World Bank to Stop Funding Oil and Gas Exploration

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At the recently concluded “One Planet Summit” in Paris, the World Bank announced its decision to stop funding oil and gas exploration and extraction. The decision has been prompted by the alarming levels of global warming, which is to a great extent on account of burning of fossil fuels for various purposes.

The World Bank would stop providing money needed for upstream oil and gas activities from 2019 onwards. This would also make it the first multilateral bank to take the step.

However, that may not be enough for many point out that World Bank’s stance on steering clear of nuclear energy, which is a clean form of energy that can affordably be provided in large amounts on virtually a non-stop basis, may act as an impediment.

World Bank Held Responsible for Ignoring Nuclear Energy

In no uncertain terms, director general of World Nuclear Association Agneta Rising said that the World Bank should be blamed for not lending its support equally to all forms of clean technologies. Ms. Rising added that the IEA’s (International Energy Agency) Sustainable Development Scenario states that attaining environmental objectives along with global development goals will need a combination of clean energy technologies that would include nuclear energy. Only then would it be possible to provide round-the-clock low carbon energy.

President of World Bank Jim Yong Kim, had earlier stated that the World Bank Group does not support nuclear power and instead is dedicated to figuring out ways to work with geothermal, hydropower, wind, and solar.

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