Trump Wins Climate Battle at the World Bank

The World Bank announced Monday that it will no longer require 45 percent of its spending to go toward climate projects. The change came after the Trump administration spent months pressuring the bank to drop the target. This marks a clear win for President Donald Trump, who called the climate goal "distortionary" and "nonsensical."

The World Bank is a large international organization that lends money to countries for big projects. The United States is the bank's largest shareholder, which means it has more power over decisions than any other country. Because of that power, the Trump administration was able to push the bank to change its climate spending rules, even though many other countries wanted to keep them.

Last year, the World Bank had actually gone beyond the goal it was now dropping — directing 48 percent of its money to climate-related projects. Despite getting rid of the spending target, the bank said it would keep its broader climate action plan. Some other smaller climate goals will also stay in place, including one that helps the world's poorest countries.

Experts say climate targets matter because they send a clear message about what an organization cares about. Clemence Landers, a senior fellow at the Center for Global Development, said the target showed the bank's "direction of travel." She also said the bank is doing its best to avoid upsetting the United States, its most powerful member.

Even without the target, Landers said she believes the bank will keep funding clean energy projects in countries that want them. "I wouldn't be shocked if the bank continued to have an extremely robust clean pipeline with or without this target," she said. So while the target is gone, clean energy lending may continue anyway.

The United States has also pulled out of the Paris Agreement, which is a global deal to fight climate change. It will also leave the United Nations climate treaty next year. Rich countries had pledged to help poorer nations receive $300 billion a year by 2035 to deal with climate change, but the U.S. is no longer part of that promise.

Meanwhile, scientists are warning that climate change is already causing serious problems around the world. Europe suffered deadly heat waves last week. Parts of the central and eastern United States are bracing for temperatures of 100 degrees. This year has already broken many early-season heat and temperature records both in the U.S. and globally.

Other energy news is also making headlines this week. Gas prices have dropped sharply — about 70 cents per gallon in just one month. The average price fell from a peak of $4.56 per gallon after the U.S. and Iran reached a fragile truce. Energy experts had predicted $150-a-barrel oil and a summer recession, but so far those fears have not come true.

In Congress, lawmakers are working on new energy laws this week. One bill, the Ratepayer Protection Act, would make sure large electricity users — like data centers — pay the full cost of the power upgrades they need. Another bill would help move more electricity across the country through improved power lines. Both bills have support from both political parties.

Finally, Russia confirmed it is in talks to import gasoline from other countries. This is unusual because Russia is one of the world's biggest oil producers. Ukrainian drone strikes have damaged Russian oil refineries, making it harder for Russia to supply enough fuel at home.