Page 10 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 5: Climate change exposure risk
Index, 10 = highest
6

4

2

0 EMDEs AEs
LICs

Source- World Bank

3. Global Gas Flaring Jumps to Highest Level since 2019

• In 2023, the amount of gas flared worldwide rose by nine billion cubic meters (bcm) to 148 bcm, its
highest level since 2019. The data shows that 148 billion cubic meters (bcm) of associated gas was
flared at upstream oil and gas facilities and LNG liquefaction plants in 2023.The increase resulted in
an additional 23 million tons of carbon dioxide equivalent emissions, an amount like adding about five
million cars to the roads, according to new satellite data compiled by the World Bank's Global Flaring
and Methane Reduction (GFMR) Partnership.

• Gas flaring releases harmful pollutants, including black carbon and unburnt methane, which
contribute to climate change and pose risks to both people and the planet. Eliminating gas flaring
would avert at least 381 million tons of carbon dioxide equivalent emissions being released into the
atmosphere each year. When productively used, wasted flared gas can help displace dirtier energy
sources, increase energy access in some of the world's poorest countries, and provide many countries
with much-needed energy security.

• The World Bank's annual Global Gas Flaring Tracker Report is a tool for monitoring and understanding
the state of flaring worldwide and the progress made towards achieving Zero Routine Flaring by 2030.

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