World Bank Is Ending Fossil Fuel Funding

Dec 17, 2017

World Bank Group President Jim Yong Kim speaks at the One Planet meeting in Paris Dec. 12th as World Bank announces an end to fossil fuel funding.

From the Ecowatch article on the announcement:

“In effort to bolster a global shift to clean energy, the World Bank—which provides financial, advisory and technical support to developing countries—announced it will “no longer finance upstream oil and gas, after 2019.”

The announcement was made Tuesday at the international One Planet climate summit called by French President Emmanuel Macron, President of the World Bank Group Jim Yong Kim, and United Nations Secretary-General António Guterres.

The World Bank’s plan to stop financing oil and gas exploration and extraction is aimed at helping countries meet their emissions reduction pledges made at the 2015 Paris climate talks.

Stephen Kretzmann, the executive director of Oil Change International, praised the World Bank’s latest announcement.

“It is hard to overstate the significance of this historic announcement by the World Bank. Environmental, human rights, and development campaigners have been amplifying the voices of frontline communities for decades in calling for an end to World Bank financing of upstream oil and gas projects,” Kretzmann said.

“Today the World Bank has raised the bar for climate leadership by recognizing the simple yet inconvenient truth that achieving the Paris Agreement’s climate goals requires an end to the expansion of the fossil fuel industry.”

Read the full article HERE.