W’Bank to cut off funding for oil exploration in 2 years

Apart from certain gas projects in the poorest countries of the world with exceptional circumstances, the World Bank has said it will no longer lend financial supports for exploration of upstream oil and gas projects after 2019.

The bank made this disclosure at the One Planet Summit, which has brought together world leaders including France President, Mr. Emmanuel Macron, President of the World Bank Group, Jim Yong Kim, and the UN Secretary-General, António Guterres, in Paris.

“As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world,” said the bank in a statement.

It added: “The World Bank Group will no longer finance upstream oil and gas, after 2019.”

Accordingly, the summit aims to mobilize new announcements of bold projects and substantial financial commitments to combat climate change. It will also showcase successful initiatives that can be scaled up with the right kind of support.