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Policy & Regulation

World Bank to end lending for oil and gas after 2019

The World Bank will stop lending to oil and gas projects after 2019, the bank’s president, Jim Yong Kim, said in Paris on Tuesday.
By Staff reporter 13 December 2017 World / Exploration & Production 0 28775

The World Bank will stop lending to oil and gas projects after 2019, the bank’s president, Jim Yong Kim, said at a climate summit hosted by French President Emmanuel Macron in Paris on Tuesday.

The bank will make exceptions for gas developments in poor countries where fuel is needed to provide energy to local communities.

The bank stopped financing coal-fired power projects in 2013.

"We’re determined to work with all of you to put the right policies in place, get market forces moving in the right direction, put...