Oil and gas investors representing more than $2 trillion are calling on Texas regulators to ban the practice of flaring, marking the first time large institutional investors have taken such a public stance to the Texas Railroad Commission, reports Bloomberg Green. Both investors and environmentalists have drawn recent attention to the practice because of its inherit waste and contribution to climate change.
“Actions of leading operators demonstrate the financial and technical viability of ending routine flaring,” the fund managers said in the letter, which was seen by Bloomberg. “It is clear, however, that voluntary actions alone have been insufficient to eliminate routine flaring industry-wide.”