That World Bank has announced today that it will cease any further financing of upstream oil and gas after 2019.
However, they will continue to provide financing for certain gas projects within some of the world’s poorest countries in ‘exceptional circumstances’.
In a statement released by the World Bank it said: “As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world,” the bank said in a statement.
“The World Bank Group will no longer finance upstream oil and gas, after 2019.”
