Posted on April 19, 2023

Separating Climate Change and Inequality Won’t Work, Says Biden’s World Bank Nominee

H.J. Mai and Ziad Buchh, NPR, April 14, 2023

President Biden’s nominee to lead the World Bank says the twin global challenges of climate change and inequality need to be addressed simultaneously and cannot be separated.

Ajay Banga, the former CEO of Mastercard, tells Morning Edition’s Michel Martin that it will take the combined action of all stakeholders, from countries to the multilateral development banking system to the private sector to make a difference, particularly when it comes to climate change.

“We don’t have the time to play in silos,” he says.

Banga, who is 63, says the World Bank, which oversees billions of dollars in funding for developing countries, will have to forge new partnerships to provide the resources necessary to tackle today’s challenges.

“The scale of these challenges require trillions, not billions,” he says.

The successful Indian-American businessman is the only candidate for the president position at the multilateral institution.


On why he wants the job

The World Bank and institutions like it are among the few that can tackle long term money, long term thinking aimed at fighting inequality. We’re also aimed at fighting the intertwined challenge of climate change. I always thought this, but I never dreamt I would actually get a chance to do this job.