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World Bank to no longer finance upstream oil and gas after 2019

Oil&Gas Materials 12 December 2017 16:26 (UTC +04:00)
The World Bank Group will no longer finance upstream oil and gas, after 2019.
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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