Treasury Secretary Scott Bessent pushes for World Bank policy shifts, urging an end to the upstream oil and gas funding ban to better support global economic growth and energy access.
U.S. Treasury Secretary calls for World Bank to reverse ban on upstream oil and gas funding, which could increase oil supply and affect prices.
U.S. Treasury Secretary Scott Bessent has called for comprehensive reforms at the World Bank, specifically demanding the reversal of a ban on upstream oil and gas financing. Bessent argues that these changes are essential to refocus the institution on its core mission of poverty reduction and economic growth.
The U.S. Treasury believes that reversing the ban on upstream oil and gas financing is necessary to better align the World Bank with its core mission of reducing poverty and fostering economic growth.