Trump presses World Bank to boost fossil fuel funding: Report

US President Donald Trump’s administration is pressuring the World Bank to increase funding for fossil fuel projects, including natural gas exploration, the Financial Times reported on Monday.

Citing five development officials, the newspaper said Washington is now pushing the bank to step up financing for energy projects in developing countries.

Greater lending for gas exploration by the World Bank and other multilateral lenders would mark a sharp reversal from recent years, when such institutions shifted focus toward tackling climate change.

In 2023, the World Bank announced its goal to allocate 45% of its annual financing to climate projects by 2025, but during its June meeting, US officials strongly supported funding for projects aimed at discovering new natural gas reserves, according to the newspaper.