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Global gas flaring surged for second year in row, wasting about $63 billion in lost energy: WB
Global gas flaring surged for second year in row, wasting about $63 billion in lost energy: WB

Gulf Today

time2 days ago

  • Business
  • Gulf Today

Global gas flaring surged for second year in row, wasting about $63 billion in lost energy: WB

Global gas flaring surged for a second year in a row, wasting about $63 billion in lost energy and setting back efforts to manage emissions and boost energy security and access. Flaring, the practice of burning natural gas during oil extraction, reached 151 billion cubic meters (bcm) in 2024, up 3 bcm from the previous year and the highest level in almost two decades. An estimated 389 million tonnes of CO₂ equivalent—46 million of that from unburnt methane, one of the most potent greenhouse gases—was needlessly emitted. While some countries have reduced flaring, the top nine largest-flaring countries continue to account for three-quarters of all flaring, but less than half of global oil production. Satellite data compiled and analysed in the World Bank's annual Global Gas Flaring Tracker shows that flaring intensity—the amount of gas flared per barrel of oil produced—has remained stubbornly high for the last 15 years. 'When more than a billion people still don't have access to reliable energy and numerous countries are seeking more sources of energy to meet higher demand, it's very frustrating to see this natural resource wasted,' said Demetrios Papathanasiou, World Bank Global Director for Energy and Extractives. The report highlights that countries committed to the Zero Routine Flaring by 2030 (ZRF) initiative have performed significantly better than countries that have not made the commitment. Since 2012, countries that endorsed ZRF achieved an average 12% reduction in flaring intensity, whereas those that did not saw a 25% increase. To accelerate progress, the World Bank's Global Flaring and Methane Reduction (GFMR) Partnership is supporting methane and flaring reduction projects through catalytic grants, technical assistance, policy and regulatory reform advisory services, capacity building, and institutional strengthening. 'Governments and operators must make flaring reduction a priority, or this practice will persist. The solutions exist. With effective policies we can create favourable conditions that incentivize flaring reduction projects and lead to sustainable, scalable action. We should turn this wasted gas into an engine for economic development.' said Zubin Bamji, World Bank Manager for the Global Flaring & Methane Reduction (GFMR) Partnership. WAM

AP forms high-level panel to fast-track MSME tourism projects
AP forms high-level panel to fast-track MSME tourism projects

Time of India

time4 days ago

  • Business
  • Time of India

AP forms high-level panel to fast-track MSME tourism projects

Vijayawada: In a move to accelerate tourism development and promote entrepreneurship in the state, the govt has constituted a high-level committee to oversee the land allotment process for Micro, Small, and Medium Enterprises (MSMEs) under Public-Private Partnership (PPP) mode. This follows the rollout of the Andhra Pradesh Tourism Land Allotment Policy 2024–2029 and aligns with the overarching Tourism Policy 2024–2029. According to the Govt Order on Thursday night, the newly-formed committee will facilitate the transparent allotment of govt land to eligible MSME tourism projects. The committee is designed to ensure efficient, sustainable, and investor-friendly project implementation across tourism infrastructure, including hotels, resorts, wellness centres, amusement parks, MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, and more. The committee will be chaired by the vice chairman and managing director (VC&MD) of the Andhra Pradesh Tourism Development Corporation (APTDC). The chief executive officer of the Andhra Pradesh Tourism Authority will serve as co-chairman, while the executive director (projects) of APTDC is designated as the member convener. Additional members of the committee include representatives from the finance department, a transaction advisory consultant nominated by the VC&MD of APTDC, general manager/AGM (PPP) from APTDC, the chief general manager (projects) of INCAP (Infrastructure Corporation of Andhra Pradesh), and industry and academic experts as required for specific projects. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo Technical officers such as the estate officer and chief engineer/superintending engineer of APTDC will be involved as invitees to provide technical scrutiny during the decision-making process. The decision to form this committee was based on proposals submitted by the VC&MD of APTDC under Rule 6.2 of the land allotment policy. The primary objective is to create a robust ecosystem that not only encourages private investment but also simplifies the approval process and ensures sustainable tourism growth. The vice-chairman and managing director of APTDC is directed to take further necessary action to operationalise the committee and initiate transparent bidding for MSME tourism projects.

Monmouthshire Council is best in UK for waste reduction
Monmouthshire Council is best in UK for waste reduction

South Wales Argus

time4 days ago

  • Business
  • South Wales Argus

Monmouthshire Council is best in UK for waste reduction

Climate Action Scorecards are assessed by Climate Emergency UK to find out how well councils are performing in taking action towards Net Zero - and Monmouthshire County Council came out top in one category. The scores are based on an assessment of building and heating, transport, planning and land use, governance and finance, biodiversity, collaboration and engagement, and waste Reduction and food MCC got the highest score for its work on waste reduction and food in the whole of the UK, scoring 93 per cent. The council also got the second highest over all score in Wales across the seven themes. MCC cabinet member for climate change and the environment Catrin Maby said: 'This result recognises the work we have been doing in two key areas, together with our Monmouthshire communities. 'Firstly, reducing waste through reuse, repair and recycling, and supporting important circular economy projects, such as community fridges and Benthyg. 'On food, we have been recognised for our Sustainable Food Strategy and Food Partnership work, with food producers, farmers, community growing projects, schools and young people.' 'We can be proud of what we've achieved, but we also know we need to keep on doing better across all of these themes.'

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