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Thursday, December 14, 2017
The World Bank Group is phasing out its funding of oil and gas projects as part of its ongoing support for clean energy. The announcement of the goal was one among many others made by the World Bank at the One Planet Summit in France.
The World Bank Group will no longer finance upstream oil and gas, after 2019, although there could be exceptions made under certain circumstances. According to the bank 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 Paris Agreement commitments.
The exit from upstream funding of oil and gas projects falls in line with the bank’s ongoing support to developing countries for the effective implementation of the Paris Agreement’s goals.
The move is a major departure for the bank who has historically sought to support the extractive industries as a way to aid in the tackling of corruption and exploitation, through proper governance.
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