‘World Bank’ll No Longer Finance Upstream Oil And Gas After 2019’


LAGOS DECEMBER 14TH (NEWSRANGERS)-At the One Planet Summit convened by President Emmanuel Macron of France, United Nations Secretary General Antonio Guterres, and World Bank Group President Jim Yong Kim, the World Bank Group made a number of new announcements in line with its ongoing support to developing countries for the effective implementation of the Paris Agreement’s goals.
As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world. To align its support to countries to meet their Paris goals:
The World Bank Group will no longer finance upstream oil and gas, after 2019.
(In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.)
World Bank Group

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Posted by on Dec 14 2017. Filed under State. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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