- High prices help PH mine production value hit P108.6 B in 2017
- Why leading investors are backing gold
- Green Acres eyeing growing hydro seeding opportunities
- PHOTO CONTEST | No Filter: Harnessing the transformational impacts of natural resources — as seen from the ground
- 4th Mining Investment Asia Conference to feature new topics of Mining Technology & Cryptocurrency
- SMC buys Masinloc power plant for $1.9b
- Chamber of Mines adopts Canadian sustainable mining initiative
- Mines and Money Asia unwraps in April
- Filipino miners top Asean Mineral Awards
- Solving the challenge of mine dewatering
World Bank to cease financing upstream oil and gas after 2019
PARIS – The World Bank will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances, it said on Tuesday, drawing praise from environmental groups, Reuters reported Dec. 12.
The announcement came as French President Emmanuel Macron told dozens of world leaders and company executives at a climate summit that they were losing the battle against climate change and needed to react.
Greenpeace welcomed the move.
“The World Bank … has sent a damning vote of no confidence to the future of the fossil fuel industry,” Greenpeace International climate campaigner Gyorgy Dallos said, challenging banks to follow suite.
Stephen Kretzmann, of the Oil Change International advocacy group, said it was time for all of the institutions, countries, investors and individuals who are still in the Paris Agreement to stop funding fossil fuels.