The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help. Know more:
BENGALURU, India—The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help.
That came after President Joe Biden, in nominating Banga in February, heralded his “critical experience” dealing with urgent world challenges like climate change, even though his resume shows little to do with climate credentials. Climate finance analysts are relieved that Banga at least believes climate change is caused by fossil fuels. But many are skeptical that his experience—which includes stints at Nestle, Pizza Hut and Mastercard—is a natural fit for climate finance. And while he comes from a climate-stressed state in India, a nation that’s simultaneously battling growing energy demands and climate change effects, his long career in America adds to their wait-and-see attitude.
“He has worked in corporations whose prime motive is profit. When it comes to development, especially climate change, it is about justice and equity,” said Singh. Banga’s background “doesn’t inspire confidence,” he said.
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