World Bank to no longer finance upstream oil and gas after 2019
Baku, Azerbaijan, Dec.12
By Leman Zeynalova – Trend:
The World Bank Group will no longer finance upstream oil and gas, after 2019, the WB said in a statement at One Planet Summit.
“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,” said the statement.
The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.
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