NEWS – Fossil Fuel Firms Flared Most Gas Since 2019, Says World Bank

HIGHLIGHTS

Overview

• The burning of excess natural gas from global oil fields hit its highest level since 2019 last year.
• This activity produced pollutants equivalent to emissions from an extra five million cars.
• The World Bank’s Global Gas Flaring Tracker Report highlights these findings.

Key Findings

• Increase in Flaring:
  • Gas flaring by oil and gas producers rose by about 7% in 2023 compared to 2022.
  • Total flaring reached 148 billion cubic meters last year.
  • This increase resulted in an additional 23 million tons of carbon dioxide equivalent emissions.
• Oil Production Stability:
  • Oil production remained relatively stable.
  • The amount of gas flared per barrel produced increased by 5%.
  • This marks a reversal of reductions seen between 2021 and 2022.

Implications

• Sustainability Concerns:
  • The increase in flaring undermines efforts to reduce gas flaring globally.
  • The World Bank’s initiative to end routine flaring by 2030 is at risk.
  • Urgent action is required to achieve zero routine flaring by the target year.
• Methane Emissions:
  • The oil and gas sector is responsible for about a fifth of human-made methane emissions.
  • Half of these emissions come from producers in developing nations.
  • 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.
  • Halting methane releases is one of the fastest, cheapest ways to lower global temperatures.

Dominant Flaring Countries

• Major Contributors:
  • Nine countries accounted for 75% of flaring and 46% of global oil output:
    • Russia
    • Iran
    • Iraq
    • United States
    • Venezuela
    • Algeria
    • Libya
    • Nigeria
    • Mexico
  • These nations have dominated flaring globally for over a decade.
  • Some have increased their gas burning intensity.