Top Oil-Producing Nations, Companies Pledge to Curb Flaring, a Major Source of CO2

Top oil-producing nations, including the Russian Federation, Kazakhstan and Angola, as well as Royal Dutch Shell PLC and other companies say they will stop flaring natural gas by 2030 as part of a landmark agreement with the World Bank.

The deal was unveiled this morning during the World Bank's Spring Meetings, where leaders said the voluntary agreement will curb 40 percent of the global gas flaring that results in 300 million tons of carbon dioxide emissions annually.

"Gas flaring is a visual reminder that we are wastefully sending CO2 into the atmosphere," said World Bank President Jim Yong Kim in a statement.  "Together we can take concrete action to end flaring and to use this valuable natural resource to light the darkness for those without electricity."

The agreement by nine oil-producing countries, nine major oil-producing companies and all six global development banks calls routine gas flaring "unsustainable."  Under it, they agreed to cooperate to eliminate flaring "as soon as possible, and no later than 2030," while also publicly reporting their progress toward the target annually.  They also pledged that routine flaring will not occur in new oil field developments.

Read more at Top Oil-Producing Nations, Companies Pledge to Curb Flaring, a Major Source of CO2