The World Bank announced that they will not be funding exploration for new gas and oil reserves from 2019 and onwards. This decision was based on the dangers of climate change. It delighted activists who have campaigned for more control over gas and oil digging.
The World Bank ended their support for coal long ago. However, it was still lending around one billion dollars a year for oil and gas exploration. They not only decided to end this, but they hope to increase their lending for climate action programs to twenty eight percent of their lending.
There may be some exceptions, however. If third-world and developing countries are in strong need of new gas and oil resources to help the poor get access to simple amenities, then the World Bank will consider helping them out, but only if they comply with the agreements reached during the Paris Climate Accords.
This announcement was made by a conference attended by the President of the World Bank, the President of France, and the Secretary General of the United Nations.
It is expected that this decision by the World Bank will influence decisions by banks and financial institutions all around the world. Those in the financial industry will have to decide what the future of fossil fuels will be.
The Bank of England has also revealed the possibility of a new initiative to get companies to come clean about how they are affecting the climate.