World Bank President Jim Yong Kim, says as part of the ongoing transformation of the group’s operations, in recognition of the fast changing world and in support of Paris Agreement goals, will stop financing upstream oil and gas business after 2019.
This was part of the commitments at the One Planet Summit convened by President Emmanuel Macron of France, United Nations Secretary General Antonio Guterres, the World Bank Group on Tuesday
The global multilateral development institution however clarified that “in exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.)”
The bank said it is on track to meet its target of 28% of its lending going to climate action by 2020 and to meeting the goals of its Climate Change Action Plan – developed following the Paris Agreement.
“In line with countries submitting updated and potentially more ambitious Nationally Determined Contributions (NDCs), the World Bank Group will present a stock-take of its Climate Change Action Plan and announce new commitments and targets beyond 2020
The group also promised continued support for investments highlighted at the One Planet Summit which demonstrate opportunities to crowd in different kinds of finance in transformational area, including “scaling up solar energy in Ethiopia, Pakistan and Senegal among other countries; establishing a West Africa Coastal Areas investment platform to build resilience for coastlines of West African countries (partnering with WAEMU, NDF, GEF, GFDRR, AFD, AfDB); and introducing the City Resilience Platform (partnering with the Global Covenant of Mayors) so that up to 500 cities will have access to finance for resilience to climate change.”
Also, collaborating with France’s AFD and the Kingdom of Morocco, the World Bank is working to accelerate adaptation in agriculture for Africa.