World Bank to end financial support for oil & gas extraction

Author: Larry Elliott, The Guardian (UK), Published on: 12 December 2017

The World Bank will end its financial support for oil and gas extraction within the next two years in response to the growing threat posed by climate change. In a statement that delighted campaigners opposed to fossil fuels, the Bank used a conference in Paris to announce that it “will no longer finance upstream oil and gas” after 2019...

In exceptional circumstances, the Bank said it would consider lending for oil and gas projects in the very poorest countries but only where it helped the poor get access to energy and the project did not conflict with commitments to reduce greenhouse gases made in the 2015 Paris climate change accord...

[T]he World Bank has raised the bar for climate leadership by recognising the simple yet inconvenient truth that achieving the Paris agreement’s climate goals requires an end to the expansion of the fossil fuel industry. It is time for all of the institutions, countries, investors and individuals who are still in the Paris agreement to stop funding fossils – once and for all.” [refers to Lloyds, Barclays, HSBC, Royal Bank of Scotland, Santander and Standard Chartered]

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Related companies: Barclays HSBC Lloyds Royal Bank of Scotland Santander Standard Chartered