Treasury Secretary Scott Bessent questioned the causes of climate change during remarks at the spring meetings of the International Monetary Fund and the World Bank, saying it was difficult to determine why the climate is changing. His comments contradict decades of scientific research that attribute global warming primarily to the burning of fossil fuels. Bessent urged global financial institutions to prioritize economic growth and poverty reduction over climate initiatives and has pushed the World Bank to scale back climate finance targets.

The Trump administration has reversed many clean energy policies enacted under the previous administration, expanded fossil fuel production and withdrawn from international climate agreements and scientific bodies. While Bessent stopped short of calling climate change a hoax, as President Trump has done in the past, he dismissed what he described as elite beliefs about the issue and emphasized resilience and development instead.

Scientists maintain that human activities, particularly the emission of heat trapping gases from fossil fuels, are the primary driver of rising global temperatures. The planet has already warmed about 1.2 degrees Celsius since the Industrial Revolution, with further increases expected to intensify heat waves, heavy rainfall, wildfires and sea level rise. Critics argue that failing to address climate change threatens economic stability, especially in vulnerable nations that face severe weather disasters.

Bessent also cited the retraction of a 2024 economic study to question projections about the financial toll of climate change, though experts note that global policy is based on a broad body of research rather than a single report. Supporters of stronger climate action say integrating climate considerations into development planning is essential to prevent costly damage and protect long term growth.