Economy 12-12-2017

The World Bank will stop financing exploration and extraction of oil and gas after 2019

The World Bank (WB) announced on Tuesday at a climate summit in Paris that it will stop financing the exploration and extraction of oil and gas after 2019.

With this initiative, the multilateral institution seeks to "adopt the objectives of the Paris Agreement" of 2015 to limit global warming, was said in a statement.

However, the institution indicated that it could contemplate exceptions for developing countries with specific energy needs.

The World Bank also announced that it is "on track to accomplish its goal of 28% of its loans for 2020 being The World Bank also announced that it is "on track to meet its goal of 28% of its loans for 2020 being destined for climate action."

As of the end of 2018, the World Bank Group will also report annually on the greenhouse gas emissions of the investment projects it finances in key sectors, such as energy.

Fifty world leaders, ministers, companies and NGOs are meeting Tuesday at the One Planet summit in Paris to mobilize climate funds.

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