Washington, Oct. 17 -- US Treasury Secretary Scott Bessent has called on the World Bank Group to formally end its prohibition on financing upstream oil and gas projects, arguing that access to reliable and affordable energy is essential for economic growth, industrialisation and job creation in developing countries.

In his statement at the International Monetary Fund (IMF) and World Bank Annual Meetings in October 2026, Bessent said the multilateral lender should adopt a technology-neutral approach to energy financing and respond to countries seeking support for natural gas projects.

"The Bank cannot credibly invoke country ownership while categorically excluding upstream projects before their development merits are even assessed," Bess...