International Monetary Fund (IMF)

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...

The year 2022 was a tough one for the growing number of people living in food insecurity and energy poverty around the world, and the beginning of 2023 is looking bleak. Russia’s war on Ukraine, one of the world’s largest grain and fertilizer feedstock suppliers, tightened global food and energy supplies, which in turn helped spur inflation. Drought, exacerbated in some places by warring groups blocking food aid, pushed parts of the Horn of Africa toward famine. Extreme weather disasters have left trails of destruction with mounting costs on nearly every continent. More countries found themselves in debt distress. But below the surface of almost weekly bad news, significant changes are underway that have the potential to create a more sustainable world – one in which humanity can tackle climate change, species extinction and food and energy insecurity. I’ve been involved in international sustainable development for most of my career and now teach climat...

Leer in español Something significant is happening in the desert in Egypt as countries meet at COP27, the United Nations summit on climate change. Despite frustrating sclerosis in the negotiating halls, the pathway forward for ramping up climate finance to help low-income countries adapt to climate change and transition to clean energy is becoming clearer. I spent a large part of my career working on international finance at the World Bank and the United Nations and now advise public development and private funds and teach climate diplomacy focusing on finance. Climate finance has been one of the thorniest issues in global climate negotiations for decades, but I’m seeing four promising signs of progress at COP27. Getting to net zero – without greenwashing First, the goal – getting the world to net zero greenhouse gas emissions by 2050 to stop global warming – is clearer. The last climate conference, COP26 in Glasgow, Scotland, nearly fell apart o...