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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

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World Bank To Cut Off Oil & Gas Funding

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.

The bank will also start reporting next year greenhouse gas emissions from the investment projects it finances in key emissions-producing sectors, such as energy. The first results will be published in late 2018, and annually after that. The World Bank will also invest in green bonds and in a green bond fund, and in loans and funding aimed at reducing fossil fuel subsidies.

Separately, the World Bank and Canada agreed at the Paris summit today to “support the acceleration of developing countries’ transition away from traditional coal-fired electricity toward clean energy to power their fast-growing economies.”

More than 50 heads of state and government as well as prominent business figures—including Bill Gates and Elon Musk—are taking part in the One Planet Summit in Paris today.

By Tsvetana Paraskova for Olprice.com

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  • Tom on December 12 2017 said:
    So sad to see Oil and Gas, things that have been so beneficial to society, shunned by the elites. I guess as long as they are safe, warm and well fed, they assume everyone else is. How Shamefully Arrogant they truly are!
  • Gary Novak on December 12 2017 said:
    Looks like the World Bank is trying to make America great again by denying investment in oil projects to other countries.
  • Peter on December 12 2017 said:
    Well, it was Paul Wolfowitz as acting president of the World Bank in 2005 who brought global warming on their agenda. Who knew that he cared so much about environmental issues? I got the same chock when I noticed that it were John McCain and Joe Lieberman who started to push the global warming issue in domestic US politics with their Climate Stewardship Acts of 2003, 2005 and 2007. McCain and Lieberman also wanted to through Russia out of the G8 already in 2005 after president candidate Chodorkovsky was jailed and his climate destroying oil company Yukos was bought up by the Russian state and his Open Russia Foundation together with Henry Kissinger and Jacob Rothschild was banned. And also in 2005 we had Al Gore in the Oscar winning movie "An Inconvinient Truth" that George Soros co-sponsored.

    We all know that global warming is our common enemy - as stated in the chapter "Limits of Democracy" in the book The First Global Revolution from 1991 by the Club of Rome.

    Lets salute the World Bank, McCain, Wolfowitz, Lieberman, Graham, Soros and others for all the great work they are doing for our climate.

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