World Bank to end financial support for oil and gas extraction (The Guardian, 14 December 2017)

Bank announces in Paris it ‘will no longer finance upstream oil and gas’ after 2019 in response to threat posed by climate change.

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.

The Bank ceased lending for coal-fired power stations in 2010 but has been under pressure from lobby groups also to halt the $1bn (£750m) a year it has been lending for oil and gas in developing countries.

Read more here.

Posted in CO2.