World Bank will no longer finance oil and gas investments

The World Bank will not offer fund oil and gas investments after 2019, and will instead allocate 28% of its lending portfolio to climate action by 2020, The National reports. “The move follows similar initiatives by large financial institutions … The global sentiment towards oil and gas investment is increasingly turning negative with large funds continuing to move away from fossil fuels.” The shift in the WB’s spending will likely hit energy-poor countries the hardest, analysts say, but the bank said it would make exceptions for projects that do not violate commitments made under the Paris climate accord.