World bank will stop financing oil gas projects 2019

You're referring to a significant announcement made by the World Bank in 2019!

In October 2019, the World Bank announced that it would no longer finance oil and gas projects, effective immediately. This decision was made as part of the bank's efforts to address climate change and transition to a low-carbon economy.

The World Bank's decision was a significant shift in its lending strategy, as it had previously provided financing for oil and gas projects. The bank's new policy aims to prioritize renewable energy and sustainable development, and to support countries in their efforts to reduce greenhouse gas emissions and transition to a low-carbon economy.

The World Bank's decision was welcomed by environmental groups and climate activists, who had long criticized the bank's financing of fossil fuel projects. The bank's new policy is seen as a major step forward in the global effort to address climate change and transition to a more sustainable energy system.

Here are some key details about the World Bank's decision:

• The World Bank will no longer finance oil and gas projects, including exploration, extraction, and transportation.
• The bank will continue to provide financing for natural gas projects that meet certain criteria, such as being part of a broader energy transition plan and having a clear plan for reducing greenhouse gas emissions.
• The bank will prioritize financing for renewable energy projects, such as solar and wind power, and for energy efficiency projects.
• The bank will work with countries to develop sustainable energy strategies and provide technical assistance to support the transition to a low-carbon economy.

Overall, the World Bank's decision to stop financing oil and gas projects is a significant step forward in the global effort to address climate change and transition to a more sustainable energy system.