Latest news with #ZubinBamji
Gulf Today
a day ago
- Business
- Gulf Today
Global gas flaring surged for second year in row, wasting about $63 billion in lost energy: WB
Global gas flaring surged for a second year in a row, wasting about $63 billion in lost energy and setting back efforts to manage emissions and boost energy security and access. Flaring, the practice of burning natural gas during oil extraction, reached 151 billion cubic meters (bcm) in 2024, up 3 bcm from the previous year and the highest level in almost two decades. An estimated 389 million tonnes of CO₂ equivalent—46 million of that from unburnt methane, one of the most potent greenhouse gases—was needlessly emitted. While some countries have reduced flaring, the top nine largest-flaring countries continue to account for three-quarters of all flaring, but less than half of global oil production. Satellite data compiled and analysed in the World Bank's annual Global Gas Flaring Tracker shows that flaring intensity—the amount of gas flared per barrel of oil produced—has remained stubbornly high for the last 15 years. 'When more than a billion people still don't have access to reliable energy and numerous countries are seeking more sources of energy to meet higher demand, it's very frustrating to see this natural resource wasted,' said Demetrios Papathanasiou, World Bank Global Director for Energy and Extractives. The report highlights that countries committed to the Zero Routine Flaring by 2030 (ZRF) initiative have performed significantly better than countries that have not made the commitment. Since 2012, countries that endorsed ZRF achieved an average 12% reduction in flaring intensity, whereas those that did not saw a 25% increase. To accelerate progress, the World Bank's Global Flaring and Methane Reduction (GFMR) Partnership is supporting methane and flaring reduction projects through catalytic grants, technical assistance, policy and regulatory reform advisory services, capacity building, and institutional strengthening. 'Governments and operators must make flaring reduction a priority, or this practice will persist. The solutions exist. With effective policies we can create favourable conditions that incentivize flaring reduction projects and lead to sustainable, scalable action. We should turn this wasted gas into an engine for economic development.' said Zubin Bamji, World Bank Manager for the Global Flaring & Methane Reduction (GFMR) Partnership. WAM
The Guardian
3 days ago
- Business
- The Guardian
Gas flaring created 389m tonnes of carbon pollution last year, report finds
The fossil fuel industry pumped an extra 389m tonnes of carbon pollution into the atmosphere last year by needlessly flaring gas, a World Bank report has found, in an 'enormous waste' of fuel that heats the planet by about as much as the country of France. Flaring is a way to get rid of gases such as methane that arise when pumping oil out of the ground. While it can sometimes keep workers safe by relieving buildups of pressure, the practice is routine in many countries because it is often cheaper to burn gas than to capture, transport, process and sell it. Global gas flaring rose for a second year in a row to reach its highest level since 2007, the report found, despite growing concerns about energy security and climate breakdown. It found that 151bn cubic metres (bcm) of gas were burned during oil and gas production in 2024, up by 3bcm from the year before. 'Flaring is needlessly wasteful,' said Zubin Bamji, the manager of the World Bank's Global Flaring and Methane Reduction Partnership (GFMRP), which wrote the report. '[It's] a missed opportunity to strengthen energy security and improve access to reliable power.' In many cases, observers complain, the rules to prevent needless flaring are weak and poorly enforced, and companies have little incentive to stop doing it because they do not have to pay for the pollution it causes. The report found that nine countries – Russia, Iran, Iraq, the US, Venezuela, Algeria, Libya, Mexico and Nigeria – were responsible for three-quarters of all gas flaring in 2024. Most of the worst offenders were countries with state-owned oil companies. Despite efforts to stop the practice, the intensity of flaring – the volume flared per barrel of oil produced – had remained 'stubbornly high' over the last 15 years, the report found. Flaring intensity in Norway, one of the cleanest oil and gas producers, is 18 times lower than in the US, and 228 times lower than in Venezuela, according to the data. Andrew Baxter, an oil and gas expert at the nonprofit Environmental Defense Fund, who was not involved in the report, said it was 'deeply disappointing' to see a return to the gas flaring levels of 2007. 'Such levels of flaring are an egregious waste of resources,' he said. '[They] are catastrophic for climate and human health.' The International Energy Agency has called for the elimination of all flaring except in emergencies by 2030. The value of gas flared last year, which would have been worth about $63bn at EU import prices for 2024, is more than half of the upfront costs that the IEA says are needed to stop the practice altogether. Jonathan Banks, a methane expert at the nonprofit Clean Air Task Force, who was not involved in the report, said solutions were well known and often cost-effective. 'What is missing is the political will and regulatory pressure to implement them at scale.' The report highlighted areas of progress, pointing to some oil and gas producers, such as Angola, Egypt, Indonesia and Kazakhstan, that had successfully reduced the amount of gas flared. Sign up to Down to Earth The planet's most important stories. Get all the week's environment news - the good, the bad and the essential after newsletter promotion Kazakhstan, which has levied steep fines on companies that break the rules, had reduced flaring by 71% since 2012. Banks said: 'We need more of this kind of action and more support to help lower-income, high-flaring nations overcome infrastructure and governance barriers. 'We also need global coordination, particularly from major oil importers, to create incentives that reward responsible producers and raise the bar for everyone.' The report, which used satellite data to estimate flared gas, was produced by the GFMRP, which is made up of some of the world's most polluting governments and companies. Its funders include European energy firms such as BP, Eni, Equinor, Shell and TotalEnergies, as well as major oil-producing countries such as the US, Norway and the United Arab Emirates. The group has encouraged countries and companies to end routine flaring by 2030. According to the report, countries that endorsed the initiative have on average reduced their flaring intensity by 12% since 2012, though absolute volumes have fallen only slightly in that time, while countries that have not made the pledge increased their flaring intensity by 25%. 'Reducing gas flaring is not without challenges,' said Bamji. 'It requires upfront investment, adequate infrastructure, strong regulatory frameworks and sustained political will.' If those conditions were in place, countries could significantly cut flaring, 'often while unlocking new sources of revenue and improving energy access'.
The Guardian
3 days ago
- Business
- The Guardian
Gas flaring created 389m tonnes of carbon pollution last year, report finds
The fossil fuel industry pumped an extra 389m tonnes of carbon pollution into the atmosphere last year by needlessly flaring gas, a World Bank report has found, describing it as an 'enormous waste' of fuel that heats the planet by about as much as the country of France. Flaring is a way to get rid of gases such as methane that arise when pumping oil out of the ground. While it can sometimes keep workers safe by relieving buildups of pressure, the practice is routine in many countries because it is often cheaper to burn gas than to capture, transport, process and sell it. Global gas flaring rose for a second year in a row to reach its highest level since 2007, the report found, despite growing concerns about energy security and climate breakdown. It found that 151bn cubic metres (bcm) of gas were burned during oil and gas production in 2024, up by 3bcm from the year before. 'Flaring is needlessly wasteful,' said Zubin Bamji, the manager of the World Bank's Global Flaring and Methane Reduction Partnership (GFMRP), which wrote the report. '[It's] a missed opportunity to strengthen energy security and improve access to reliable power.' In many cases, observers complain, the rules to prevent needless flaring are weak and poorly enforced, and companies have little incentive to stop doing it because they do not have to pay for the pollution it causes. The report found that nine countries – Russia, Iran, Iraq, the US, Venezuela, Algeria, Libya, Mexico and Nigeria – were responsible for three-quarters of all gas flaring in 2024. Most of the worst offenders were countries with state-owned oil companies. Despite efforts to stop the practice, the intensity of flaring – the volume flared per barrel of oil produced – had remained 'stubbornly high' over the last 15 years, the report found. Flaring intensity in Norway, one of the cleanest oil and gas producers, is 18 times lower than in the US, and 228 times lower than in Venezuela, according to the data. Andrew Baxter, an oil and gas expert at the nonprofit Environmental Defense Fund, who was not involved in the report, said it was 'deeply disappointing' to see a return to the gas flaring levels of 2007. 'Such levels of flaring are an egregious waste of resources,' he said. '[They] are catastrophic for climate and human health.' The International Energy Agency has called for the elimination of all flaring except in emergencies by 2030. The value of gas flared last year, which would have been worth about $63bn at EU import prices for 2024, is more than half of the upfront costs that the IEA says are needed to stop the practice altogether. Jonathan Banks, a methane expert at the nonprofit Clean Air Task Force, who was not involved in the report, said solutions were well known and often cost-effective. 'What is missing is the political will and regulatory pressure to implement them at scale.' The report highlighted areas of progress, pointing to some oil and gas producers, such as Angola, Egypt, Indonesia and Kazakhstan, that had successfully reduced the amount of gas flared. Sign up to Down to Earth The planet's most important stories. Get all the week's environment news - the good, the bad and the essential after newsletter promotion Kazakhstan, which has levied steep fines on companies that break the rules, had reduced flaring by 71% since 2012. Banks said: 'We need more of this kind of action and more support to help lower-income, high-flaring nations overcome infrastructure and governance barriers. 'We also need global coordination, particularly from major oil importers, to create incentives that reward responsible producers and raise the bar for everyone.' The report, which used satellite data to estimate flared gas, was produced by the GFMRP, which is made up of some of the world's most polluting governments and companies. Its funders include European energy firms such as BP, Eni, Equinor, Shell and TotalEnergies, as well as major oil-producing countries such as the US, Norway and the United Arab Emirates. The group has encouraged countries and companies to end routine flaring by 2030. According to the report, countries that endorsed the initiative have on average reduced their flaring intensity by 12% since 2012, though absolute volumes have fallen only slightly in that time, while countries that have not made the pledge increased their flaring intensity by 25%. 'Reducing gas flaring is not without challenges,' said Bamji. 'It requires upfront investment, adequate infrastructure, strong regulatory frameworks and sustained political will.' If those conditions were in place, countries could significantly cut flaring, 'often while unlocking new sources of revenue and improving energy access'.
The National
01-05-2025
- Business
- The National
UAE hosts World Bank meeting to curb global gas flaring by 2030
The UAE has hosted the World Bank's Global Flaring and Methane Reduction (GMFR) Partnership meeting as part of a global effort to drive down waste that could otherwise be converted to energy. The World Bank estimates that billions of cubic metres of gas are being released into the air annually due to flaring. This is the process of burning gas during oil production. The associated natural gas, composed mainly of methane, is often treated as waste and burnt or vented directly into the atmosphere. Putting a stop to flaring has environmental and economic benefits, said Zubin Bamji, the World Bank's GFMR manager. GFMR estimates global upstream gas flaring increased to 148 billion cubic metres (bcm) in 2023, up from 139 bcm in 2022. "It's about energy security and, at a time when many countries are looking for extra energy supplies, here we see one of the resources being wasted to the tune of billions of cubic metres every year," said Mr Bamji. "We estimate the amount of energy wasted through flaring alone could power the entire Sub-Saharan African continent." Ibrahim Al Zu'bi, Adnoc's chief sustainability officer, echoed this view, highlighting that it has been following a zero routine flaring policy for years and is now sharing its expertise with other national oil companies. A total of $250 million has been earmarked by the development bank, $100 million of which came from the UAE, to support those countries with the least capacity and resources to address these harmful emissions. The partnership is focused on providing grant funding, technical assistance, policy and regulatory reform advisory services, institutional strengthening, and mobilising financing to support action by governments and the industry. GFMR is active in at least dozen countries, which account for about a quarter of the oil and gas sector's methane emissions. In the Middle East, GFMR is helping Iraq, Egypt and Yemen identify opportunities and develop action plans to reduce emissions from oil and gas operations. The GFMR Partnership, launched at Cop28 and managed by the World Bank, offers technical assistance and financial support to countries and operators that commit to long-term methane reduction. The two-day steering committee meeting brought together representatives from countries such as Norway, Azerbaijan and Uzbekistan, as well as industry giants such as Shell, BP, Total Energies and Equinor. Sixteen projects from across the globe were reviewed, with particular focus on methane measurement, sensor deployment and regulatory alignment. "What impressed me was the diversity of progress," Mr Al Zu'bi said. "Some countries were just beginning the conversation on methane, others were already deploying sensors and tools. This diversity justifies the need for a collaborative platform like this." The UAE's role, he added, extends beyond funding. Adnoc sits on the GFMR's technical advisory group, helping assess project viability and providing support beyond finance, including in data, expertise and capacity building. The next phase of the partnership will involve expanding the number of countries involved, ensuring long-term financial sustainability of the fund and sharing success stories – particularly from smaller or newer producers. "This isn't about one company or one country," said Mr Al Zu'bi. "It's about building a global community committed to smart, sustainable energy practices." With 2030 fast approaching, the World Bank and Adnoc agree that the urgency is real but so is the opportunity.
The National
01-05-2025
- Business
- The National
Adnoc and World Bank join forces to curb global gas flaring by 2030
Adnoc is teaming up with the World Bank's Global Flaring and Methane Reduction (GFMR) team to drive down waste that could otherwise be converted into energy. The World Bank estimates that billions of cubic metres of gas are being released into the air annually due to flaring. This is the process of burning gas during oil production. The associated natural gas, composed mainly of methane, is often treated as waste and burnt or vented directly into the atmosphere. Putting a stop to flaring has environmental and economic benefits, said Zubin Bamji, the World Bank's GFMR manager. GFMR estimates global upstream gas flaring increased to 148 billion cubic metres (bcm) in 2023, up from 139 bcm in 2022. "It's about energy security and, at a time when many countries are looking for extra energy supplies, here we see one of the resources being wasted to the tune of billions of cubic metres every year," said Mr Bamji. "We estimate the amount of energy wasted through flaring alone could power the entire Sub-Saharan African continent." Ibrahim Al Zu'bi, Adnoc's chief sustainability officer, echoed this view, highlighting that it has been following a zero routine flaring policy for years and is now sharing its expertise with other national oil companies. "We don't just fund this work, we're helping identify technical solutions, mentor emerging producers and support project design so countries can access these grants," he said. A total of $250 million has been earmarked by the development bank, $100 million of which came from the UAE, to support those countries with the least capacity and resources to address these harmful emissions. The partnership is focused on providing grant funding, technical assistance, policy and regulatory reform advisory services, institutional strengthening, and mobilising financing to support action by governments and the industry. GFMR is active in at least dozen countries, which account for about a quarter of the oil and gas sector's methane emissions. In the Middle East, GFMR is helping Iraq, Egypt and Yemen identify opportunities and develop action plans to reduce emissions from oil and gas operations. As host of this year's GFMR steering committee meeting, Adnoc, in collaboration with the Ministry of Foreign Affairs, welcomed government representatives and oil companies from around the world to Abu Dhabi this week. "Adnoc is not only a founding member of the GFMR Partnership, we're also its largest donor," Mr Al Zu'bi told The National. The GFMR Partnership, launched at Cop28 and managed by the World Bank, offers technical assistance and financial support to countries and operators that commit to long-term methane reduction. The two-day steering committee meeting brought together representatives from countries such as Norway, Azerbaijan and Uzbekistan, as well as industry giants such as Shell, BP, Total Energies and Equinor. Sixteen projects from across the globe were reviewed, with particular focus on methane measurement, sensor deployment and regulatory alignment. "What impressed me was the diversity of progress," Mr Al Zu'bi said. "Some countries were just beginning the conversation on methane, others were already deploying sensors and tools. This diversity justifies the need for a collaborative platform like this." The UAE's role, he added, extends beyond funding. Adnoc sits on the GFMR's technical advisory group, helping assess project viability and providing support beyond finance, including in data, expertise and capacity building. The next phase of the partnership will involve expanding the number of countries involved, ensuring long-term financial sustainability of the fund and sharing success stories – particularly from smaller or newer producers. "This isn't about one company or one country," said Mr Al Zu'bi. "It's about building a global community committed to smart, sustainable energy practices." With 2030 fast approaching, the World Bank and Adnoc agree that the urgency is real but so is the opportunity.
