European senior officials have sent a letter to the World Bank, urging it to exclude investments in oil- and coal-related projects across the globe and plan to gradually phase out investment in natural gas projects, Reuters reported, citing sources familiar with the matter. The World Bank said it would discuss initiatives called in the letter in its Climate Change Action Plan intended to be finalized in March.
The US, the World Bank’s biggest shareholder, decided to rejoin the 2015 Paris climate accord in February. The World Bank would make record investments in climate change and adaptation this year, said the Bank’s President David Malpass. He added that the bank planned to integrate climate into all its country diagnostics and strategies.
