Oil Change International

Exposing the true costs of fossil fuels

David Malpass as World Bank President = Climate Fail

FOR IMMEDIATE RELEASE

February 4, 2019

CONTACT:
Alex Doukas, alex [at] priceofoil.org
David Turnbull, david [at] priceofoil.org

David Malpass as World Bank President = Climate Fail

Oil Change International response

In response to reports that Donald Trump will nominate David Malpass as the next President of the World Bank Group, Alex Doukas, Program Director at Oil Change International, released the following statement:

“David Malpass is a dreadful nominee for the World Bank President. Malpass was Chief Economist of Bear Stearns as the company led the economy off the cliff into a global financial crisis. That tells you all you need to know about David Malpass’ ability as an economic steward.

“Every indication, including his own statements, suggests that Malpass would be a climate fail. We can’t afford yet another Trump lackey obstructing progress on climate change and rolling back recent moves by the Bank to stop funding fossils – it must choose a climate champion as its next President if it is to remain relevant going forward. Climate change threatens to undermine the sustainable development goals that the World Bank has said it plans to help deliver.”

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Notes for Editors:

  • David Malpass was the Chief Economist for Bear Stearns for the six years preceding the 2007-2008 global financial crisis, which was precipitated in part by Bear Stearns.
  • In a 2016 interview with The Wall Street Journal, in response to a question on whether the United States should enact a price on carbon pollution, Malpass said, “That is not a market-based way to have more energy benefits for the nation from the huge resources that are here.”
  • There is no rule or policy that United States must select the World Bank Group president. It is an unwritten convention, and in 2012, that convention was challenged by candidates for World Bank Group President who opposed the United States’ nominee.

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