France Stands Firm on Climate Finance Amid U.S. Pressure

France's development minister urges the World Bank to maintain its climate finance commitment. The U.S. seeks to shift focus back to core development lending, including fossil fuels. European countries and other shareholders support continuing the Climate Change Action Plan, despite U.S. opposition.

France's development minister has made a last-ditch appeal to the World Bank, urging the maintenance of its climate finance goals amid pressure from the United States. President Donald Trump's administration is pushing the bank to abandon its target for climate-related lending and refocus on traditional development projects.

The Climate Change Action Plan, set to lapse at month-end, remains a contentious issue among shareholders. Many, including numerous European countries, worry about losing momentum in climate finance. At a recent event, France's Eleonore Caroit emphasized the responsibility of shareholders to ensure the bank's climate commitments remain ambitious, despite U.S. dissent.

Amid internal opposition, 19 out of 25 shareholders have voiced support for the bank's climate goals. Caroit reaffirmed France's commitment to advocating for the plan's continuation in global forums, highlighting ongoing opposition from the U.S. as a barrier to progress in addressing global environmental challenges.