World Bank to stop financing oil, gas projects from 2019

heisenberg

Earl Grey
PARIS (AFP) -

The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy's shift to clean energy.

"The World Bank Group will no longer finance upstream oil and gas, after 2019," it said in a statement in Paris, where world leaders sought to unlock more money for the shift away from Earth-warming fossil fuels.

The move, it said, was meant to help countries meet the greenhouse gas-curbing pledges they had made in support of the 2015 Paris Agreement to limit global warming.

http://www.france24.com/en/20171212-world-bank-stop-financing-oil-gas-projects-2019
 
How many gas/oil projects were they underwriting to begin with? And for what countries and companies? They only mention something vague and confusing about "investing 3 billion in extractive industries" back in 2016. If they are referring to investing in the petrol chemical industry then quite frankly 3 billion isn't shit. The big boys in petrol don't need to borrow chump change from the World Bank. This decision won't have an effect on them at all.
 
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