Treasury Secretary Scott Bessent urged the World Bank Group to end its prohibition on financing upstream oil and gas projects in an October 14 statement. His call sets out the U.S. position on energy lending; it does not announce a decision by the bank to change its rules.
Bessent called for financing that does not favor or exclude particular energy technologies, fewer restrictions on support for natural gas and a response to borrowers seeking gas projects. He argued that excluding upstream projects before assessing their development value undermines countries' ability to choose their own priorities.
The statement reaffirmed U.S. support for the World Bank and African Development Bank goal of extending energy access to 300 million more people in Africa.
He also said the United States is making an initial contribution to the Nuclear Energy Assistance Trust Fund, intended to help countries prepare for future nuclear energy investments. He did not specify the contribution's size.
