World Bank to stop financing oil, gas projects from 2019

Tactical Frog

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Paris (AFP) - The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy's shift to clean energy.

"The World Bank Group will no longer finance upstream oil and gas, after 2019," it said in a statement in Paris, where world leaders sought to unlock more money for the shift away from Earth-warming fossil fuels.

The move, it said, was meant to help countries meet the greenhouse gas-curbing pledges they had made in support of the 2015 Paris Agreement to limit global warming.

"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 statement said.

The bank also announced it was "on track to meet its target of 28 percent of its lending going to climate action by 2020."

The World Bank's mandate is to provide finance and other assistance to aid the economic advancement of developing countries.

It co-sponsored the one-day summit called by French President Emmanuel Macron to find ways to unlock the money needed for the global economy's costly shift away from fossil fuels to less-polluting energy sources, and to shore up countries' defences against climate-change induced weather disasters.

Trillions of dollars must be invested in clean energy technology to meet the Paris Agreement's goal of limiting average global warming to two degrees Celsius (3.6 degrees Fahrenheit) over pre-Industrial Revolution levels, experts say.

A lack of money has long been a constraint to the global effort to limit global warming, worsened by US President Donald Trump's decision to withdraw America from the Paris Agreement and slash funding for climate projects.

In its 2016 annual report, the World Bank Group said it had invested just over $3 billion in "extractive industries", which also include mining, in 2016 -- three times as much as the year before.

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Looks like things are finally (slowly) moving in the right direction.

In my own views : oil and coal extraction must stop as soon as possible. Natural gas extraction can continue longer , since it is cleaner than both oil and coal. But no fracking.
 

F-14B

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In my own views : oil and coal extraction must stop as soon as possible. Natural gas extraction can continue longer , since it is cleaner than both oil and coal. But no fracking.
please kindly step back from the computer and throw away the dress you are wearing as well there is nothing that is not touched by Oil this is nothing but eco-terrorism not saving the world as a person who grew up and worked in the Oil and gas sector I view this as Golbal terrorism financed by stupid idotic Tree hugging European mafia
 

Tactical Frog

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India’s ultra-mega solar project will come up for discussion at the One Planet Summit in France this week, World Bank President Jim Yong Kim has said. The ultra-mega solar power projects, also known as ultra mega solar parks, are a series of solar power projects planned by India to enhance its capacity from 20,000 MW to 40,000 MW.

“Among one of the major projects that we’re putting on the table at the summit is the ultra-mega project in India for solar,” Kim said on Saturday in response to a question. In an interaction with reporters on bank’s continuing work on climate change mitigation and its efforts at helping developing countries implement the Paris Agreement, Kim said he and the World Bank has worked very closely with Prime Minister Narendra Modi.

“I am very optimistic about what could happen with renewable energy (in India),” Kim told reporters in a conference call ahead of the summit. Noting that Modi is very personal, very public and very strong support of moving India to a lower carbon renewable energy future, Kim said the Indian leader has made a very ambitious target for India to reduce its carbon intensity.

“Especially in the areas of solar and hydro, India is really leading. The Solar Alliance that Prime Minister Modi is spearheading has also been extremely important,” Kim said. But there is still a lot of work to do, he observed. “I think the Indian government is very much aware of that.” India and France had jointly launched the International Solar Alliance (ISA) on the sidelines of the Paris Climate Conference in December 2015.

Its goal is to facilitate large-scale deployment of solar energy in 121 countries in the area between the tropics by aggregating the demand for funding, technology and innovation. Kim said there are two most encouraging things for India. “One is that the cost of solar and the both the cost and size of battery storage is progressing so quickly…the lowest price per kilowatt hour that we’ve seen so far is in Mexico one point seven cents a kilowatt hour which for many countries makes solar less than half the cost of coal,” he said.

“Then also what we’ve seen is the rapid advances in battery storage technology. So experts have said at one point that there is an actual physical limit to the size and the cost of a battery storage technology and we’ve already broken through that supposed physical limit quite aggressively,” he said. In France, Kim would be hosting the One Planet summit with French President Emmanuel Macron and UN Secretary-General Antonio Guterres to mark the two-year anniversary of the signing of the Paris agreement.

“We are coming together not only to reaffirm our commitment to the agreement and to showcase some of the work taking place, but more importantly to look at ways to mobilize the scale of financing needed to create a low carbon climate resilient future for the economies of the world,” Kim said.

http://indianexpress.com/article/in...hange-4976145/lite/?__twitter_impression=true
 

Tactical Frog

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please kindly step back from the computer and throw away the dress you are wearing as well there is nothing that is not touched by Oil this is nothing but eco-terrorism not saving the world as a person who grew up and worked in the Oil and gas sector I view this as Golbal terrorism financed by stupid idotic Tree hugging European mafia
:confused1: I may be a tree hugger but seems to me that the real eco-terrorists are oil-industry people who obviously don’t care about the fate of billions of people who will suffer from more typhoons, more wildfires , more droughts , and more hunger after poor crops !
 

F-14B

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:confused1: I may be a tree hugger but seems to me that the real eco-terrorists are oil-industry people who obviously don’t care about the fate of billions of people who will suffer from more typhoons, more wildfires , more droughts , and more hunger after poor crops !
Quite rich quite my friend after using the industry and millions of people in that industry to power the world calling us eco terrorists is quite rich
 

KumarG

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This is rich. The West made its "developed" economies / society off the back of oil and coal. Now when the historically massive Asian powers are catching up, the Earth is too hot / smokey / windy / fiery (take your pick). All so the latest "green" technologies can then be sold to the developing world.
 

Screambowl

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:confused1: I may be a tree hugger but seems to me that the real eco-terrorists are oil-industry people who obviously don’t care about the fate of billions of people who will suffer from more typhoons, more wildfires , more droughts , and more hunger after poor crops !
then kindly also include airlines and shipping industry into kyoto protocol
 

sthf

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All it proves that WB think that financing such projects is not profitable anymore. Bankers are the last people to grow a conscience.

Renewable sources are now roughly at par with coal in cost effectiveness and will only become cheaper. Everybody and their grandmother has learnt this lesson except Porkies who think an imported coal fired plant hundreds of kilometers from the port is a good idea.
 

Tibarn

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Until these countries, particularly Western, stop subsidizing factory meat farming, eat so much meat, etc, this seems like a smaller deal.

The meat industry is IMO the biggest industry that can be curtailed to fight climate change.
 

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