January 16, 2018 10.12pm EST •Updated January 17, 2018 4.02pm EST
Associate Professor of Political Science and Policy Studies, Elon University
World Bank President Jim Yong Kim, left, and French President Emmanuel Macron. AP Photo/Francois Mori
The World Bank, which provides developing countries about US$60 billion a year in financial assistance, is officially phasing out its support for the oil and gas industries.
This move brings its actions more in sync with its overarching commitment to slowing the pace of climate change and keeping the Paris agreement on track. Based on my research regarding international relations, I see this move – which World Bank President Jim Yong Kim announced in December – as significant for two reasons.
The bank has signaled that the international community is taking the fight against global warming more seriously than ever. And it shows that the bank intends to keep playing a leading role in that battle at a time when its most powerful shareholder, the U.S., is turning its back on global environmental leadership.
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