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…
The US is pushing the World Bank to scrap restrictions on financing upstream oil and gas projects, according to a report by the Times of India. Treasury Secretary Scott Bessent made the demand during the October 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank, arguing that developing countries need reliable and affordable energy to drive economic growth, industrialisation, and job creation.
Bessent called for a technology-neutral approach to energy financing and greater support for countries seeking investments in natural gas projects, stating that the Bank cannot credibly invoke country ownership while categorically excluding upstream projects before their development merits are even assessed. The US welcomed the approval of a World Bank project aimed at securing near-term gas supplies, preparing midstream and downstream investments, and developing gas strategies in West Africa.
Brief written by urgent.news from Times of India's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
