World Bank Will Stop Financing Oil and Gas Projects
The World Bank will no stop finance oil and gas projects from 2019 as tension builds to change to clean energy.
The step, it said, was meant to assist countries meet the greenhouse gas-curbing pledges they had made in support of the 2015 Paris Agreement.
The World Bank will stop bankrolling oil and gas exploration and extraction from 2019, it announced on Tuesday at a climate summit seeking to increase the global economy’s switch to clean energy.
The World Bank Group will no more finance upstream oil and gas, immediately after 2019, it claimed in a statement in Paris, where world leaders sought to release more cash for the shift from Earth-warming fossil fuels.
The action, it said, was intended to help countries meet the greenhouse gas-curbing promises they had made on behalf of the 2015 Paris Agreement to restrict global warming.
In extraordinary circumstances, consideration will certainly be given to funding upstream gas in the poorest countries where there is a very clear advantage in terms of energy accessibility for the poor and the project fits within the countries.
Paris Agreement promises, the statement said.The bank also revealed it was on track to satisfy its aim of 28 per cent of its lending heading to climate action by 2020.
The World Bank Group will not finance upstream oil and gas, after 2019 WORLD BANK STATEMENT The World Bank’s mandate is to offer finance and other support to aid the economic advancement of developing countries.
It co-sponsored the one-day summit called by French President Emmanuel Macron to find methods to unlock the money required for the global economy’s costly shift from fossil fuels to less-polluting energy sources, and to shore up countries defences against climate change-induced weather disasters.
Trillions of dollars should be invested in clean energy technology to fulfill the Paris Agreement’s goal of limiting average global warming to two degrees Celsius (degrees Fahrenheit) over pre-Industrial Revolution levels, professionals say.
A lack of cash has long been a constraint to the global effort to limit global warming, worsened by US President Donald Trump’s decision to withdraw America from the Paris Agreement and slash funding for climate projects.
In its 2016 annual report, the World Bank Group said it had invested just over US$ 3 billion in extractive industries, which additionally include mining, in 2016 three times as much as the year before.
Meanwhile, former US secretary of state John Kerry blasted the omission of the American government at the summit as a disgrace. Trump was not asked and the US federal government was represented by the second-highest diplomat in the American embassy in Paris, Brent Hardt, two years to the day since Kerry and then-president Barack Obama helped drive painstaking diplomatic initiatives to clinch the Paris accord.
It’s very frustrating, it’s worse than discouraging, it’s actually a disgrace when you think about the facts, the science, the sound judgment, all the work that’s been done, Kerry said on the summit sidelines.
The Paris Agreement took 26 years of work that’s being dishonoured by people who don’t even comprehend the science.
American summit attendees featured the campaigning governor of California, Jerry Brown, as well as former New York mayor Michael Bloomberg who has put together a coalition of cities, companies and lobbyists called America’s Pledge to help decrease US emissions.