At the recent One Planet Summit convened by President Emmanuel Macron of France, United Nations Secretary General Antonio Guterres, and World Bank Group President Jim Yong Kim, the World Bank Group made a number of new announcements in line with its ongoing support to developing countries for the effective implementation of the Paris Agreement’s goals.
As a global multilateral development institution, World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world. To align its support to countries to meet their Paris goals, World Bank Group will no longer finance upstream oil and gas, after 2019.
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.
World Bank Group 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.
