2040. The most widely used fuels will remain oil, coal and gas. An overtime natural gas will grow dramatically versus oil. The shift to less carbon intensive sources like natural gas and the quest for improved energy efficiency will shape demand. Energy trends will also be influenced by an increasing demand for power and by 2040, it's expected that approximately 30% of global electricity demand will be produced through natural gas. 30% of global gas production will be through unconventional sources like shale gas.
It's true that gas will continue to shape our future in more ways than one. Sasol is well positioned to benefit from this demand in growth as we move into this golden age of gas. First, we already serve many of the large growth markets in Africa, Asia and the Middle East. Second, we are the world's largest producer of synthetic fuels. Third, for more than six decades, our growth has been premised on our technical expertise in converting gas and coal into liquid fuels and chemicals.Finally we recognize that a real and informed commitment to sustainable development is integral to achieving our long-term strategic objectives of the company with gas being a clear bridge to the future. I won’t dwell on slide seven and eight of the presentation. The slides are self-explanatory and reflect in summary terms, the positive contribution that Sasol continues to make on a number of fronts in South Africa and abroad. Instead let's go straight to slide nine, pursuing responsible growth and ensuring sustainable operations. Safety improvement remains a strategic imperative for sustainable operations, after a record-setting 18% improvement in our 2011 financial year, we have maintained a low recordable case rate for employees and service providers at 0.43 for the half year. This is comparable to the recordable rate of 0.42 at the end of the previous financial year. The implementation of our businesses and specific safety improvement plans are beginning to deliver positive outcomes and every effort is being made to ensure that this trend continues. Energy efficiency is obviously a top priority for Sasol and we continue to make good progress. We are on track to achieving our target of reducing energy consumption by 15% by 2015. We are also making good progress on increasing our self-generated power capacity which is expected to be at 60% by 2013.
Towards the end of last year Sasol worked with the South African government and other stakeholders as an active member of Team South Africa to ensure that COP 17, the international climate change negotiations were successfully hosted in Durban. Through our participation in various events, we were able to build awareness and the issues we faced in response to climate change challenges.We also showcased the progress Sasol has made in moving towards lower carbon and more climate resilient economy. In particular we were able to highlight the role of gas as a bridge to a lower carbon economy and our progress with respect to improve energy efficiency. Going forward we will continue to engage with South African government and other stakeholders on climate change related policies and initiatives to find workable and sustainable solutions. Read the rest of this transcript for free on seekingalpha.com