Bank announces in Paris it ‘will no longer finance upstream oil and gas’ after 2019 in response to threat posed by climate changeThe World Bank will end its financial support for oil and gas exploration within the next two years in response to the growing threat posed by climate change. At present, 1-2% of the Bank’s $280bn portfolio is accounted for by oil and gas projects. Stephen Kretzmann, an executive director of the Washington-based advocacy group Oil Change International, said: “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. Michael Bloomberg, the chair of the taskforce, said: “Climate change poses both economic risks and opportunities.

Source: The Guardian December 12, 2017 11:53 UTC