News Analysis WASHINGTON—Tackling climate change is “no longer business as usual” and requires significant defunding of the fossil fuel industry, according to the U.S. Treasury Department. To that end, the United States and other Group of Seven (G-7) countries have agreed to cut funding for fossil fuel energy projects both domestically and in developing countries. The Biden administration last week took another step and extended this policy to multilateral development banks (MDBs), such as the World Bank. The Treasury Department on Aug. 16 issued new guidance for MDBs to “promote ending international financing of carbon-intensive fossil fuel-based energy.” The United States will oppose all new coal-based and oil-based energy projects and will narrow support for natural gas in emerging countries, according to the new guidelines. But there may be limited exceptions to these rules, especially if cleaner options are unfeasible. This initiative, however, could make competition with China’s controversial Belt …
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