French President Emmanuel Macron attends a meeting with World Bank President Jim Yong Kim and United Nations (UN) Secretary General Antonio Guterres at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017.
French President Emmanuel Macron attends a meeting with World Bank President Jim Yong Kim and United Nations (UN) Secretary General Antonio Guterres at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017.
The World Bank will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances, it said on Tuesday, drawing praise from environmental groups.

The announcement came as French President Emmanuel Macron told dozens of world leaders and company executives at a climate summit that they were losing the battle against climate change and needed to react.


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Greenpeace welcomed the move.


Comment: See:

"The World Bank ... has sent a damning vote of no confidence to the future of the fossil fuel industry," Greenpeace International climate campaigner Gyorgy Dallos said, challenging banks to follow suite.

Stephen Kretzmann, of the Oil Change International advocacy group, said it was time for all of the institutions, countries, investors and individuals who are still in the Paris Agreement to stop funding fossil fuels.


Comment: One can't help wonder what they're up to; it's not like the World Bank to divest from a perfectly profitable enterprise, regardless of how corrupt people think it is.

The developing world on the other hand are steaming ahead, all the while trying out new technologies to improve the use of fossil fuels, to minimise pollution, while enriching their societies: