- PHILCONSTRUCT 2018 comes to Manila after successful Davao swing
- Mining sector accounts for 2.78% of Bicol GDP
- DENR to open more mining areas
- 14 foreign firms eyeing PH petroleum search contracts
- SMC unveils plan to build 10K MW of renewables
- MGB cites mining company’s CSR program in Surigao
- Benguet’s gold processing plant underutilized
- Chamber invites Duterte to ‘responsible’ mining sites
- MVP firm ready to submit proposal to develop LNG terminal
- DENR lifts moratorium on mines exploration
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.