World Bank Scrambles for More Funding to Take on Mission to Fight Climate Change

The agency agrees to cooperate with regional banks and will seek private capital. “We need a bigger bank,” says its president

The World Bank (WB) wants to open a new era. Its president, Ajay Banga, wants the institution to also take on the goal of fighting climate change. “Today, the World Bank has a new vision and mission: to create a world free of poverty on a livable planet,” Banga said at the plenary of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Marrakesh. The head of the organization assumes the challenge that the majority of its shareholders had been demanding of him, with the United States at the head, and that the previous president, David Malpass, was reluctant to give. Banga has called for more funding to make the bank “bigger,” also from philanthropic organizations. And look for new ways to increase those resources. “We will still fall short. We need the scale, resources and ingenuity of the private sector,” he said.

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