Behind the shift is pressure from the largest shareholder. The United States under Donald Trump wanted to let the plan expire entirely and is demanding that the bank once again finance gas, oil and coal, and focus on growth. The course was also backed by other oil-producing countries — Saudi Arabia, Kuwait and Russia. France strongly objected to the weakening. SRF ↗
Bank chief Ajay Banga frames the change as "sensible development," which measures projects by economic outcomes rather than by a climate label. Development organizations are concerned. "Climate protection at the World Bank will from now on be written with a small letter," warned Ute Koczy of the organization Urgewald. Slovak media, meanwhile, presented the change merely as a shift toward growth and jobs — without the Washington context. Trend ↗
Key actors — tap for context
World Bank
Specialized UN agency headquartered in Washington, the world's largest provider of development loans
Why here: Has just weakened its climate commitments in lending
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Ajay Banga
American-Indian executive, President of the World Bank since 2023
Why here: Defends the change as "sensible development" focused on growth and jobs
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