The European Bank for Reconstruction and Development (EBRD) is working to combat energy waste in Egypt, with a workshop on gas flares in the country’s petroleum industry, the bank announced on Tuesday.
"Nearly 140 billion cubic meters of associated petroleum gas (APG) are flared annually throughout the world, wasting large amounts of energy resources and contributing to pollution," the bank highlights.
According to the announcement, the capture of nearly two billion cubic meters of gas flared in Egypt would be enough to provide five percent of the country's energy needs and add $300 million a year to the economy.
Egypt ranks among the 20 top gas-flaring countries in the world, the EBRD says. At its workshop, the EBRD discussed the findings of its study on “Gas Flaring Reduction in Egypt.”
The study was launched in 2014 as part of the Bank’s efforts to reduce flaring and enhance cooperation with the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Company (EGPC), Egyptian Natural Gas Holding Company (EGAS) and the Ganoub El-Wadi Holding Company (GANOPE).
In 2015, the EBRD signed a Memorandum of Understanding under the auspices of the Ministry of Petroleum of Egypt.
The agreement aims to strengthen cooperation among the parties in order to reduce the level of greenhouse gas emissions and air pollution, help with the implementation of international best practices and standards, increase the competitiveness of the sector and contribute to energy security in Egypt.
With its Green Economy Transition approach, launched ahead of the COP21 climate talks in Paris, the EBRD supports countries implementing this approach, and Egypt in particular, in pursuing low-carbon sustainable development.
The Bank was among the first to endorse the World Bank’s "Zero Routine Flaring by 2030" initiative, which aims to end routine gas flaring by 2030.
The EBRD has invested over €1.6 billion ($1.77 billion) in Egypt through 33 projects since the start of its activities at the end of 2012.