The World Bank has just announced that it will end its financial support for oil and gas extraction.
The Bank used the One Planet Summit in Paris to announce that it “will no longer finance upstream oil and gas” after 2019.
The bank also announced that it was on track to meet its target of 28 percent of its lending going to climate action by 2020.
“It is hard to overstate the significance of this historic announcement by the World Bank,” said Stephen Kretzmann, the executive director advocacy group Oil Change International.
“The World Bank has raised the bar for climate leadership by recognizing the simple yet inconvenient truth that achieving the Paris agreement’s climate goals requires an end to the expansion of the fossil fuel industry. It is time for all of the institutions, countries, investors and individuals who are still in the Paris agreement to stop funding fossils – once and for all.”