Scott Bessent Backs Fossil Fuels For Developing Nations, Treasury Secretary Slams Renewables-Only Push As 'Luxury Belief' Amid Trump's 'Drill, Baby, Drill' Agenda

Treasury Secretary Scott Bessent voiced support for fossil fuel development in emerging economies, criticizing the push for renewables-only energy solutions as unrealistic for countries facing basic economic challenges.

What Happened: “Energy abundance sparks economic abundance,” Bessent wrote Wednesday on X. “Developing countries can’t afford the luxury belief that all energy must be renewable energy.”

Speaking at the Institute of International Finance Global Outlook Forum during the IMF World Bank Spring Meetings, Bessent emphasized that people in developing nations are “simply trying to put food on the table—not virtue signal to their friends and colleagues.”

Bessent called for an “all-of-the-above approach” that includes both fossil fuels and renewables where feasible. He stressed that affordable baseload generation, often from gas and other fossil fuels, must be the priority for developing economies to avoid the intermittency problems seen in countries like South Africa.

Energy abundance sparks economic abundance.

That's why we must pursue an all-of-the-above approach to energy development.

This means investing in fossil fuels—and where it makes sense, renewables.

But here, let me be clear: Developing countries can't afford the luxury belief… pic.twitter.com/hncuCTWcoB
— Treasury Secretary Scott Bessent (@SecScottBessent) April 23, 2025

Why It Matters: His comments align with President Donald Trump‘s broader pivot toward fossil fuel promotion. While some oil and gas executives have criticized Trump’s “drill, baby, drill” agenda as creating uncertainty, the administration has pushed forward with fossil fuel-friendly policies.

The administration has already moved to cut nearly $10 billion in clean energy funding that would impact projects with Exxon Mobil Corp. XOM and Occidental Petroleum Corp. OXY, according to recent reports.

These policy shifts mark a significant reversal from previous climate-focused agendas. U.S. oil production reached 13.5 million barrels per day in March, up from 12.8 million in December, reflecting the administration’s emphasis on domestic energy production.

Read Next: