December 13, 2018
Saudi Arabia Endorses World Bank’s “Zero Routine Flaring by 2030” initiative
Kingdom of Saudi Arabia
UNFCCC/ COP24 – CMP14 – CMA3 - Katowice, Poland
Announcement to join initiative made at U.N. Climate Change Conference (COP24)
POLAND, Katowice; December 13, 2018 – Saudi Arabia announced the endorsement of the World Bank’s “Zero Routine Flaring by 2030” initiative, reinforcing the Kingdom’s commitment to address climate change. The announcement was made during the U.N. Climate Change Conference’s (COP24).
The Kingdom joins 28 other governments, along with oil companies and development institutions backing the initiative, who agree to cooperate to eliminate routine flaring of associated gas no later than 2030.
The endorsement of the World Bank initiative formalizes a practice Saudi Arabia embarked on over forty years ago. The Kingdom has one of the lowest flaring intensities of any major oil producer, with less than 1% of gas produced flared.
The government of Saudi Arabia had the far-sighted vision to recover associated gas, using this valuable resource to advance the sustainable economic development of the Kingdom, in the form of feedstock for chemicals and polymers, as well as fuel for high efficiency power generation.
As a result, the greenhouse gas emissions avoided is equivalent to 100 million tons of CO2 every year.