As part of the One Planet summit and in a landmark decision to encourage a shift to renewable energy sources, the World Bank has announced that it will “no longer finance upstream oil and gas after 2019."
The bank provides financial and technical support to developing countries but has drawn a new line in the sand over oil and gas development projects as its president addressed the One Planet climate change summi, pulled together by France’s president Macron, the president of the World Bank Group, Jim Yong Kim, and United Nations Secretary-General, Portugal’s former PM, António Guterres.