US pushes World Bank to scrap oil, gas funding curbs in major energy policy overhaul

US Treasury Secretary Scott Bessent has called for the World Bank to end its restrictions on upstream oil and gas projects. He emphasized that developing countries require reliable and affordable energy for economic growth and job creation. Bessent highlighted the need for a technology-neutral approach to energy financing to address these challenges. Further, he recommended reforms to the World Bank’s lending framework to enhance development effectiveness.