In response to Ajay Banga first day as World Bank Group President, Claire O’Manique, Public Finance Analyst at Oil Change International, said:
“Climate and environmental groups will hold Ajay Banga’s feet to the fire, as we did with previous World Bank Group President, David Malpass. Reversing the World Bank’s position as the top provider of fossil fuel finance among major Multilateral Development Banks should be number one on his list. The polycrisis is driving more countries deeper into debt, and the lives of many communities, who are already living in extreme poverty, and are most vulnerable to the impacts of a warming planet, are at stake.
“We need concrete commitments from Banga to push the Bank to stop funding all fossil fuels, pass democratic voting reforms, and pursue serious debt cancellation to slow the climate crisis. There is unfortunately little in Banga’s long career at predatory banks and corporations, with no experience in development, environment, or the public sector, to suggest he is interested in transforming the World Bank Group into an institution that can work for people and the planet. Along with the Big Shift Global, we will continue demand action from the Bank to: ”
- Stop funding fossil fuels, and redirect money and support to a fair and just transition to renewable energy
- Ensure access to clean, affordable energy for all
- Stop unjust lending policies that further human rights violations and deepen inequality
ENDS