Source: Live Mint

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Context

• Gas flaring by oil and gas producers increased by 7% in 2022, reversing the reductions achieved between 2021 and 2022 and adding 23 million tons of carbon dioxide equivalent emissions.
• The World Bank emphasizes urgent action is needed to achieve the goal of zero routine flaring by 2030, as global efforts have not been sustainable.

Details

Key Points

• Gas flaring by oil and gas producers rose to 148 billion cubic meters in 2022, the highest since 2019, leading to an additional 23 million tons of carbon dioxide equivalent emissions.
• The increase in flaring corresponds to a 5% rise in the amount of gas flared per barrel of oil produced, despite relatively stable oil production.
• The World Bank's Global Gas Flaring Tracker Report highlights the reversal of flaring reductions seen between 2021 and 2022.
• Methane, the primary component of natural gas, has over 80 times the warming power of carbon dioxide in its first 20 years in the atmosphere, making its release from flaring a significant climate concern.
• The World Bank calls for urgent action to achieve zero routine flaring by 2030, noting that current global efforts are unsustainable.
• Nine countries responsible for 75% of global flaring and 46% of oil output are Russia, Iran, Iraq, US, Venezuela, Algeria, Libya, Nigeria and Mexico.
• The oil and gas sector contributes about 20% of human-made methane emissions, with half from developing nations, underscoring the need for targeted international cooperation.
• The World Bank’s initiative aims to eliminate routine gas flaring within six years to mitigate climate change and promote sustainable development.

Data or Reports:

• World Bank's Global Gas Flaring Tracker Report: Provides comprehensive data on global gas flaring and its environmental impact.
• 2030 Zero Routine Flaring Initiative: A key target set by the World Bank to reduce environmental impact and promote sustainable practices in the oil and gas sector.

Sources:

Live Mint

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