Natural resources have the potential to drive growth, development and poverty reduction. The extractive industries sector plays a strong economic role in 63 countries, but many of these countries face challenges, such as resource dependency and weak governance.
The World Bank helps developing countries manage oil, gas and mining in a way that contributes to sustainable growth and development, protects communities and reduces carbon emissions. We focus on strengthening the transparency, governance, institutional capacity and regulatory environment of developing countries’ extractives sectors. The World Bank also supports governments to accelerate the energy transition and reduce the carbon emissions of their oil, gas and mining sectors, by displacing polluting fuels such as coal, diesel and heavy fuels with less polluting fuels, and in the long-term, clean energy.
The World Bank Group is taking broad, fast action to help developing countries respond to coronavirus (COVID-19). We work closely with countries that rely on oil, gas and mining to help them boost economic recovery and resilience and protect the poorest and most vulnerable, such as those working in artisanal and small-scale mining. Through the EGPS Trust Fund, the World Bank supports artisanal and small-scale miners and their communities to better cope with the impacts of COVID-19, providing short-term and medium-term assistance to communities.
Last Updated: Apr 26,2021