World Bank abandons climate goal under pressure from the US

World Bank drops climate target under US pressure.

As reported by Oxu.Az, this was written by the Financial Times.

According to the newspaper, the bank removed from its plan a target under which 45% of financing was supposed to go to projects aimed at combating climate change. The decision was made after several months of negotiations among shareholders.

European countries and some borrowing nations advocated for keeping the target. However, the United States, which holds the largest share of votes and effective veto power, pushed for its removal.

At the same time, the World Bank's climate change action plan itself was extended. Only the quantitative benchmark for climate financing was removed from it.

The FT notes that the administration of US President Donald Trump has consistently opposed the climate agenda. In April, US Treasury Secretary Scott Bessent stated that such targets reduce the World Bank's operational efficiency and distract it from its core mission.