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      Ajay Banga attends a White House meeting

      'Biden and Yellen Should Be Ashamed': US Picks Ex-Wall Street Executive to Lead World Bank

      "This moment demands a World Bank leader who will prioritize the urgency of the climate crisis, not another Big Business executive with no experience in development, environmental work, or the public sector."

      Jake Johnson
      Feb 24, 2023

      U.S. President Joe Biden on Thursday nominated a private equity executive and former Mastercard CEO to lead the World Bank, drawing furious backlash from climate and anti-corruption campaigners who said the pick would ensure the key global financial institution remains a tool of corporate interests and funder of climate chaos.

      Ajay Banga's employment history, touted as exemplary by the White House, was the primary source of concern for advocates who were hoping Biden would replace outgoing World Bank head David Malpass—a Trump appointee who recently came under fire for climate denial—with a public servant dedicated to combating the climate crisis, global poverty, and skyrocketing income and wealth inequality.

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      David Malpass

      Activists Welcome Early Resignation of 'Climate Denier' David Malpass as World Bank Chief

      The move could open the way "for serious climate finance," said 350.org co-founder Bill McKibben.

      Brett Wilkins
      Feb 15, 2023

      In a move cheered by climate advocates, World Bank President David Malpass—who sparked outrage last year by refusing to affirm that burning fossil fuels is heating the planet—said Wednesday that he would step down from his post by the end of June, nearly a year ahead of schedule.

      "Serving as president of the World Bank Group has been my enormous honor and privilege," Malpass said in a LinkedIn post announcing his decision. "We've worked hard together to reduce poverty, increase economic growth, reduce government debt burdens, and improve living standards across the full range of human development, including education, health, social protection and jobs, gender, and access to clean water and electricity."

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      Demonstrators protest fossil fuel funding at the British Embassy in Jakarta.

      G20 Nations, Banks Spent Nearly Twice as Much Financing Fossil Fuels as Renewables

      "It is well past time that public finance dollars are spent to remedy fossil fuel colonialism by funding real solutions," asserted one of the lead authors of a new report.

      Brett Wilkins
      Nov 01, 2022

      Group of 20 nations and major multilateral development banks spent nearly twice as much financing international fossil fuel projects as they did on clean energy alternatives during a recent two-year period, a report published Tuesday by a pair of green groups revealed.

      "Right now, G20 countries and MDBs are overwhelmingly using their international public finance to prop up fossil fuel companies and prolong the fossil fuel era."

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