![]() ![]() ![]() Leaders and activists from poorer nations, especially those vulnerable to the extreme weather made worse by climate change, have called for massive changes in the entire multinational development bank system.Ī plan known as the Bridgetown Initiative, put forward by Barbados Prime Minister Mia Mottley and embraced by French President Emmanuel Macron, would make it easier and faster for developing countries affected by weather disasters to get money with lower interest rates for both recovery and for building to become more resilient.īanga, who was most recently vice chairman at the private equity firm General Atlantic, has more than 30 years of business experience and has served on the boards of the American Red Cross, Kraft Foods and Dow Inc. He later apologized and said he had misspoken, noting that the bank routinely relies on climate science. Malpass, whose term was to expire in April 2024, ran into criticism last year for comments at a conference that appeared to cast doubt on the science that says the burning of fossil fuels causes global warming. ![]() Treasury Secretary Janet Yellen said in February that Banga will be responsible for meeting “ambitious goals for climate adaptation and emissions reduction.” On Wednesday, she said “our ambitious goals will not be met overnight, and we remain committed to a staged adoption of reforms over the course of the year to build on the vision we have laid out.” ![]()
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