World Bank Sets Bold Course Amid U.S. Pressure

The World Bank's steering committee endorsed plans to expand energy access with options for nuclear energy financing. The bank also reaffirmed its commitment to gender equality amid U.S. pressure to focus on energy affordability rather than climate targets. Germany emphasizes women's rights and climate goals in the discussions.

The World Bank's steering committee took a significant step on Friday, backing plans to broaden energy access strategies, including potential nuclear energy financing. This move aligns with directives from the U.S. administration, led by President Donald Trump, to expand energy financing options.

However, the same statement also reinforced the development lender's dedication to gender and equality strategies, despite critiques from U.S. Treasury Secretary Scott Bessent. Bessent criticized the World Bank and the International Monetary Fund for drifting from their core missions of development and economic stability into areas like climate change and gender inclusion.

The joint Development Committee of the World Bank and International Monetary Fund has called on the World Bank Group to provide energy access to 300 million Africans by 2030. Germany highlighted the importance of women's rights and climate issues despite the U.S. advocating a shift in focus. Skepticism remains about the U.S. maintaining its financial commitments to the bank, given its current stance.

(With inputs from agencies.)