Washington, D.C. — Today, President Joe Biden nominated Ajay Banga, former president and CEO of Mastercard, to be president of the World Bank. This follows climate denier David Malpass’ early resignation from the position last week. In response, Kate Donald, senior director of accountability and international policy at the Center for American Progress, issued the following statement:
Ajay Banga would take over the World Bank at a time of multiple global crises, when radical reform is needed. Current governance and funding structures are insufficient to support the global clean energy transition, while many countries are facing mounting debts and climate disasters. If confirmed, he would need to leverage his financial and institutional management experience to meet the moment. That includes increasing climate adaptation and mitigation finance for the Global South, phasing out further investments in fossil fuel infrastructure, and tackling technical and financial obstacles to clean energy transitions.
The new World Bank leader also must have the courage and vision to make bold changes to the institution’s operating model and financing approaches. The new leader must improve the quantity and quality of the support the bank provides in order to reduce global poverty, bolster shared prosperity, and respond to the climate challenge. The World Bank must make these changes at a time when many low-income countries are buckling under the weight of unsustainable debt that is preventing them from investing in the solutions their communities need.
For more information or to speak with an expert, please contact Sam Hananel at [email protected].