WASHINGTON DC, 29 June, 2017 – A delegation from global energy provider Eni, headed by Chief Financial Officer Massimo Mondazzi, has given a presentation to the World Bank that reinforced the group’s continued commitment to sustainable growth.
Speaking at the World Bank’s headquarters in Washington, Mr. Mondazzi underlined Eni’s resilience in the current economic environment, but also 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 comprising 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 results in the burning of 147 billion cubic metres of natural gas in 2015, a figure that could generate 750 billion KWh of electricity, a quantity that 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 tons of 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 of our assets We are committed to achieving zero process flaring by 2025” Mr. Mondazzi said.
Eni has cut flaring by around 75% 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 recognizes that Eni is following up its endorsement of the "Zero Routine Flaring by 2030" Initiative with action on the ground, working to use flare 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." Riccardo Puliti, Senior Director for Energy and Extractive Industries at the World Bank said.