CWS Welcomes World Bank Pledge to Stop Financing Oil and Gas

December 15, 2017

Church World Service (CWS) applauds the World Bank for its leadership in addressing climate change in accordance with the Paris Agreement to keep global temperature rise to no more than 1.5 degrees Celsius. Jim Kim, President of the World Bank, announced that the Bank would no longer invest in oil and gas exploration and extraction after 2019. He did offer an exception, in the case of low-income countries where Access to energy would benefit impoverished communities. The Bank has committed to publicly stating the carbon footprint of existing World Bank projects. Mr. Kim also called for the removal of fossil fuel subsidies by governments, increasing energy efficient standards and government investments in lowering the cost of renewable energy.

Church World Service joined the Big Shift Campaign in 2017, which called on The World Bank and other international financial institutions to change their financing from fossil fuel to renewable energy projects. CWS applauds the leadership of the World Bank, with the hope that others will follow their commitments.

“This is wonderful news, and exemplifies efforts of the World Bank to support global development and help lift people out of poverty,” said CWS President and CEO Rev. John L. McCullough. “Climate change is a root cause of dislocation, displacement, forced migration, loss of livelihoods and increased poverty. It sits at the very heart of the greatest challenges facing the survival of our planet. Precisely at a time when U.S. leadership on climate has regressed,  the World Bank has confirmed our hope in what is possible.”