Flaring - the $20 Billion Dollar Decarbonisation Opportunity?
If we are to avert catastrophic climate change by keeping global warming below 1.5C, we must halve Greenhouse Gas (GHG) emissions by 2030 and this means mitigating 35 billion CO2-equivalent tonnes by the end of the decade. Gas flaring, the deliberate combustion of natural gas at oil and gas fields, refineries and processing plants, is a significant decarbonisation opportunity. After all, much of this flared gas can be recovered with technically proven and commercially viable solutions. As the world works to decarbonise towards a net-zero society, we urgently need to improve transparency into this largely avoidable source of pollution and deliver material reductions. The prize is material: by reducing gas flaring, the industry can reduce CO2-equivalent emissions by 1.2 billion tonnes per year (the equivalent of taking 260 million cars off the road), create additional revenues of $20 billion per year and make a major contribution to emissions reductions. With COP26 coming up, it’s right that gas flaring is in the spotlight.
Geotalks Webinar Recording
In this webinar, Dr Mark Davis discussed the root causes of and the importance of reducing flaring to reduce emissions, create value and accelerate progress towards net zero. Mark discussed why progress in the last decade – and since the 2015 Paris agreement – has been slow and will illustrate how a major reduction of flaring can be achieved by overcoming the challenges today through the application of proven technology to create commercial value. A key starting point is to improve transparency into flaring today, and Mark outlines Capterio’s new free and open-access FlareIntel satellite tracking tool and showcase some of the advanced features of FlareIntel Pro.
About the speaker - Dr Mark Davis, CEO, Capterio
Mark has over 20 years' experience in the oil & gas industry. He worked in upstream exploration and business development at Shell International, before joining McKinsey & Company where he led many projects on strategy, operations and organisation. He was then CEO of the downstream oil and gas quality assurance business at Intertek, where he was responsible for global operations and strategy in over 100 countries. Mark has a MA in Natural Sciences from Cambridge, a PhD from Liverpool, and a MBA from IMD. He is a Fellow of the Geological Society of London.