U.S. Nominates Ajay Banga to Lead World Bank

Speculation surrounding the nomination has gathered momentum in the last week since David Malpass, the current World Bank president, announced his intention to step down by the end of June, with nearly a year left in his five-year term. Mr. Malpass, who was picked by former President Donald J. Trump, drew criticism from climate activists and stirred frustration among Biden administration officials for his lack of focus on the bank’s climate agenda.

Those concerns came to a head in September, when Mr. Malpass came under fire for his views on climate change. When asked if he accepted the overwhelming scientific consensus that the burning of fossil fuels was causing global temperatures to rise, he demurred. “I’m not a scientist,” he said. The exchange, during a live interview at a New York Times event, set off a slow-motion public relations crisis for Mr. Malpass.

Mr. Banga has sought to carve out a public stance signaling his concern for climate change, including at Mastercard. In 2020, under his watch, the company announced the creation of the Priceless Planet Coalition, a group of about 100 firms that make corporate investments to preserve the environment.

“No matter who you are or what you do, climate change affects you. But, it has the biggest negative impact on those who are socially and economically vulnerable,” Mr. Banga said at the time.

Former Vice President Al Gore, who won a Nobel prize for his work to fight global warming, praised the nomination. “Those who have worked with Ajay Banga know that he is an exemplary leader and I am extremely optimistic that he will bring renewed leadership on the climate crisis to the World Bank,” Mr. Gore said.

Article source: https://www.nytimes.com/2023/02/23/business/world-bank-president-nomination.html