The World Bank has decided to support the climate pledges made in the Paris Agreement and take radical steps to decarbonise the world by halting funding for fossil fuel industries after 2019.
This is a significant gesture that will not only help in the mitigation process to limit global warming to 2°C by the end of the century, it also gives a green light for more investment in renewable energy around the world. It might be the breakthrough we have been waiting for as it presents big opportunities to develop promising clean technologies that have suffered from a lack of investment.
This will hopefully mean an acceleration of renewable energy projects around the globe, and the creation of many new job opportunities for communities that desperately need them. Furthermore, we will all be able to enjoy such benefits as decreased levels of pollution, cleaner air, and a healthier climate!
Another benefit of this decision is that it could help exciting new technologies become available for everyday use, such as solar panel-integrated windows or efficient energy storage systems.
We must remember that fazing out fossil fuels will not happen overnight. Polluting power stations will continue to operate for as long as they are financially viable and as long as they are supported by tax-breaks and subsidies from governments.
However, the fact that action is being taken by the World Bank, a major influential institution, brings hope that change is coming. This announcement not only sends a clear message that the days are numbered for the fossil fuel industry, but it simultaneously encourages governments and other institutions to follow suit.
Gyorgy Dallos, Greenpeace International climate campaigner, told The Guardian:
“The world’s financial institutions now need to take note and decide whether their financing is going to be part of the problem or the solution.” (2017, 12th Dec)
While there is still uncertainty ahead and a need to keep up the pressure, this news is a positive step and brings fresh wind into the energy sector. Please support BHESCo in creating our clean energy future by becoming a member.