Your browser may block some cookies by default. By clicking, you agree to allow our advertising partners to place their cookies and serve you more relevant ads. Visit our privacy policy page to view our privacy policy or opt-out.
pexels-photo-695299-1513195476460.jpeg
Source: Blue Ox Studio/Pexels

World Bank Vows To Drop Fossil Fuels After 2019

By Brian Spaen

The World Bank Group has given another major blow to the fossil fuel industry. In a big announcement on Tuesday at the One Planet Summit in Paris, they shared they'll no longer be financing upstream oil and gas after 2019. It’s a move that will help guide countries to their pledges to eliminate carbon emissions and sets a new bar for other financial institutions to follow.

World Bank will no longer finance oil and gas exploration and extraction on a large scale, but completely eliminating it could harm very poor countries. They’ve still opened the door for “exceptional circumstances” where this would be “a clear benefit in terms of energy access.” The project would still have to adhere to the specific country’s Paris Agreement goals.

Other information announced at the summit includes more transparent information released on projects World Bank funds in the future, such as the amount of greenhouse gas emissions. These results will be released annually beginning in late 2018. The financial institution will also meet their goal of 28 percent of investments going toward climate action by 2020.