Natural resources have the potential to drive growth, development, and poverty reduction. The extractive industries sector plays a strong economic role in 63 countries, many of which 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 in accelerating their energy transition and reducing the carbon emissions of their extractives sectors by replacing polluting fuels such as coal, diesel, and heavy fuels with less polluting fuels and, in the longer term, clean energy.
Since the start of the COVID-19 pandemic, the World Bank Group has committed over $125 billion to fight the health, economic, and social impacts of the pandemic, the fastest and largest crisis response in its history. We work closely with countries that rely on oil, gas, and mining to boost their economic recovery and resilience and protect the poorest and most vulnerable, such as those working in artisanal and small-scale mining. Through the Extractives Global Programmatic Support (EGPS) Trust Fund, the World Bank supports artisanal and small-scale miners and their communities to better cope with the impacts of COVID-19.
Last Updated: Aug 13,2021