US Treasury’s Bessent urges World Bank to back upstream oil and gas projects

U.S. Treasury Secretary Scott Bessent has called on the World Bank to reconsider its stance on financing upstream gas and oil projects. Bessent argues that the Bank should support “all affordable and reliable sources of energy,” which includes upstream oil and gas. This statement comes after the World Bank recently dropped its 45% climate-finance lending target but maintained its 2019 policy to halt financing for upstream oil and gas projects. The Bank’s policy has only permitted limited financing for natural gas in countries with urgent energy needs and no immediate renewable alternatives.

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