World Bank to stop financing oil, gas exploration and extraction projects from...

World Bank to stop financing oil, gas exploration and extraction projects from 2019

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The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced 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 sought 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.