World Bank to cease financing upstream oil and gas after 2019

Oil rig
Oil rig used to illustrate the story.

The World Bank said on Tuesday it would no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances.

“As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world,” the bank said in a statement.

“The World Bank Group will no longer finance upstream oil and gas, after 2019,” it added.

(Reuters/NAN)

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