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Gas Flaring Reduction

New Senior Director of Energy and Extractives on Challenges and Opportunities

Anita Marangoly George's picture

Q: As the new Director for the Energy and Extractives Global Practice at the World Bank, can you tell us about the greatest challenges you face in Extractives?

A: Extractive industries are complex and often risky, but when managed well they can foster transformative development in those countries that most need it.  Extractives play a dominant role in 81 countries whose economies together account for a quarter of world GDP. These 81 countries also represent half of the world’s population and nearly 70 percent of those in extreme poverty.  Given the need of these countries, a focus on natural resource management is important, but we must work diligently to mitigate the risks and improve governance structures so that the wealth generated from these activities benefits the poor.  Similarly, a cornerstone of all the work we do is to mitigate the social and environmental impacts of extractives projects so that they benefit neighboring communities as well as broader economic growth.  We also look forward to strengthening our work to improve governance of the extractive industries through efforts like the Extractive Industries Transparency Initiative (EITI) and minimizing the environmental footprint of projects by reducing routine gas flaring (Global Gas Flaring Reduction, GGFR).

Rosneft Wins Award for Gas Flaring Reduction Efforts in Russia

Yevgen Yesyrkenov's picture

Rosneft - Komsomolskoye oil field, APG booster compression stationAt the 10th anniversary of the Global Gas Flaring Reduction (GGFR) Partnership in London yesterday, the oil company Rosneft received an award for its Associated Gas Recovery Project on the Komsomolskoye oil field, located on the tundra in the heart of Russia over 3,000 kilometers east of Moscow. It’s gratifying to see that Rosneft is getting recognition for its hard work because this project is important not only in reducing flaring and greenhouse gas emissions, but also for the positive impact it is having on the local environment surrounding oil fields and for making better use of precious resources.