By suzanne downing 
The Trump Administration is calling on the World Bank and other global development banks to resume funding fossil fuel projects, a sharp departure from the climate-focused policies of recent years, led by the Biden Administration and other globalists.
In 2019, the World Bank stopped financing new oil and gas projects as part of its alignment with the Paris Agreement, pledging instead to steer more money into renewable energy and climate-friendly investments.
But on Monday, reports surfaced that US officials are now pressing the institution to reverse course, arguing that energy security should take priority.
As the World Bank’s largest shareholder, the US holds considerable influence. Administration officials say fossil fuel funding is essential for economic growth in developing nations, where hundreds of millions still lack reliable access to electricity. The push is particularly focused on natural gas exploration and production.
World Bank President Ajay Banga has so far resisted making sweeping changes, sticking to the institution’s target of directing 45% of its lending to climate-related projects. But under U.S. pressure, the bank is weighing whether to soften restrictions, not only on oil and gas, but also on nuclear power.
The Trump Administration’s stance reflects a broader shift in US policy since January, when the president declared a “national energy emergency” and fast-tracked domestic oil and gas permitting. The US has also pushed the Export-Import Bank to back overseas coal projects and struck trade deals promoting American liquefied natural gas exports.
The campaign doesn’t stop at the World Bank. Washington is urging other development banks, including those in Asia, Africa, and Latin America, to expand fossil fuel financing as well. If they do, the move could redirect billions of dollars a year away from “clean energy” and into traditional fuels, which may reduce poverty in many parts of the world and prevent blackouts in fast-growing regions.
Meanwhile, North American financial institutions are also backing away from climate commitments. After Trump’s 2024 election win, major banks like JPMorgan, Bank of America, and Goldman Sachs exited the UN-backed Net-Zero Banking Alliance, citing political pressure and lawsuits from Republican-led states. Asset manager BlackRock soon followed, pulling out of the Net-Zero Asset Managers initiative. The exodus weakened momentum behind climate finance at a time when developing nations were already struggling to secure funding for clean energy.
The bigger picture is clear: Trump is doubling down on fossil fuels, both at home and abroad, and reshaping how global institutions approach energy development. The World Bank is expected to revisit its policy at its annual meetings in October.
Suzanne Downing