World Bank Moves to Cut down Flaring by 30%

Gas Flare in Niger Delta Region

The World Bank has called on oil producers, both countries and companies, to cut down natural gas flaring by 30 per cent by the year 2017.
This declaration was made by the World Bank-led Global Gas Flaring Reduction (GGFR) partnership, it said, it 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.
According to the Rachel Kyte, the Bank’s Vice President for Sustainable Development, “A 30 per cent cut in five years is a realistic goal.”
“Given the need for energy in so many countries, one in five people on the planet are without electricity, we need to raise our ambition. We simply cannot afford to waste this gas anymore.”
“There has been a significant difference since 2005. The GGFR partnership helped reduce gas flaring by 20 per cent between 2005 and 2011, from 172 billion cubic to 140 bcm respectively. It is equivalent to taking 52 million cars off the road, the cut down have prevented 274 million tons of CO2 emissions.”
Ms. Kyte disclosed this at a Global Forum of 200 representatives of GGFR partners hosted by the European Bank for Reconstruction and Development (EBRD).
“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 utilization projects,” she said.
Besides taking stock of progress, GGFR partners are putting together modalities for the next phase of work. They have decided to fortify their partnership to reduce gas flaring by working along the whole gas value chain, both upstream and downstream.
BusinessNews