World Bank ends billions in financing for fossil fuel projects in 2019

World Bank ends billions financing fossil fuel projects

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.

more coverage:

World Bank will stop funding oil and gas projects [Associated Press Dec 12, 2017]

World Bank President Jim Yong Kim says the World Bank will stop financing oil and gas projects in two years.
Speaking at the climate summit outside Paris, Jim Yong Kim said Tuesday the World Bank will cease financing exploration and extraction projects after 2019, except “in exceptional circumstances” for the poorest countries where there is a clear benefit in terms of energy access and the project fits within the countries’ Paris Agreement commitments.
Jim Yong Kim also mentioned initiatives in different parts of the world aimed at helping countries reduce their greenhouse gas emissions. Those include a multimillion-dollar deal to deploy millions of LED bulbs and tube lights, thousands of electric cars and charging stations and millions of smart meters throughout India.

World Bank to stop financing oil, gas projects from 2019 [AFP Dec 12, 2017]

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.

“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 statement said.

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

SOURCE: World Bank Group press release, December 12, 2017

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