Libya joins World Bank initiative to eliminate routine gas flaring by 2030, aiming to save $650 million annually
via Libya Herald1 min read
Libya's Tripoli-based Ministry of Oil and Gas announced on May 6 that the country has joined the World Bank's initiative to eliminate routine gas flaring by 2030. This move is expected to save approximately $650 million per year. The Zero Routine Flaring by 2030 endorsement is part of the Global Flaring and Methane Reduction Partnership. The signing ceremony took place on April 30 at the World Bank's headquarters in Washington, D.C., during a visit by a high-level Libyan government delegation. The Ministry stated that this step reflects Libya's commitment to enhancing the efficient use of natural resources and supporting sustainable development. Attendees included Minister of Oil and Gas Khalifa Abdel Sadig, Minister of Transport / PM’s Special Advisor Mohamed Al-Shahoubi, Minister of Economy and Trade Suhail Abu Shiha, Director General of the National Mining Corporation Faraj Al-Shandouli, and Director of the International Cooperation Office at the Ministry of Oil and Gas Mohamed Zeid. Libya reportedly burned about 6.3 billion cubic meters of gas in 2024, representing an estimated economic loss of $650 million. The initiative aims to reduce resource waste and maximize the use of associated gas. Discussions also covered an action plan for reducing routine flaring through technical support, capacity building, and policy consultations, to strengthen the oil and gas sector's role in the national economy and environmental sustainability. This accession demonstrates Libya's commit
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