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Mining leaders focus on governance during the commodities downturn

Paulo de Sa's picture
Photo via Shutterstock

At this year’s Investing in African Mining Indaba in Cape Town, South Africa, leaders are not hiding their concerns about the commodities downturn.

Government representatives express their frustration for not having benefited enough during the boom. Policymakers lament the lack of planning that has left their countries with no cushion in their budgets, and companies are looking to cut costs so they can weather the storm. And most importantly, communities are feeling the economic impact as mines purchase less local supplies, generate fewer jobs and halt some operations. 

Not only are things slowing down, but it seems a golden opportunity has passed us by. Fatima Denton, Director of the United Nations Economic Commission for Africa, highlighted that Africa is less industrialized today than it was in 1990. After the minerals super cycle of 2000-2013, the percentage of manufacturing of African economies actually declined from 12% to 11%. 

Twelve energy stories you enjoyed reading in 2015

Andy Shuai Liu's picture

What are some stories that caught your attention in 2015?
 
They are ones that focus on people, data and events tied to sustainable growth, climate action and efforts to end energy poverty.
 
As we look ahead to 2016 we’d like to recap 12 popular stories that many of you read and shared in 2015. Thank you for a year of continued and growing readership. Tell us in a comment what you’d like to hear more of in the next year.  
 

It is time to be climate operational

Anita Marangoly George's picture
 
 Max Edkins / World Bank

The world forged a historic climate deal in Paris on Saturday, cheered on and celebrated by people around the world. Getting to that agreement has involved years of work and collaboration that resulted in what many of us thought we would not witness in our life time. The agreement is innow it's time for us to help the countries we work with to put their Intended Nationally Determined Contributions (INDCs) into action. 

Being in Paris was exhilarating. The World Bank Group team was active on many frontsthe support for carbon prices, the Africa Climate Business Plan, our work on renewable energy, energy efficiency and contribution to energy access. How do we waste less, pollute less and do more to promote energy access?  

One such initiative that was strongly supported at COP21 was the “Zero Routine Flaring by 2030” Initiative. The one-page text that took almost a year of negotiations and discussion commits endorsers to end routine gas flaring in new oil fields and eliminate ongoing “legacy” gas flaring as soon as possible and no later than 2030. If all oil-producing countries and companies endorse the Initiative, it will make available approximately 140 billion cubic meters of gas each year. If used to generate electricity, this amount of gas could power all of Africa. The Initiative was initially supported by 25 endorsers—pioneers—who recognized ending routine gas flaring as an industry practice is a no brainer and an important contribution that oil and gas companies can make towards addressing climate change. Twenty-two more endorsers have joined since the Initiative was launched to take the total to 47 endorsers representing 100 million tons of CO2 emission reduction each year and more than 40 percent of gas that will no longer be flared. At COP21, Nigeria’s Minister of Environment Amina Mohammed, announced that Nigeria will endorse the Initiative—great news for the people of Nigeria, especially those who live near flare sites.

(See an inspiring video featuring Faith Nwadishi from Nigeria.)

End routine gas flaring to stave off climate change

Anita Marangoly George's picture

Also available in: Español | Français | العربية | Русский

 
A Personal Appeal to End Routine Gas Flaring

Six months. Forty-five endorsers. We’re well on our way to an ambitious new de facto global standard for the oil and gas industry.

It feels like just yesterday senior representatives from 25 governments, oil companies and development institutions came together with the U.N. Secretary General and World Bank President to launch a global initiative—“Zero Routine Flaring by 2030”—to end the oil industry practice of routinely flaring gas at oil production sites around the world.

Today, 45 endorsers representing over 40 percent of global gas flaring have stepped forward to commit to not wastefully flare gas in new oil field developments and to end existing (legacy) routine gas flaring as soon as possible and no later than 2030.

And we expect the number of endorsers to keep growing till all major oil-producing countries and companies make the same commitment.