The World Bank-led Global Gas Flaring Reduction (GGFR) partnership has called on oil producers, both countries and companies, to reduce flaring of natural gas associated with oil production by 30 per cent by 2017.
This would reduce flaring from 140 bcm of gas flared in 2011 to 100 bcm by end of 2017, for a reduction in CO2 emissions equivalent to taking 60 million cars off the road.
“A 30 per cent cut in five years is a realistic goal,” said Rachel Kyte, the Bank’s Vice President for Sustainable Development.
“Given the need for energy in so many countries, one in five people on the planet is without electricity, we need to raise our ambition. We simply cannot afford to waste this gas anymore.”
The GGFR partnership has already helped reduce gas flaring by 20 per cent, from 172 billion cubic meters in 2005 to 140 bcm in 2011. This cut translates into the prevention of 274 million tons of CO2 emissions, roughly equivalent to taking 52 million cars off the road.
Ms. Kyte made her remarks at a Global Forum of 200 representatives of GGFR partners hosted by the European Bank for Reconstruction and Development (EBRD).The Forum aims to review progress since the partnership was launched at the 2002 World Summit on Sustainable Development in Johannesburg.
The GGFR partners have reduced flaring by establishing a global standard for gas flaring reduction, sharing best practices on regulation and technology deployment, and by identifying and supporting gas utilisation projects.
In addition to taking stock of progress, GGFR partners are planning for the next phase of work. They have agreed to deepen their collaboration to reduce gas flaring by working along the whole gas value chain, both upstream and downstream.