Nine countries, ten oil firms and six development institutions have agreed to end the practice of routine gas flaring at oil production sites by 2030.
United Nations Secretary-General Ban Ki-moon and World Bank Group President Jim Yong Kim launched the the Zero Routine Flaring by 2030 initiative.
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The endorsers of the initiative include the Governments of Norway, Cameroon, Russian Federation, Kazakhstan, Gabon, Uzbekistan, Republic of Congo, Angola and France.
Royal Dutch Shell, Total, Eni, Statoil, Societé Nationale des Hydrocarbures, State Oil Company of the Azerbaijan Republic, Petroamazonas EP, Societé Nationale des Petroles du Congo, Kuwait Oil Company and BG Group are the companies in the endorsement list.
The World Bank, United Nations Sustainable Energy for All, European Bank for Reconstruction and Development, African Development Bank, Asian Development Bank and Islamic Development Bank are the development institutions.
The endorsers collectively represent over 40% of global gas flaring.
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By GlobalDataAbout 140 billion cubic meters of natural gas produced together with oil is wastefully burned or flared at thousands of oil fields around the world per year, resulting in over 300 million tons of CO2 emissions.
The endorsers will publicly report their flaring and progress towards the target on an annual basis. Routine flaring will not occur in new oil fields developments.
Governments will offer an operating environment conducive to investments and to the development of functioning energy markets.
Ban Ki-moon said: "As we head towards the adoption of a meaningful new international climate agreement in Paris in December, these countries and companies are demonstrating real climate action.
"Reducing gas flaring can make a significant contribution towards mitigating climate change. I appeal to all oil-producing countries and companies to join this important initiative."
