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UNFC to help drive smart investments into mineral and energy projects

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Mr. Anatoliy Yanovskiy, Deputy Minister of Energy of Russia

It is recognized that raw materials and energy are the backbones for sustainable development. In a world facing multiple social, climatic and environmental challenges, managing the supply of mineral and energy resources is becoming more and more complex.  In this context, investors increasingly are interested in channeling funds for both profit and longer-term societal benefits.

A two-day International Scientific-Practical Conference on Harmonization of Approaches in the Assessment of Mineral Reserves and Resources, co-organized by UNECE in Moscow, 30-31 May 2018, convened over 250 experts from Europe, Asia and Africa to explore a new global approach to attracting investment in mining and petroleum projects. There was consensus that the United Nations Framework Classification for Resources (UNFC) is an appropriate point of departure for a new international initiative to assess projects on their social, environmental and economic benefits and support innovative financing mechanisms.

Mr. Anatoliy Yanovskiy, Deputy Minister of Energy of Russia, in his keynote address stressed that the aspiration of every country is to target stable growth, employment and revenues. Having more certainty in mineral and energy flows and their contribution to growth is something that can make a significant impact in all countries including Russia. Mr. Anatoly Torkunov, Rector of Moscow State Institute of International Relations (MGIMO) University, noted the rising importance of financing of mineral projects in non-traditional ways and improving human competencies to take on the new challenges.

“The mining and petroleum industry is plagued by many issues and risks”, said Mr. Igor Shpurov, General Director of the Russian State Commission of Mineral Reserves (GKZ) and First Vice-Chair of the UNECE Expert Group on Resource Classification. “Having a new language based on UNFC that can be a medium for State institutions, businesses and investors to communicate seamlessly on sustainable production has become urgent”. In the future, smart mining, big data and innovative approaches to financing will gain ascendancy.  The role of UNFC will then be even more substantial. This requirement is already becoming visible with the penetration of technologies like blockchain in the new industry ecosystem.

Presentations from Russia, Kazakhstan, Kyrgyzstan, Uzbekistan, United Kingdom and Africa highlighted areas for improvement. “Removing duplication of many processes and procedures in the State, companies and financing bodies and unification of rules horizontally, as well as vertically across minerals, oil and gas etc. is becoming urgent”, said Mr. Sergey Shumkov, Deputy Director of Department for Coal and Peat Industry, Ministry of Energy, Russia. “This will also help fix appropriate responsibilities and build trust amongst stakeholders”.  Building up institutions for competent persons charged with a new agenda for mineral and energy industries has challenges in some national contexts, but with international collaboration, these could easily evaporate.

New multilateral institutions like the New Development Bank, also known as the BRICS Bank, are committed to harnessing opportunities in a new generation of smart and innovative technologies to support sustainable infrastructure. Making UNFC the universal standard for smart financing looks promising in this context. In parallel, there should be a movement to improve the competencies of the human resources, where universities such as MIGMO in Russia and multi-layered partnerships with other countries and institutions will be crucial.

The conference was organized by UNECE, the Ministry of Natural Resources and Environment and the Ministry of Energy of the Russian Federation, the Russian State Commission of Mineral Reserves (GKZ) and the Moscow State Institute of International Relations (MGIMO) University and sponsored by the Russian coal company Karakan Invest.

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New Satellite Data Reveals Progress: Global Gas Flaring Declined in 2017

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New satellite data released today shows a significant decline in gas flaring at oil production sites around the world in 2017, despite a half-percent increase in global oil production. The nearly 5 percent flaring decline begins to reverse years of increases in global gas flaring that started in 2010.

The data reveals about 141 billion cubic meters (bcm) of natural gas was flared in 2017, down from nearly 148 bcm in 2016. While Russia remains the world’s largest gas flaring country, it also saw the largest decline in flaring last year. Venezuela and Mexico also reduced their flaring significantly in 2017. In Iran and Libya there were notable increases in gas flaring.

The data was released by the Global Gas Flaring Reduction Partnership (GGFR), a World Bank-managed organization comprised of governments, oil companies, and international institutions working to reduce gas flaring. The U.S. National Oceanic and Atmospheric Administration (NOAA) and GGFR have developed the flaring estimates in cooperation with the University of Colorado, based on observations from advanced sensors in a satellite launched in 2012.

Gas flaring – the burning of natural gas associated with oil extraction – takes place because of technical, regulatory, and/or economic constraints. It causes more than 350 million tons of CO2 emissions every year, with serious harmful impacts from un-combusted methane and black carbon emissions. Gas flaring is also a substantial waste of energy resources the world can ill afford.

“The latest global gas flaring data is encouraging, but we will have to wait a few more years to know whether it represents a much-needed turning point,” said Riccardo Puliti, the World Bank’s Senior Director and head of its Energy & Extractives Global Practice. “Ending routine gas flaring is a key component of our climate change mitigation agenda, and the global flaring reduction Initiative we launched just three years ago now has 77 endorsers, covering about 60 percent of the total gas flared around the world.”

In 2015, UN Secretary-General Ban Ki-moon, World Bank President Jim Yong Kim, and 25 initial endorsers launched the “Zero Routine Flaring by 2030” Initiative that commits endorsers to not routinely flare gas in new oil field developments and to seek solutions to end routine flaring at existing oil production sites as soon as possible and no later than 2030. It has now been endorsed by 27 governments, 35 oil companies, and 15 development institutions.

“The Initiative is an essential tool for ending routine flaring,” said Bjorn Hamso, GGFR’s Program Manager. “Going forward, it is paramount that oil field operators continue to address ongoing “legacy” flaring, and that new business models are developed that will enable more investors to participate in flaring reduction projects.”

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World Tourism Day Places Focus on Innovation & Digital Transformation

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The importance of digital technologies in tourism, providing opportunities for innovation and preparing the sector for the future of work, is at the centre of World Tourism Day 2018, to be celebrated in Budapest, Hungary (27 September 2018).

World Tourism Day, celebrated every 27 September around the world, is a unique opportunity to raise awareness on tourism’s actual and potential contribution to sustainable development.

This year’s World Tourism Day (WTD) will help to put the opportunities provided to tourism, by technological advances including big data, artificial intelligence and digital platforms, on the map of sustainable development. The World Tourism Organization (UNWTO) sees digital advances and innovation as part of the solution to the challenge of marrying continued growth with a more sustainable and responsible tourism sector.

“Harnessing innovation and digital advances provides tourism with opportunities to improve inclusiveness, local community empowerment and efficient resource management, amongst other objectives within the wider sustainable development agenda”, said UNWTO Secretary-General Zurab Pololikashvili.

The WTD official celebration will be held in Budapest, Hungary, a country enjoying steady growth of tourism backed by consistent policy support and a commitment to the digital future. Other celebrations will take place worldwide.

The official celebration will also see the announcement of the semi-finalists of the 1st UNWTO Tourism Startup Competition, launched by UNWTO and Globalia to give visibility to startups with innovative ideas capable of revolutionizing the way we travel and enjoy tourism.

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EU and China step up cooperation on climate change and clean energy

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At the China-EU Summit on 16 July in Beijing, the President of the European Commission Jean-Claude Juncker, the President of the Council, Donald Tusk, and the Chinese Prime Minister Li Keqiang adopted a “Leaders’ Statement on Climate Change and Clean Energy”. Commission Vice-President Jyrki Katainen and the Chinese Minister of Ecology and Environment Li Ganjie signed a Memorandum of Understanding to enhance cooperation on emissions trading between China and the EU.

In the Leaders’ Statement, China and the EU underline the need to advance the implementation of the Paris Agreement under the UNFCCC process, and to get the Paris Agreement Work Programme – the rulebook for the implementation of the Paris Agreement – adopted at the next global climate conference in December 2018 in Katowice, Poland.

The Statement shows how the EU and China will intensify their political, technical, economic and scientific cooperation on climate change and clean energy to drive forward a world-wide transformation to a thriving low carbon and climate-resilient economy and society and clean energy system. It clearly shows their commitment to climate action and achieving a clean energy transition are urgent imperatives.

In the Memorandum of Understanding China and the EU acknowledge emissions trading as a cost-effective policy tool with significant potential to contribute to a low-carbon economy and the necessary innovation and deployment of low carbon technologies.

Welcoming this commitment, President Juncker said: We have underlined our joint, strong determination to fight climate change and demonstrate global leadership. It shows our commitment to multilateralism and recognises that climate change is a global challenge affecting all countries on earth. There is no time for us to sit back and watch passively. Now is the time for decisive action.

Commissioner for Climate Action and Energy Miguel Arias Cañete said: Further developing cooperation between the two largest emission trading systems of the world is not only in our mutual interest but also necessary to tackle common challenges in the mid- and longer term. The newly established policy dialogue will be instrumental in this context.

The Memorandum of Understanding on EU-China cooperation on emissions trading establishes a policy dialogue, foresees the joint organisation of seminars and workshops, as well as joint research activities.

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