World Bank says will cease financing upstream oil and gas after 2019

Reuters News
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Posted: Dec 12, 2017 7:58 AM

PARIS (Reuters) - 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.

"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 bank said in a statement.

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

(Reporting by Michel Rose; editing by Richard Lough)