The World Bank’s pledge to end all upstream investment in the oil and gas sector by 2019 topples a key pillar holding up the social license around the fossil fuel industry.
World Bank
The French Revolution: France bans new oil and gas licenses
The managed decline of oil and gas production has begun. On Tuesday, France set passed a law to end the exploration for and extraction of oil and gas. In our 2016 report, The Sky’s Limit: Why the Paris Climate Goals Require a Managed Decline of Fossil Fuel Production, we showed that emissions from the oil, gas and … Read More
Statement: The Managed Decline of Fossil Fuels Begins
The managed decline of fossil fuels has begun. Leaders around the world have a choice: Will they join France in moving forward in ending fossil fuel extraction and managing the decline of the fossil fuel industry? Or will they continue to deny full steam ahead off the cliff to climate disaster and economic disarray?
The World Bank just drove another nail in the coffin of oil and gas
The World Bank just shook the world of energy finance to its foundations. On December 12, at the One Planet Summit in Paris, the world’s most high-profile public bank said they would no longer finance oil and gas extraction after 2019. This move made headlines around the world, and it was the direct result of … Read More
Big Shift campaign reacts to World Bank commitment to end upstream oil and gas finance
All financial institutions, public and private, including the World Bank, must still work toward aligning their finance with the aim of keeping global temperature increase below 1.5 degrees Celsius, but today, the World Bank set a high new bar in climate leadership.
Reaction: World Bank Steals Show at One Planet Summit by Phasing Out Upstream Oil and Gas Finance
Today at the One Planet Summit the World Bank set a new bar for financial climate leadership by committing to end finance for oil and gas extraction and exploration projects.
Dirty Dozen Released: 12 Projects that Undermine the One Planet Summit and Put the Climate at Risk
The 12 projects contained in today’s new briefing are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris Agreement entered into force.
Letter: 200+ Groups to G20 & Multilateral Development Banks – Stop Funding Fossils
Over 200 civil society groups released a letter calling on multilateral development banks, including the World Bank, and leaders of G20 governments to commit to phase out subsidies and public finance for fossil fuels as soon as possible.
Briefing: Dirty Dozen – How Public Finance Drives the Climate Crisis through Oil, Gas, and Coal Expansion
To have any hope of meeting globally-agreed climate goals, global financial flows must rapidly align with low-emission, climate-resilient development, and government-backed public finance institutions like the World Bank must signal this transition.
Even after Paris, World Bank continues to fund climate chaos
A new briefing shows that about one-quarter of multilateral development banks’ energy investments between fiscal years 2014 and 2016 flowed to fossil fuel infrastructure, directly at odds with efforts to fight climate change.