US Treasury Secretary Scott Bessent asked the World Bank Group on 14 October to lift its ban on financing oil and gas exploration and production, in a statement published on the occasion of the annual meetings of the institution and the International Monetary Fund.
The US official links this request to the need for access to reliable and affordable energy in borrowing countries. He reaffirmed Washington's support for the shared goal of the World Bank and the African Development Bank of connecting 300 million more people to electricity in Africa by 2030.
To achieve this, Scott Bessent calls for an approach that leaves countries free to choose their technologies, including natural gas. His statement calls for a change in the institution's rules, without announcing any World Bank decision authorizing new oil financing.
The framework in question was announced by the Group in December 2017, with an end to new upstream oil and gas investments after 2019. It did, however, provide exceptions for gas in the poorest countries, where projects improve energy access and meet their national climate commitments.
This restriction is distinct from financing for gas transport, distribution or power generation infrastructure, which the institution had maintained within the same framework.
In his statement, the Treasury Secretary also welcomes the recent approval of an International Development Association project aimed at securing short-term gas supply, preparing downstream investments and developing gas strategies in West Africa.