The World Bank will no longer finance upstream oil and gas activities after 2019. At the One Planet Summit attended by French President Emmanuel Macron, United Nations Secretary-General Antonio Guterres and World Bank President Jim Yong Kim in late 2017, the World Bank Group announced it would put an end to its financing of these industries. And it is about time!
While this is welcome news, one is left wondering why the institution is still financing any extractive industries to this day.
In an attempt to create growth, employment and energy supply for the poor, the world’s most potent development bank has been giving money and knowledge to projects that provably hurt the climate and destroy the habitat of future generations, creating extreme weather conditions and instability, and thus making it necessary to spend billions on climate adaptation and resilience.