Activists are wrong because ex-Mastercard boss can mobilise climate finance by tapping private sector capital
The nomination of Ajay Banga, the former CEO of Mastercard, is making news in India as he will be the first Indian-origin President of the World Bank, if confirmed. The nomination is definitely worth celebrating for that reason, but there is another, more significant reason to be optimistic: Effective climate finance for the global energy transition has just gotten a shot in the arm.
Be better than Kerry or Gore
Several voices from the climate world have criticised President Biden’s choice, given Banga doesn’t have public sector experience or any direct climate experience. Climate activists had been demanding a World Bank president with strong climate credentials, such as US climate envoy John Kerry or Al Gore. But Banga might prove their criticism is misplaced.
Be better than Kerry or Gore
Several voices from the climate world have criticised President Biden’s choice, given Banga doesn’t have public sector experience or any direct climate experience. Climate activists had been demanding a World Bank president with strong climate credentials, such as US climate envoy John Kerry or Al Gore. But Banga might prove their criticism is misplaced.