The World Bank will stop financing oil and gas production

World Bank will stop financing oil and gas production

The World Bank announced at the Paris climate summit that it will no longer fund new oil and gas extraction projects starting in 2019. The decision is expected to support efforts to halt climate change.

World Bank, który lends to developing countries to promote economic growth announced that it will no longer offer financial support for oil and gas exploration after 2019. In explaining its decision, the bank cited the need for a turnaround in the "A rapidly changing world".

„As a global multinational institution serving development, the World Bank is constantly transforming its operations in the face of a rapidly changing world. To provide support to countries to achieve their goalsóin the Paris climate agreement, the World Bank will no longer finance the sector’s development after 2019, as defined by the Paris climate agreementów of oil and gas” – reads the bank’s statement.

The World Bank is one of the largest financial institutions in the world. However, the bank made exceptions to its decision announced at the One Planet summit. If the project complies with the country’s obligations under the Paris Agreement and provides clear benefits in energy access for the poorest, investments in the gas industry could be made. However, it involves the world’s poorest countries.

The head of the World Bank at the meeting called for róAlso, to withhold funding for all projectóin using fossil fuels and to raise the price of coal. – Climate change is becoming an increasingly pressing economic, social and existential problem. It’s a threat to all people in all countries – Jim Yong Kim said.

The World Bank’s decision was announced on the second anniversary of the Paris Agreement. On December 12, 2015 in Paris, 195 countryóin the world have agreed to adopt and implement an agreement to curb climate change. This is the first such agreement ever adopted by such a large group. On top of that by the biggest polluters on the planet – US, China and India. Ogólne provision mówi, about reducing gas emissionsóin greenhouse gases and keeping the rise in global temperature (because it can’t be stopped) well below 2 degrees Celsius. Celsius.

Although in June the U.S., through the voice of Donald Trump, announced that it was withdrawing from the agreement. United States, according to estimatesóin reported at the Paris summit, have a nearly 18 percent share of global gas emissionsóin greenhouse. Only China is a bigger polluter, with a global emissions share of just over 20 percent. The agreement is set to go into effect in 2020 and is expected to continue the earlier Convention on Climate Change – so-called. minutesóKyoto.

The agreement also established a fund, whichóry are expected to power developed countries. The total amount is expected to reach 100 billionóin the dollarów and is to be transferred to developing countries. The aid is expected to support investments that reduce emissions of gasóin greenhouse gases. This amount is set to increase by 2025. Under the terms of the summit, signatories are to report every five years after the agreement comes into force on their efforts to reduce gas emissionsóin the greenhouse.

SourceóSource: Futurism , France24, PAP, fot. CC BY-SA 3.0/ Arne Hückelheim/ Wikimedia Commons

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