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World Bank Group pledges to stop investing in oil and gas exploration
Key Excerpts from Article on Website of The Telegraph (One of the UK's leading newspapers)
Posted: December 24th, 2017
http://www.telegraph.co.uk/business/2017/12/12/world-bank-gr...
One of the worlds most important financial and development institutions, the World Bank Group (WBG), is to stop financing oil and gas exploration, in a bid to help combat climate change. After 2019, the WBG which includes the World Bank and three other institutions will stop investing in upstream oil and gas, it announced at the One Planet Summit in Paris on Wednesday. The summit was hosted by French president Emmanuel Macron, with 164 world leaders, government members, business leaders and prominent figures joining him. This move marks a major change in strategy for the the WBG, which has historically sought to support extraction of natural resources. The World Bank currently holds $961m (722m) of guarantee operations, set up to support private sector investments in gas and oil explorations. Upstream oil and gas constitute 2pc of the WBG portfolio. Across the World Bank Group institutions, the total portfolio is worth around $280bn. This comes as the WBG signed a $1.15bn loan with the Government of Egypt aimed at reducing fossil fuel subsidies and encouraging low-carbon energy investment. Everyday, climate change becomes a more urgent economic, social, and existential threat to all countries and all people, WBG president, Jim Yong Kim, said. This change in approach was to ensure alignment of our support to countries to meet their Paris goals, he added.
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