The World Bank Will Stop Financial Support For Oil and Gas Exploration

The World Bank (WB) announced the discontinuation of financial support for the exploration of oil and gas fields after 2019 due to the growing threat posed by climate change. This is stated in the message of the World Bank, distributed at the One Planet Summit conference in Paris, reports Interfax.

Currently, WB loans to the oil and gas industry of developing countries account for 1-2% of the loan portfolio, the total amount of which exceeds $ 280 billion.

In exceptional circumstances, the bank may consider lending to oil and gas projects in the poorest countries, if such support allows poor people to gain access to electricity, and the projects themselves will not conflict with the Paris Climate Agreement of 2015.

In 2010, the World Bank ceased to lend to coal-fired power plants and related projects.World Bank on Oil and Gas

As noted in the message of the World Bank, he sees the need to revise the methodology of work in a rapidly changing world. By 2020, 28% of lending will be directed to counteract climate change.

Already 237 companies whose total capitalization exceeds $ 6.3 trillion supported a new initiative to transition to an economy with a lesser degree of dependence on hydrocarbons, said at the same conference in Paris, the head of the Bank of England, Mark Carney.

Source: Maritime News of Russia