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Exclusive: European officials urge World Bank to exclude fossil-fuel investments

Senior officials from Europe have urged the World Bank's management to expand its climate change strategy to exclude investments in oil- and coal-related projects around the world, and gradually phase out investment in natural gas projects, according to three sources familiar.

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Europe officials urge World Bank to exclude fossil-fuel investment

(Adds World Bank statement) By Kate Abnett and Andrea Shalal WASHINGTON, Feb 26 (Reuters) - Senior officials from Europe have urged the World Bank s management to expand its climate change strategy to exclude investments in oil- and coal-related projects around the world, and gradually phase out investment in natural gas projects, according to three sources familiar with the matter. In the six-page letter dated Wednesday, World Bank executive directors representing major European shareholder countries and Canada, welcomed moves by the Bank to ensure its lending supports efforts to reduce carbon emissions. But they urged the Bank - the biggest provider of climate finance to the developing world - to go even further.

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