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The World Bank announces it will no longer finance upstream oil and gas

Dr Valentina Dedi

In an interview given to Jennifer Gnana from The National, Dr Carole Nakhle, CEO of Crystol Energy, comments on the World Bank’s decision to stop financing upstream oil and gas after 2019. The announcement was made at the One Planet Summit, which took place on 12 December 2017 in Paris, with the World Bank aligning its support to countries to meet their Paris goals.

According to Dr Nakhle, the global sentiment, on balance, is increasingly hostile towards oil and gas, and the World Bank’s announcement adds to it. However, she argues that until truly competitive alternatives are developed, the world will continue to see the dominance of fossil fuels in its primary energy mix for the foreseeable future.

Oil rig
The World Bank announces at One Planet Summit that it will no longer finance upstream oil and gas projects after 2019

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