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The companies announced their decision at the One Planet Summit hosted by French President Emmanuel Macron in Paris. Coming a month after the COP23 in Bonn, Germany, the announcement puts the companies in a position similar to the "Powering Past Coal Alliance," a partnership of 26 nations founded in Bonn by Britain, France, Mexico, New Zealand, Costa Rica and the Marshall Islands.
In effort to bolster a global shift to clean energy, the World Bank—which provides financial, advisory and technical support to developing countries—announced it will “no longer finance upstream oil and gas, after 2019."
The announcement was made Tuesday at the international One Planet climate summit called by French President Emmanuel Macron, President of the World Bank Group Jim Yong Kim, and United Nations Secretary-General António Guterres.
As world leaders and global financial institutions gather for the One Planet Summit on Dec. 12 in Paris, civil society groups have come together under the Big Shift Global campaign to underscore the massive finance gap remaining to shift away from fossil fuels and toward clean energy, in line with the aim of the Paris agreement on climate change to limit warming to below 1.5°C.