US Treasury Secretary Scott Bessent has called on the World Bank to end its restrictions on financing upstream oil and gas projects and increase support for critical minerals mining, including deep-sea extraction, Reuters reported on 15 October, citing an official statement.

The proposals form part of a broader push to reform the institution in line with the US President Trump administration’s priorities, including changes to procurement policies and greater support for nuclear energy investments.

Bessent also called for changes to the World Bank’s procurement policies and urged the International Monetary Fund (IMF) to strengthen its scrutiny of economic policies that contribute to global imbalances.

He argued that the World Bank should adopt a technology-neutral approach to energy and assess oil and gas projects on their merits rather than exclude them categorically.

Bessent called for greater investment in critical minerals mining and processing, including deep-sea mining, which he said could benefit from the bank’s technical expertise and guidance.

The World Bank announced in 2017 that it would stop financing upstream oil and gas projects from 2019, except in exceptional circumstances in the poorest countries where projects would provide clear benefits and meet the Paris Agreement goals.