US treasury secretary Scott Bessent has urged the World Bank to end its restrictions on financing upstream oil and gas projects, arguing that developing countries need reliable and affordable energy to drive economic growth, industrialisation and job creation.
Bessent made the demand during the October 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank, calling for a technology-neutral approach to energy financing and greater support for countries seeking investments in natural gas projects, according to news agency ANI. The World Bank announced in 2017 that it would stop financing new upstream oil and gas projects after 2019, subject to limited exceptions for upstream natural gas projects in the poorest countries under specific conditions.
“The Bank cannot credibly invoke country ownership while categorically excluding upstream projects before their development merits are even assessed,” Bessent said.
Beyond energy policy, Bessent called for reforms to the World Bank’s lending framework, including phasing out sovereign lending to countries that have long met the criteria for graduating from Bank support. He cited China and Poland as examples.