World Bank scraps climate financing after facing pressure from Trump
The Trump administration has secured another win in its campaign to end climate-related policies and regulations on the international stage, forcing the World Bank to retire its ambitious climate financing goals.
TL;DR
- The World Bank is retiring its climate financing goals.
- The Trump administration pressured the World Bank to end these goals.
- The original goal was to dedicate 45% of funding to climate projects.
- Treasury Secretary Scott Bessent claimed the goal bred inefficiency and distorted economic decisions.
- Bessent also stated the goal moved the Bank away from its core mission.