LIVE: Treasury Secretary Bessent discusses global finance

Scrap climate targets at development banks

Bessent called for eliminating the World Bank's climate financing quotas, noting that 48% of its funding now goes to climate projects—exceeding its 45% target—and diverting resources from poverty reduction.

Restore core missions of IMF and World Bank

The Treasury Secretary emphasized that the IMF's primary role is global financial stability and correcting imbalances, while the World Bank's purpose is lifting populations out of poverty, not pursuing Western elite social priorities.

Replace ideology with cost-benefit analysis

Both speakers advocated for rigorous cost-benefit frameworks to guide development spending, arguing that current approaches prioritize expensive climate policies over immediate interventions like healthcare and education that save lives today.

Adopt 'all of the above' energy strategies

Bessent praised the World Bank's pivot toward supporting nuclear energy and fossil fuels alongside renewables, rejecting the previous narrow focus on rapid decarbonization that ignored developing nations' need for reliable baseload power.

Fossil fuels remain essential for development

Lomborg noted that global energy remains over 80% fossil-fuel based, with Germany spending 700 billion euros on its energy transition yet still deriving 79% of its energy from fossil fuels, proving immediate transitions unrealistic for poor nations.

Withdraw from Green Climate Fund

Bessent reaffirmed the U.S. withdrawal from the Green Climate Fund, stating that its goals contradict the administration's priority of expanding affordable energy access to drive economic growth and poverty reduction in developing countries.

Argentina's economic turnaround as model

Bessent highlighted Argentina under President Javier Milei as a success story where IMF cooperation helped stabilize the economy, accumulate reserves daily, and begin lifting millions out of poverty through market-oriented reforms.

Address global imbalances and undisclosed debt

The Secretary identified the buildup of global imbalances—particularly China's trillion-dollar trade surplus—and undisclosed sovereign debt arrangements as primary threats to financial stability requiring urgent IMF attention.

Reject refuted climate economic models

Bessent cited the refuted Nature magazine article predicting 60% GDP loss by 2100 as an example of flawed short-termism guiding bank policies, arguing that institutions must return to data-driven analysis rather than ideological mandates.