8th November: weekly gas flaring news

It’s been a big week on climate, and here’s a round up of the biggest news items.

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Capterio and FlareIntel

Industry

  • Great to see the global methane pledge (a US/EU initiative with 100+ countries to reduce methane emission by 30% by 2030 vs 2020 levels, by committing “comprehensive domestic action”), that is expected to lead to 0.2 degree temperature reduction. Excellent to see the consortium of philanthropies lining up to support with technical assistance and project financing.
  • However, we also have some concern about the flurry of “no more international financing of oil and gas projects” as per the 20 nations, and the EIB and other development banks, although there is probably sufficient wiggle room to fund flare capture projects (as the ban applies to new projects and excludes LNG) … as we think we need $10-15 billion per year for the next 5 years to get to zero routine flaring by 2030.  Indeed, all these pledges don’t come for free. 

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Since flaring is probably a good proxy for the degree of focus on operational excellence this map showing the overlap of “code red” countries for gas flaring and those behind the global methane pledge is instructive. Note that all countries in orange here are “code red” countries as per our paper. The absence of Russia, Iran, Algeria, Venezuela and China is notable – and these countries are critical to delivering the mission of zero routing flaring.