General Electric, the largest US industrial group, is launching a campaign to cut gas flaring, the wasteful and polluting practice of burning off gas released during oil production.

A new report just released by GE estimates that 5 percent of the world's natural gas production is wasted by burning or "flaring" unused gas each year -- an amount equivalent to 30 percent of consumption in the European Union and 23 percent in the U.S.

Gas flaring emits 400 million metric tons of CO2 annually -- the same as 77 million cars. Worldwide, billions of cubic meters of natural gas are wasted annually, typically as a by-product of oil extraction.

Despite the gigantic numbers, there's good news, as eliminating wasteful gas flaring could be the next big energy and environmental success story based on technologies that exist today. For example, among the tech solutions is capturing the gas and using it for power generation or re-injecting it into the ground to help with oil recovery efforts.

GE's study finds that nearly $20 billion in wasted natural gas could be used to generate reliable, affordable electricity and yield billions of dollars per year in increased global economic output.