The International Energy Agency’s (IEA) new analysis, The Oil and Gas Industry in Energy Transitions, found that the commitments from the Bank’s Zero Routine Flaring Initiative will be an integral component of the path to ending routine flaring globally and the Paris goal of limiting global warming to well below 2°C.
The report says:
“There are various initiatives under way to reduce flaring. For example, various energy companies, governments and institutions have endorsed the Zero Routine Flaring by 2030 initiative launched by the World Bank and the United Nations in 2015. For new fields, operators should aim to develop plans to use or conserve all the field’s associated gas without routine flaring. At existing oil fields, operators are asked to eliminate routine flaring when it is economically viable as soon as possible, and no later than 2030.
Since it is a wasteful practice, flaring drops steadily over the period to 2040 in the STEPS.* In the SDS**, as a result of strong policy interventions and industry efforts, the volume of gas flared drops much more dramatically over the next decade. Flaring is soon eliminated in all but the most extreme cases, with less than 13 bcm flared from 2025 onwards, less than 10% of the 2018 level.”
* STEPS (Stated Policies Scenario) provides an indication of where today’s policy ambitions and plans would lead the energy sector.
**The SDS is the Sustainable Development Scenario that “charts a path fully consistent with the Paris Agreement by holding the rise in global temperatures to “well below 2°C.”