According to a World Bank analysis, last year's burning of surplus natural gas from worldwide oil fields reached its highest point since 2019 and sent enough pollutants into the environment to match the emissions from an additional five million automobiles.
Oil and gas companies flared 148 billion cubic meters of gas last year, up around 7% from 2022, according to the World Bank's Global Gas Flaring Tracker Report, which was released on Thursday. An extra 23 million tons of carbon dioxide equivalent emissions were produced by the increase in flaring.
The research said that over the time, oil output was largely steady, leading to a 5% rise in the quantity of gas flared per barrel produced. The reversal of declines seen between 2021 and 2022 in flaring activity undermines a World Bank project aimed at ending regular flaring within six years.
The World Bank said, "This suggests that the global efforts to reduce gas flaring have not been sustainable." "If we are to achieve zero routine flaring by 2030, we must act immediately."
According to the World Bank, the oil and gas industry is accountable for around 25% of the methane emissions caused by humans, with half of these emissions originating from producers in poor countries via gas flaring and leaks.
During its first 20 years in the atmosphere, methane, the main component of natural gas, has more than 80 times the warming power of carbon dioxide. Most people think that one of the quickest and least expensive methods to reduce world temperatures is to stop the powerful greenhouse gas emissions from coal, oil, and gas activities.
Among the nine nations that accounted for 46% of the world's oil production and 75% of the flaring were the US, Venezuela, Algeria, Libya, Nigeria, and Mexico. According to the research, these countries have dominated flaring internationally for more than 10 years, and several have increased the intensity of gas burning.
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