World Bank urged to bar investments in fossil fuels by European officials

Senior officials from Europe have urged the World Bank to bar investments in fossil-fuel investments to expand its climate change strategy. 

The executive directors at the World Bank (representing major European shareholder countries and Canada), have welcomed the steps by the bank to ensure efforts in reduction of carbon emissions. The officials have urged the Bank to exclude investments in oil and coal related projects across the world, and also phase out investment in natural gas projects.  The World Bank has said that it would make record investments in climate change mitigation and adaptation for a second consecutive year in 2021. The Bank also would be launching new reviews to integrate climate into all its country diagnostics and strategies.

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