Global gas flaring tracker report

Abstract

2020 was an unprecedented year for the oil and gas industry and a historic time for the world. The COVID-19 pandemic dampened oil demand, prices and production, while oil-dependent countries experienced negative impacts on their revenues and national budgets. As countries imposed strict lockdowns, international travel came to a grinding halt and demand for oil fell, humanity became increasingly aware that something was changing. The World Bank and others increasingly called on governments to “build back better” and make our recovery from this pandemic a green and resilient one. At the same time, we saw international oil companies double down on their net-zero plans, outlining new strategies to decarbonize their operations, with several moving towards clean energy. The COVID-19 pandemic accelerated the speed of the global energy transition. In the global race to reduce emissions and build a low-carbon world, we quickened our pace.