Categories: BusinessOn the Go

World Bank: We’ll stop financing oil and gas projects after 2019

The World Bank says it will stop financing upstream oil and gas projects after 2019.

The Bretton Wood institution made this known on Tuesday at a climate summit intended to boost global shift to cleaner energy.

“As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world,” the bank said in a statement.

“The World Bank Group will no longer finance upstream oil and gas, after 2019.”

According to the bank, the exception to this decision will be certain projects in some of the world’s poorest countries.

“In exceptional circumstances, consideration will be given to 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.”

According to the statement, this decision will help countries meet their greenhouse gas-curbing pledges, which they had made in support of the 2015 Paris Agreement to limit global warming.

World leaders, including President Muhammadu Buhari, are attending the One Planet summit in Paris.

The summit is jointly organised by the United Nations, the World Bank Group, and the French Government in partnership with non-governmental organisations

President Buhari signed the Paris Agreement on Climate Change on the sidelines of the 71st Session of the United Nations general assembly in New York on September 22, 2016.

Recent Posts

  • On the Go
  • Top Stories

FG: We have no hands in El-Zakzaky’s trial

The federal government says it is not involved in the ongoing trial of Ibrahim El-Zakzaky, leader of the Islamic Movement…

1 min ago
  • On the Go
  • Top Stories

JUST IN: Two farmers shot dead as Boko Haram raids Chibok

Two farmers have been shot dead by suspected Boko Haram insurgents in Kautikari village, Chibok local government area of Borno…

12 mins ago
  • Your Say

The implication of server controversy on Bayelsa, Kogi elections

BY MOSHOOD ISAH Barely four months to the governorship elections in Bayelsa and Kogi states and with the controversy of…

46 mins ago
  • On the Go
  • Top Stories

Journalism under threat, Buhari laments

President Muhammadu Buhari says the spread of fake news poses a threat to journalism. Speaking when he hosted the board…

54 mins ago
  • On the Go
  • Top Stories

Atiku, PDP close case at tribunal – after calling 62 witnesses

The Peoples Democratic Party (PDP) and Atiku Abubakar, its presidential candidate, have closed their case at the presidential election petitions…

57 mins ago