Bessent urges World Bank to ease limits on gas financing
Scott Bessent, the US Treasury Secretary, wants the lender to lift its ban on financing upstream oil projects, while climate campaigners want fossil fuel funding ended.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
US Treasury Secretary Scott Bessent issued a list of demands for the World Bank, including an end to its ban on financing upstream oil and gas. The US wants the bank to expand its gas support, while climate campaigners push for it to stop backing fossil fuels. The bank's head said this week it would offer limited backing for fossil gas where appropriate.
Timeline
- Oct 15: Bessent set out World Bank reforms, including lifting the bank's ban on upstream oil and gas financing.
- Oct 16: The World Bank's head said this week the bank would back fossil gas only in limited cases, where appropriate.
Coverage
- World Bank will back fossil gas "where appropriate" (climatechangenews.com)
- Bessent calls for World Bank reforms, including upstream oil and gas financing (Yahoo News)
More from Business
- Musk pledges SpaceX stock for every American child next year
- Small businesses sue to halt Trump's tariffs on Canadian imports
- Houthi attacks force Saudi Arabia to postpone investor conference
- Bank of America keeps October rate hike call despite markets
- Connecticut man admits losing $1.16M of investor crypto funds
- AI stock selloff keeps markets jittery as CoreWeave debt worries spread