World Bank Is Getting a New Chief. Will He Pivot Toward Climate Action?

"Under pressure from world leaders, development experts and shareholders, the bank opens its spring meeting on Monday, poised for big changes."

"As World Bank shareholders gather in Washington for their annual spring meeting on Monday, the global institution appears to be on the brink of significant change.

World leaders, led by Prime Ministers Emmanuel Macron of France and Mia Mottley of Barbados, along with a constellation of academics and development experts want the bank to do more to help poor countries grappling with climate change. The bank has set out its own vision for transformation, in response to calls for action from the United States and others. Major shareholders have approved some initial reforms, including agreements to let the bank lend more money and attract more private investment.

At the center of the discussions will be Ajay Banga, who is widely expected to be confirmed as president of the bank in the coming weeks. When he takes over this summer, he will face high expectations and urgent questions about whether the bank will change its lending model, whether it will seek more money from shareholders and how he will direct the bank to address issues including poverty, global warming and the war in Ukraine."

David Gelles and Alan Rappeport report for the New York Times April 9, 2023.

Source: NYTimes, 04/10/2023