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World Bank to stop financing upstream oil, gas after 2019

World Bank To Stop Financing Upstream Oil, Gas After 2019

The World Bank Group Tuesday said it will stop Financing Upstream Oil and gas after 2019, as part of a wider commitment to global efforts to halt climate change, Platts reports.

“As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world,” the bank said Tuesday in a statement. “The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said.

However, in exceptional circumstances, the bank will consider Financing Upstream natural gas in the poorest countries where there is a clear benefit in terms of energy access for the poor, and if the project fits within the country’s commitments under the Paris Agreement, the multilateral lender said.

The World Bank Group made the announcement at the One Planet summit in Paris, which it convened along with President Emmanuel Macron of France and United Nations Secretary General Antonio Guterres. It also said it is on track to meet its target of 28% of its lending going to climate action by 2020 and to meeting the goals of its Climate Change Action Plan, which it developed following the 2015 Paris Agreement on climate change.

The post World Bank to stop financing upstream oil, gas after 2019 appeared first on Energy News | Oil and Gas News.



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