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World Bank to cease financing upstream oil and gas after 2019

French President Emmanuel Macron during the Climate Change Summit, Paris, France [PHOTO: COURTESY]

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.

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.

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World Bank