A delegation from Italian energy giant Eni, led by Chief Financial Officer Massimo Mondazzi, has made a presentation to the World Bank to reinforce the firm’s continued commitment to sustainable growth.
Speaking at the World Bank’s headquarters in Washington, Mondazzi underlined Eni’s resilience in the current economic environment and spoke of the company’s efforts to allow a wider access to energy in the Sub-Saharan region of Africa.
One of Eni’s key strategies for the region is the World Bank’s Global Gas Flaring Reduction Partnership (GGFR), a public-private initiative involving international and national oil companies, national and regional governments, and international institutions.
The World Bank Group is leading the GGFR’s efforts to significantly reduce the amount of gas flared globally. It estimates that flaring resulted in the burning of 147 billion cubic metres of natural gas in 2015, a figure that could generate 750 billion KWh of electricity, which exceeds the current annual consumption of the entire African continent.
Flaring gas wastes a valuable energy resource that could be used to support economic growth and progress. It also contributes to climate change by releasing millions of tonnes of carbon dioxide (CO2) to the atmosphere.
“Eni is proud to be a member of the GGFR and we have been in the process of reducing gas flaring at our assets. We are committed to achieving zero processes flaring by 2025” Mondazzi said.
The energy giant has cut flaring by about 75 percent in the last decade and wherever possible, the gas is made available to the local market for electricity generation, providing access to electricity to over 18 million people in Sub-Saharan Africa.
“The World Bank recognises that Eni is following up its endorsement of the “Zero Routine Flaring by 2030” Initiative with action on the ground, working to use flared gas for power projects and other applications that reduce CO2 emissions. We also appreciate Eni’s push to deploy and integrate more renewable energy technologies into their business model,” said Riccardo Puliti, Senior Director and Head of the World Bank’s Energy & Extractive Industries Global Practice.