“The energy sector, which for decades has enabled the world economy to grow and prosper, has contributed to the increase in emissions and therefore has a responsibility to reduce them,” says Eni CEO Claudio Descalzi. That means that we must all use energy more efficiently so that we can decouple economic growth from resource use and GHG emissions. One of the best ways to do this is to apply circular economy principles to the production and consumption of energy. The circular economy focuses on recovering, reusing and recycling materials to reduce waste. A perfect example of this waste is the gas virtually every oil well flares. According to the World Bank, oil production sites around the globe flare billions of cubic meters of natural gas annually. “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 tons of CO2 to the atmosphere,” the Bank says. Even as renewable energy capacity increases, oil producers can become more efficient by capturing the gas they currently flare and using it onsite or adding it to their production.