8 November 2011: The European Bank for Reconstruction and Development (EBRD) and the World Bank-led Global Gas Flaring Reduction partnership (GGFR) will help governments in Azerbaijan, Kazakhstan, the Russian Federation and Turkmenistan introduce energy efficiency measures and environmental standards in oil and gas operations.

According to the latest satellite data, 30 percent of global petroleum gas flaring took place in Europe and Central Asia in 2010, equivalent to approximately 100 million tons of carbon dioxide emissions. EBRD’s participation in this project will also mean the Bank will join the GGRF partnership, a public-private initiative of 30 major oil-producing countries and companies seeking to address the impacts of petroleum gas flaring. Vijay Iyer, Director, World Bank’s Sustainable Energy Department, highlighted that gas flaring reductions in the Russian Federation and Central Asia are needed to improve energy efficiency and tackling greenhouse gas (GHG) emissions. EBRD and the partnership will also develop a market study designed to assess gas venting and flaring operations, obstacles to their use, as well as existing legal, regulatory and market barriers.

Terry McCallion, Director for Energy Efficiency and Climate Change, EBRD, highlighted that the market study, funded from the EBRD’s Shareholder Special Fund, will aim to highlight alternatives to flaring and venting. Results will be made public in 2012 at a number of workshops and presentations that will include participation of oil companies, foreign and local manufacturers, government officials, regulators and other relevant organizations. [EBRD News]