Occidental Petroleum reportedly is the first U.S. oil and gas company to endorse the World Bank’s “zero routine flaring by 2030” initiative to reduce greenhouse gas emissions and utilize this energy resource. Oxy president and CEO Vicki Hollub said, “Support for this important World Bank program is part of our company’s broader commitment to reduce greenhouse gas emissions in our global operations and positions Occidental for success in a low-carbon economy.”
The initiative brings together governments, oil companies, and development institutions that have agreed to cooperate and eliminate routine gas flaring in their oil production operations by 2030. World Bank said, “Thousands of gas flares at oil production sites around the globe burn approximately 140 billion cubic meters of natural gas annually, causing more than 300 million tons of CO2 to be emitted to the atmosphere. Flaring of gas contributes to climate change and impacts the environment through emissions of CO2, black carbon and other pollutants. It also wastes a valuable energy resource that could be used to advance the sustainable development of producing countries.”
Texans for Natural Gas also endorsed the program. Elizabeth Caldwell of the group said, “Programs like this affirm that flaring and methane emissions are being taken seriously in the Permian Basin.”