World Bank will no longer finance oil, gas projects from 2019 as pressure builds to switch to clean energy

French President Emmanuel Macron with his wife Brigitte Macron and United Nations Secretary General Antonio Guterres and World Bank President Jim Yong Kim. Photo: AFP
Agence France-Presse
The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced on Tuesday at a climate summit seeking to boost the global economy’s shift to clean energy.

“The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said in a statement in Paris, where world leaders sought to unlock more money for the shift away from Earth-warming fossil fuels.

The move, it said, was meant to help countries meet the greenhouse gas-curbing pledges they had made in support of the 2015 Paris Agreement to limit global warming.

Link : http://m.scmp.com/news/world/europe/article/2124040/world-bank-will-no-longer-finance-oil-gas-projects-2019-pressure?amp=1

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