Connect with us

Hi, what are you looking for?


World Bank’s Malpass faces calls to resign after climate change doubts

Image via World Bank / Grant Ellis / CC BY-NC-ND 2.0

WASHINGTON — World Bank President David Malpass came under heavy criticism on Wednesday after he declined to say whether he accepts the scientific consensus on global warming, rekindling concerns about the bank’s lack of a deadline to stop funding fossil fuels.

Mr. Malpass appeared at an event hosted by the New York Times at Climate Week in New York City on Tuesday and was asked whether he believes that the “manmade burning of fossil fuels is rapidly and dangerously warming the planet.” Mr. Malpass tried at first to dodge the question but later said: “I don’t even know. I’m not a scientist.”

The remarks, which circulated on social media, drew criticism from former climate diplomats and civil society groups who called on President Joseph R. Biden, Jr., to replace Mr. Malpass as the president of the multilateral development bank.

The president of the United States, the largest World Bank shareholder, traditionally appoints World Bank presidents. Former president Donald Trump appointed Mr. Malpass to a five-year term in 2019.

The future of a second Trump development bank appointee, Inter-American Development Bank head Mauricio Claver-Carone, is also in doubt after an investigation into allegations of a relationship with a staffer.

“How is this possible in 2022? This apathy produces weak climate action when countries so badly need @WorldBank aid & finance,” Laurence Tubiana, a former French climate envoy and key architect of the 2015 Paris climate accord, said on Twitter.

“People & governments now need a WB leader who listens to science,” said Mr. Tubiana, now CEO of the non-profit European Climate Foundation.

A coalition of civil society groups on Wednesday called for the World Bank to fire Malpass.

The World Bank and White House declined to comment.

The US Treasury said it expected all partners to be committed to fighting climate change.

“We expect the World Bank Group to be a global leader of climate ambition and the mobilization of significantly more climate finance for developing countries,” a spokesperson said. “We have — and will continue — to make that expectation clear to World Bank leadership. The World Bank must be a full partner in delivering on this global agenda.”

Last year, over 70 non-governmental organizations had jointly called for Malpass to be replaced on the grounds that the Bank was falling short on climate action.

The World Bank reduced its new coal power investments in 2013 and stopped funding upstream oil and gas operations in 2019, but has so far resisted pressure from European board members and climate campaigners to phase out fossil fuel financing entirely.

In January 2021 the Bank’s board approved a $620 million investment in a multibillion-dollar liquified natural gas project in Mozambique.

“It is time for the White House and governments all over the world to think hard as to who they want at the helm of the World Bank,” said Sonia Dunlop from think tank E3G. “You don’t need to be a scientist to understand climate science.”

Other experts said a strong grasp on climate science should be a pre-requisite for the job of World Bank president during a time in which climate-driven catastrophes are becoming more frequent and impacting many developing countries that receive financial support from the Bank.

“Climate change will impact the poorest in the world the most so to have the head of the World Bank not being clear and forceful on taking on climate change sends the wrong message,” said Gilbert Metcalf, former deputy assistant Treasury secretary for environment and energy under the Obama administration.

Former US Vice President Al Gore earlier this week described Mr. Malpass as a climate denier.

Selwin Hart, special adviser to the UN secretary-general on climate action, had also criticized the World Bank at the COP26 climate summit in Glasgow last year.

Large banks, especially the World Bank, “cannot continue to fiddle while the developing world burns,” he said. — Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...


Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.