Development finance

Over the past two years, a drumbeat of calls for reforming the World Bank has pushed its way onto the front pages of major newspapers and the agenda of heads of state. Many low- and middle-income countries – the population the World Bank is tasked with helping – are falling deeper into debt and facing growing costs as the impacts of climate change increase in severity. A chorus of critics accuse the World Bank of failing to evolve to meet the crises. The job of leading that reform now falls to Ajay Banga, an Indian American businessman and former CEO of Mastercard who was nominated by President Joe Biden to replace resigning World Bank President David Malpass. Banga, the only candidate for the job, was confirmed by the World Bank’s executive directors on May 3, 2023. His five-year term as president begins on June 2. Ajay Banga is a former Mastercard CEO, past chair of the International Chamber of Commerce and an Amer...

More than one-third of all people in the world live in cities, towns and villages on coasts. They rely on healthy oceans for many things, including food, income, a stable climate and ready connections to nature. But as coastal populations continue to grow, governments are under increasing pressure to ramp up development for transportation, power generation and economic growth. Projects like these can have heavy impacts on lands, waters and wildlife. World leaders are gathering in Montreal this week for the long-awaited Conference of Parties to the United Nations Convention on Biological Diversity, or COP15. This treaty, which was adopted at the 1992 Earth Summit in Rio de Janeiro, is designed to protect biodiversity – the variety of life on Earth, from genes to entire ecosystems. At the two-week conference, nations are expected to officially adopt the Post-2020 Global Biodiversity Framework, which will guide global conservation efforts over the next decade. China is thi...