The World Bank has officially welcomed Ajay Banga as its 14th president, and he has called on staff to join him in writing a “new playbook” for the institution. As the World Bank faces increasing questions about its relevance, Banga will have to confront major global challenges, including the pandemic’s reversal of poverty reduction gains, Ukraine’s economic instability, and the urgent need to address climate change. In a note to staff, Banga emphasized the importance of thinking creatively, taking calculated risks, and building new partnerships with civil society and multilateral institutions. While he lacks climate credentials, Banga has stressed the interconnection between climate change and poverty. Climate activists plan to deliver postcards to staff with demands for immediate action on climate and clean energy projects. Banga has been tasked with amplifying the World Bank’s resources and creating new public-private partnerships.
