# Bessent Urges World Bank to Fund Upstream Oil and Gas Projects

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/31949
Published: 2026-10-14T16:19:58.000Z
Updated: 2026-10-14T16:19:58.000Z
Section: Regulation

> 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.