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World Bank Group pledges to stop investing in oil and gas exploration
2017/12/24
December, 2017
One of the world’s most important financial and development institutions, the World Bank Group (WBG), is to stop financing oil and gas exploration, in a bid to help combat climate change.
 
After 2019, the WBG -- which includes the World Bank and three other institutions ? will stop investing in upstream oil and gas, it announced at the One Planet Summit in Paris on Tuesday, December 12, 2017. This moves marks a major change in strategy for the WBG. WBG has historically sought to support extraction of natural resources, such as gas, oil and minerals in developing nations, in order to tackle corruption and exploitation, through proper governance.
 
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