Yemisi Izuora
The World Bank has decided to stop upstream oil and gas projects financing beginning from 2019.
The bank however said it can only consider financing request from very poor countries in exceptional circumstances.
The announcement came as French President Emmanuel Macron told world leaders and company executives at a climate summit that they were losing the battle against climate change and needed to react.
The World Bank has also sent a vote of no confidence to the future of the fossil fuel industry,” Greenpeace International climate campaigner Gyorgy Dallos .
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.