WASHINGTON (AP) — There was no shortage of stressors to the global economy when Ajay Banga took charge at the World Bank almost a year ago: inflation eating ...
took charge at the World Bank almost a year ago: inflation eating at nations drowning in debt, a once-in-a-generation pandemic, climate disasters and Russia's invasion of Ukraine.
Now Banga is under pressure to deliver on putting climate at the forefront, while climate activists and advocates for developing nations have their own ideas about how to proceed.Simon Stiell, the U.N. climate secretary, said recently that climate finance needs to include decision-making between developed and developing countries as a way to build a financial system "fit for the 21st century.
Another challenge is dealing with powerful shareholders, namely the U.S. and China, as trade tensions have risen. “While we can help in the short term with money for humanitarian aid, which we've done," Banga said, "the problem is currently getting it into Gaza.”
The World Bank Climate Disasters David Malpass World Bank Climate Projects Climate Activists Climate Change International Monetary Fund Global Economy Developing Nations Developed Nations
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