Global Gas Flaring Surges, Wasting $63 Billion in Lost Energy

Strategic Insights -

Global gas flaring surged for the second consecutive year in 2024, resulting in a staggering $63 billion in lost energy and significant greenhouse gas emissions. According to the World Bank's Global Gas Flaring Tracker, flaring reached 151 billion cubic meters (bcm) in 2024, the highest level in almost two decades, and an estimated 389 million tonnes of CO2 equivalent was emitted. This waste of natural resources is particularly concerning given the large number of people without access to reliable energy.

Key Takeaways:

  • Global gas flaring reached 151 billion cubic meters (bcm) in 2024, a 3 billion cubic meter increase from the previous year and the highest level in almost two decades.
  • The practice of burning natural gas during oil extraction resulted in an estimated 389 million tonnes of CO2 equivalent emissions, including 46 million tonnes of unburnt methane.
  • The top nine largest-flaring countries account for three-quarters of all flaring, but less than half of global oil production.
  • Countries committed to the Zero Routine Flaring by 2030 (ZRF) initiative have performed significantly better, achieving an average 12% reduction in flaring intensity between 2012 and 2024.
  • In contrast, countries that did not endorse ZRF saw a 25% increase in flaring intensity over the same period.
  • The World Bank's Global Flaring and Methane Reduction (GFMR) Partnership is supporting methane and flaring reduction projects through grants, technical assistance, and policy reforms.
  • Flaring reduction is crucial for economic development, as the wasted gas can be converted into an engine for growth.

Statistics:

  • 151 billion cubic meters (bcm) of gas flared globally in 2024.
  • 389 million tonnes of CO2 equivalent emissions, including 46 million tonnes from unburnt methane.
  • $63 billion wasted in lost energy as a result of flaring in 2024.
  • 12% reduction in flaring intensity among countries committed to the Zero Routine Flaring by 2030 (ZRF) initiative between 2012 and 2024.
  • 25% increase in flaring intensity among countries not committed to ZRF over the same period.

Sources:

  • World Bank's Global Gas Flaring Tracker
  • Zero Routine Flaring by 2030 (ZRF) initiative
  • Global Flaring and Methane Reduction (GFMR) Partnership