world bank to stop financing oil gas projects from 2019
Last Updated : GMT 07:25:12
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 07:25:12
Arab Today, arab today

to boost the global economy's shift to clean energy

World Bank to stop financing oil, gas projects from 2019

Arab Today, arab today

Arab Today, arab today World Bank to stop financing oil, gas projects from 2019

French President Emmanuel Macron.
Paris - Arab Today

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.

"In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries' Paris Agreement commitments," the statement said.

The bank also announced it was "on track to meet its target of 28 percent of its lending going to climate action by 2020."

The World Bank's mandate is to provide finance and other assistance to aid the economic advancement of developing countries.

It co-sponsored the one-day summit called by French President Emmanuel Macron to find ways to unlock the money needed for the global economy's costly shift away from fossil fuels to less-polluting energy sources, and to shore up countries' defences against climate-change induced weather disasters.

Trillions of dollars must be invested in clean energy technology to meet the Paris Agreement's goal of limiting average global warming to two degrees Celsius (3.6 degrees Fahrenheit) over pre-Industrial Revolution levels, experts say.

A lack of money has long been a constraint to the global effort to limit global warming, worsened by US President Donald Trump's decision to withdraw America from the Paris Agreement and slash funding for climate projects.

In its 2016 annual report, the World Bank Group said it had invested just over $3 billion in "extractive industries", which also include mining, in 2016 -- three times as much as the year before.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

world bank to stop financing oil gas projects from 2019 world bank to stop financing oil gas projects from 2019

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

world bank to stop financing oil gas projects from 2019 world bank to stop financing oil gas projects from 2019

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 14:52 2018 Friday ,14 December

Michel Aoun meets Rahi in Baabda

GMT 13:02 2018 Tuesday ,04 December

French PM puts fuel tax hike on hold after protests

GMT 08:01 2017 Thursday ,28 December

Mohamed Shaker renewed his father’s song

GMT 19:37 2018 Friday ,26 October

Saudi Arabia set for series of privatizations

GMT 03:33 2017 Monday ,29 May

Lindsay Lohan wishes Muslims a happy Ramadan

GMT 06:49 2018 Tuesday ,23 January

Louvre Abu Dhabi replaces Gulf map that omitted Qatar

GMT 04:15 2018 Tuesday ,23 January

Kurds invited to join Syria peace

GMT 01:15 2018 Thursday ,11 January

Mosul's old heart in ruins six months after IS ousted

GMT 09:51 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 18:13 2018 Friday ,16 November

Lebanese President Receives World Bank Delegation

GMT 07:54 2018 Tuesday ,04 December

Eurozone finance ministers agree reforms

GMT 09:00 2018 Wednesday ,12 December

May tours Europe in desperate bid to save Brexit deal

GMT 13:20 2018 Wednesday ,03 October

Alessandra Ambrosio in Dubai for World of Fashion

GMT 10:13 2018 Monday ,08 January

Important Tips for Choosing Furniture for your Home

GMT 05:40 2018 Tuesday ,16 January

Dutch millers get fresh wind in their sails
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday