Paris — The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced on 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 are looking 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% of its lending going to climate action by 2020". The World Bank’s mandate is ...
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