The World Bank announced it will urge oil producers to completely stop flaring natural gas by 2030.
According to the bank, the amount of fuel flaring wastes would generate enough power to meet all of Africa’s electricity demand.
“It will be voluntary but we hope that both companies and countries will see the sense in what we are proposing. We are planning to propose it in September.” said Anita George, a member of the bank’s extractive industry unit.
The World Bank hopes to reduce flaring by 3o percent by 2017 by leading 33 companies and nations in the Global Gas Flaring Reduction partnership.
In the past two years Mexico has reduced flaring by 66 percent, and Azerbaijan by 50 percent, according to George.
Shell is investing about $4 billion in Nigeria to reduce flaring from local oil fields.
BP CEO Bob Dudley said the company’s largest flaring occurs at its Rumaila oil field in Iraq.
“That would be a big step forward for the world. Zero is like saying never or nothing,so that’s probably not realistic, that’s an aspiration to go,” Dudley said.