David Malpass’s decision to quit has delighted frustrated developing nations, donors, experts and campaigners
are that its climate spending is too small, too scattered, uncoordinated and badly targeted, and hard to access by the poorest countries. The bank has also continued to fund fossil fuel projects, despite claiming to phase it out. According to data published last year, the bank hasMottley, whose country is one of the many small island states at gravest risk from the climate crisis, was, and country after country came forward to support her plans.
Malpass, when he finally arrived, could only reiterate that his leadership was delivering a record $32bn for climate finance – sums derided as falling far short of the hundreds of billions and even trillions needed for the green transition. Yet reform of the World Bank need not involve vast new expenditure by developed country donors, according to its former chief economist Nicholas Stern. He estimates that because of the structure of the bank’s capitalisation, investment of about $9bn from developed countries over several years could enable it to raise about. “They are about 5% more than the current investment [much of which goes to fossil fuels and high-carbon infrastructure]. We could, if we wanted to, get started quickly.
By then, a new World Bank president should be ready to take over. Since the Bretton Woods institutions were set up, that appointment has always been made by the US president, while European leaders choose the head of the International Monetary Fund. Some developing countries would like to see that convention reformed, too, and have a global competition to find a new president – but that might be a step too far for Malpass’s successor.
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