by Kevin Stocklin
Reporter, Epoch Times
US Treasury Secretary Scott Bessent has called the organization’s climate targets ‘distortionary’ and ‘nonsensical.’
Under pressure from the Trump administration, the World Bank is stepping back from its commitment to fund climate-related projects in the developing world.
An international organization dedicated to financing global development, the World Bank announced on June 29 that it was dropping its goal of committing 45 percent of its funding to projects intended to fight global warming.
The Bank stated that it would extend its Climate Change Action Plan (CCAP), which was due to expire, although an independent evaluation group will provide an evaluation of it. However, as part of a “shift from inputs to outcomes,” the Bank stated that it would “retire” the target of requiring 45 percent of the Bank’s financing to have “climate co-benefits.”…
“It’s great that Trump was able to force the World Bank to drop its climate target, but the reality is that the corrupt and wasteful bank will simply reclassify climate spending as something else,” Steve Milloy, senior fellow at the Energy & Environment Legal Institute and former adviser to Trump’s EPA Transition Team, told The Epoch Times in an emailed statement.
“What President Trump should do is pull the US out of corrupt, wasteful and failed global institutions like the World Bank.”
