As part of its support to countries to meet their Paris Climate Agreement targets, the World Bank said on Tuesday that it would stop financing upstream oil and gas projects after 2019.
The World Bank will only make exceptions to consider possible support for 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 countries’ Paris Agreement commitments,” the bank said in a statement at the One Planet Summit in Paris.
The summit, to mark the second anniversary of the Paris Agreement, is convened by France’s President Emmanuel, United Nations Secretary General Antonio Guterres, and World Bank Group President Jim Yong Kim.
Apart from ceasing to finance oil and gas, the World Bank said today that it was on track to meet its target of 28 percent of its lending going to climate action by 2020 and to meeting the goals of its Climate Change Action Plan that had been developed following the Paris Agreement.
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