The World Bank's Zero Routine Flaring by 2030 Initiative, which encourages oil companies to seek solutions to eliminate the need for flaring by 2030, has received 20 additional endorsements by governments, oil companies and development institutions, bringing the total number to 45 backers, representing more than 40% of global flaring.
7 December 2015: The World Bank’s Zero Routine Flaring by 2030 Initiative, which encourages oil companies to seek solutions to eliminate the need for flaring by 2030, has received 20 additional endorsements by governments, oil companies and development institutions, bringing the total number to 45 backers, representing more than 40% of global flaring.
The list of backers was announced during a side-event to the Paris Climate Change Conference, organized by the Norwegian Ministry of Climate and Environment. The event provided an update on the state methane emissions and flaring in the oil and gas sector, and panel members discussed mitigation actions being undertaken by governments and industry.
Launched in April 2015, the Zero Routine Flaring by 2030 Initiative facilitates cooperation between governments, industry and development institutions to eliminate flaring no later than 2030 by encouraging upstream investments in infrastructure and market development to support the utilization of natural gas associated with oil production rather than flaring it because of a lack of economically viable alternatives.
The members commit to adjusting policies, operational measures and financial instruments to reduce and eventually eliminate flaring and to publicly report progress once a year. [World Bank Press Release, 7 December 2015] [Zero Routine Flaring Initiative] [List of Endorsers] [Side-event Flyer] [World Bank Press Release on Launch Event, 17 April 2015]