One Planet: Development banks pledge to accelerate green financing

Global Trade Review (GTR) - The World Bank and the European Bank for Reconstruction and Development (EBRD) both made new commitments during the One Planet summit this week in a bid to speed up financial support for global climate action.

The World Bank said it would cease to finance oil and gas drilling and production projects from 2019. The move has been hailed as “huge” and one that could lead the way to a major change.

“Today we are announcing that the World Bank Group will no longer finance upstream oil and gas, after 2019,” the bank’s president Jim Yong Kim said at the summit. “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 the money on the table, and accelerate action.”

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