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Add as a preferred source on GoogleBessent Urges World Bank to Fund Upstream Oil and Gas Projects
The bank dropped its 45% climate-finance lending target but retains a 2019 policy restricting upstream oil and gas financing.
U.S. Treasury Secretary Scott Bessent urged the World Bank to support upstream oil and gas projects, arguing that its energy financing should include affordable and reliable sources.
The call comes as the bank has dropped its 45% climate-finance lending target while retaining a 2019 policy against financing upstream oil and gas projects.
The policy allows a narrow exception for natural gas where energy needs are urgent and renewable options are not immediately available.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.