World Bank Plans to Drastically Cut Funding of Fossil Fuels

This follows various divestments that have happened recently, but there’s still much more that needs to be done to prevent an environmental catastrophe via climate change.

As world leaders convene at the One Planet Summit on the second anniversary of the Paris Climate Agreement, environmental advocates are cautiously celebrating the “historic announcement” by the World Bank on Tuesday that it will stop funding oil and gas exploration and production projects after 2019.

Though 350.org responded to the news by saying “more still needs to be done” to curb funding for fossil fuel projects, Oil Change International (OCI) executive director Stephen Kretzmann said, “It is hard to overstate the significance of this historic announcement.”

“Environmental, human rights, and development campaigners have been amplifying the voices of frontline communities for decades in calling for an end to World Bank financing of upstream oil and gas projects,” Kretzmann explained. “Today the World Bank has raised the bar for climate leadership.”