World Bank Announces That They Are Moving Out Of Upstream Oil And Gas Finance After 2019
World Bank Announces that they have decided that from the year 2019. They will not fund any oil and gas extraction projects. This move from the World Bank demonstrates real climate leadership, and could help signal a broader shift away from the tens of billions of dollars in public finance that G20 governments and multilateral development banks dump into fossil fuels each year.
These institutions still provide $72 billion in public finance to fossil fuels annually, which is why a shift away from fossil fuel finance is crucial if we hope to meet the aims of the Paris Agreement. Government commitments to scale up climate finance are important, but they’re not enough. Others need to follow the lead of the World Bank and signal that they will stop funding fossils.
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