World Bank to cease financing upstream oil and gas after 2019

The World Bank said on Tuesday it will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances.

The bank said in a statement, according to Reuters,”as a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world.”

“The World Bank Group will no longer finance upstream oil and gas, after 2019,” it added.