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    ERA/FoEN wants AfDB, finance institutions to stop funding fossil fuel projects

    The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has asked the African Development Bank (AfDB) and other financial institutions to stop funding fossil fuel projects to achieve a cleaner environment.It argued that if the institutions that currently deploy huge resources to upstream oil and gas projects stop doing so, countries would be compelled to transit from fossil fuels to renewable energy.
    ERA/FoEN recommendation is coming on the heels of the World Bank’s announcement at the One Planet Summit that it would not finance such projects beyond 2019.
    At the summit, convened in Paris by President Emmanuel Macron of France, United Nations (UN) Secretary General, Antonio Guterres and World Bank Group President, Jim Yong Kim, the World Bank Group said it made the announcement as part of new measures to mitigate climate change.

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