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

The burning of excess natural gas from global oil fields hit its highest level since 2019 last year, spewing enough pollutants into the atmosphere to equal those from an extra five million cars, according to a World Bank report.

Bloomberg
First Published21 Jun 2024, 03:12 AM IST
Fossil Fuel Firms Flared Most Gas Since 2019, Says World Bank
Fossil Fuel Firms Flared Most Gas Since 2019, Says World Bank

(Bloomberg) -- The burning of excess natural gas from global oil fields hit its highest level since 2019 last year, spewing enough pollutants into the atmosphere to equal those from an extra five million cars, according to a World Bank report.

Gas flaring by oil and gas producers rose by about 7% last year to 148 billion cubic meters compared to 2022, the World Bank’s Global Gas Flaring Tracker Report said Thursday. The increase in flaring resulted in an additional 23 million tons of carbon dioxide equivalent emissions.

Oil production remained relatively stable in the period, resulting in a 5% increase in the amount of gas flared per barrel produced, the report said. The increase in flaring activity marks a reversal to reductions seen between 2021 and 2022, undermining a World Bank initiative to end routine flaring within six years.

“This suggests that the global efforts to reduce gas flaring have not been sustainable,” the World Bank said. “Urgent action is required if the world is to achieve zero routine flaring by 2030.”

The oil and gas sector is responsible for about a fifth of human-made methane emissions due to leaks and gas flaring, half of which come from producers in developing nations, according to the World Bank.

Methane is the primary component of natural gas and has more than 80 times the warming power of carbon dioxide during its first 20 years in the atmosphere. Halting releases of the potent greenhouse gas from coal, oil and gas operations are widely agreed to be one of the fastest, cheapest ways to lower global temperatures.

Nine countries that accounted for 75% of the flaring and 46% of global oil output include Russia, Iran, Iraq, US, Venezuela, Algeria, Libya, Nigeria and Mexico. These nations have dominated flaring globally for more than a decade and some have increased gas burning intensity, according to the report.

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:21 Jun 2024, 03:12 AM IST
HomeCompaniesNewsFossil Fuel Firms Flared Most Gas Since 2019, Says World Bank

Most Active Stocks

Indian Oil Corporation

167.25
12:10 PM | 12 JUL 2024
-7.25 (-4.15%)

Tata Steel

168.90
12:10 PM | 12 JUL 2024
-0.1 (-0.06%)

Bharat Electronics

332.20
12:10 PM | 12 JUL 2024
-3.35 (-1%)

Wipro

560.30
12:10 PM | 12 JUL 2024
25.95 (4.86%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Zensar Technologies

775.70
11:58 AM | 12 JUL 2024
57.95 (8.07%)

Inox Wind

170.30
11:58 AM | 12 JUL 2024
12.25 (7.75%)

Zee Entertainment Enterprises

158.40
11:58 AM | 12 JUL 2024
11.25 (7.65%)

M M T C

91.50
11:58 AM | 12 JUL 2024
5.78 (6.74%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,087.00382.00
    Chennai
    73,942.00-780.00
    Delhi
    74,014.00309.00
    Kolkata
    74,377.00-345.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.85/L0.10
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts