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World Bank will no longer finance oil, gas projects from 2019 as pressure builds to switch to clean energy

World Bank will no longer finance oil, gas projects from 2019 as pressure builds to switch to clean energy

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

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.

The World Bank Group will no longer finance upstream oil and gas, after 2019

Trillions of dollars must be invested in clean energy technology to meet the Paris Agreement’s goal of limiting average global warming to two degrees Celsius (3.6 degrees Fahrenheit) over pre-Industrial Revolution levels, experts say.

A lack of money has long been a constraint to the global effort to limit global warming, worsened by US President Donald Trump’s decision to withdraw America from the Paris Agreement and slash funding for climate projects.

Source: www.scmp.com
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