US Treasury Secretary Scott Bessent made statements on Wednesday 15 April on the sidelines of meetings taking place in Washington DC with the International Monetary Fund (IMF) and World Bank, pushing for a prioritisation of energy security of any type, critical minerals, expanding mining investment, and strengthening supply chains to ensure economic security and technological leadership.
His stance on energy supply is that “energy abundance sparks economic abundance”, and stresses that the World Bank should support an ‘all-of-the-above’ approach to energy, including fossil fuels, instead of restricting choice.
Bessent takes a perspective that the World Bank’s climate-focused target “impedes market efficiency, distorts incentives, and undermines efforts to reduce poverty and spur economic growth”, and believes that the bank needs to do more to lift people out of poverty, rather than focus on climate-based projects.
Looking at critical minerals, Bessent highlights that these are central to economic growth, technological leadership, and national security, and he expects that the World Bank and other international institutions will move quickly to support policies and projects that expand access to these resources.
“We expect to see all parts of the Bank move quickly to support the policies, projects, and associated infrastructure needed to unlock more deals that will help diversify critical minerals supply chains and increase domestic value capture across the supply chain,” Bessent says.
Bessent called for financing to support more mining deals and build the infrastructure needed to diversify supply chains. This includes transport, processing, and energy systems that enable countries to capture more value domestically.
On these diversified supply chains, Bessent noted a focus on reducing reliance on single-source suppliers to mitigate additional geopolitical risks and ensure steady access to minerals essential for advanced technologies.
Bessent’s agenda outlined in this statement highlights the US Government’s continued support for fossil fuels alongside critical minerals, and a focus on energy security rather than the green energy transition.
Bessent’s remarks make it clear that the US Government is prioritising energy abundance as the foundation for economic resilience. By backing fossil fuels alongside critical minerals, the US is signalling that energy security, rather than climate targets, will drive its global agenda.
Write to Amy Rotman at Mining.com.au
Images: Unsplash
