Qatar to withdraw from OPEC in January 2019
• Qatar decided to withdraw its membership from the Organization of the Petroleum Exporting Countries (OPEC) from January 2019.
• The announcement was made by Qatar’s Energy Minister, Saad al-Kaabi at a press conference in Doha.
• OPEC was informed about the decision ahead of the announcement.
World Bank unveils USD 200 billion in climate action investment for 2021-25
• The World Bank unveiled USD 200 billion in climate action investment for 2021 to 2025, thus, doubling its current five-year funding.
• The move coincides with a UN climate summit COP24 in Katowice, Poland.
• The move represents a significantly ramped up ambition to tackle climate change and sends an important signal to the wider global community to do the same.
• The breakdown of 200 billion dollars would comprise approximately 100 billion in direct finance from the World Bank.
• Around one-third of the remaining funding will come from two World Bank Group agencies with the rest private capital mobilised by the World Bank Group.