The World Bank has announced its plan to discontinue its financing of upstream oil and gas projects in 2019. The bank, which provides loans to developing countries to foster economic growth, stated it will no longer offer financial support for oil and gas exploration, citing a need to change in “rapidly changing world.” With another big lender moving away from fossil fuels, renewable energy is further gaining the upper hand.
The World Bank will stop financing oil and gas exploration in 2019
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