Wednesday, December 13, 2017

World Bank : Will not finance oil & gas after 2019

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

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

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.

The bank also announced it was on track to meet its target of 28 per cent of its lending going to climate action by 2020.

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