US Treasury Secretary Bessent urges World Bank to finance upstream gas and oil

World Bank: The World Bank is an international financial institution that provides loans, grants, and policy guidance to developing countries for infrastructure and growth initiatives. It maintains frameworks focused on sustainable development and has historically limited support for certain fossil fuel activities. Bessent's comments directly address and seek to influence its policies on upstream gas and oil projects. US Treasury Secretary Bessent: Scott Bessent serves as the United States Secretary of the Treasury in the current administration. He manages US economic policy, including positions on international financial institutions and energy-related matters. In the reported statement, Bessent advocates for changes in World Bank lending practices to support upstream oil and gas financing. Energy Policy: US Treasury officials continue to emphasize the role of traditional energy sources in global development strategies. International Finance: Multilateral development banks face ongoing discussions about expanding eligible project categories to meet energy demands in lower-income nations.