June 12, 2023
2 mins read

Banga calls for greater role for private sector in climate fight

“What I think we have to do is… to find ways in the MDB system to think of a different playbook — to take on the risks that they cannot take on,” he added…reports Asian Lite News

Ajay Banga, the World Bank’s new President, called for the private sector to play a larger role to help emerging countries in their battle against climate change in his first interviews on Sunday.

He argued that countries from countries — essentially of the developed world, the World Bank, philanthropies and multilateral development banks (MDBs) will not be enough to meet the requirements of the emerging markets to help them transition from fossil fuel to clean fuel.

“The only way forward is to find a way to get the private sector to believe that this is part of their future,” said Banga, who took charge on June 2 as the 14th President of the World Bank, to CBS news.

He spoke also to CNN and made a similar pitch for scaling up private sector participation.

“What I think we have to do is… to find ways in the MDB system to think of a different playbook — to take on the risks that they cannot take on,” he added.

Banga is the first Indian-American to hold this position and called himself “Made in India” in the CNN interview, when he asked about the need for someone other than an American should lead the World Bank, which has always been headed by an American in an unwritten agreement with Europe, which, in return, gets to name the head of the International Monetary Fund.

Banga said he was born and raised in India and worked in both the developed and developing world and, thus, embodies the kind of diversity people may want to see at the leadership level.

Developing and less developed countries have long argued that in order to transition to clean energy they need help in resources and technology from the developed countries who caused most of the global warming with large-scale and unregulated industrialisation. And a climate fund set up to that effect has fallen way short of the committed targets.

ALSO READ-US Vice President Harris calls on World Bank chief Ajay Banga

Previous Story

Canadian Opposition backs Indian students facing deportation

Next Story

Chinese aircraft surveilled US, Japan, France’s naval drill

Latest from -Top News

Border Sealed, Hopes on Hold

A Hindu family from Balochistan’s Sibi was reportedly denied entry into India after the closure of border crossing….reports Asian Lite News Pakistan and India’s decision to shut down the Wagah-Attari border crossing

West visits Cambodia to strengthen ties 

The visit also addresses shared security concerns, including combating serious organised crime and human trafficking, and future defence cooperation initiatives  The UK and Cambodia are collaborating to advance climate initiatives and promote

UK and Ukraine deepen community ties  

 Thousands of school children across the UK and Ukraine have applied to take part in a landmark 100 Year Partnership programme between the two countries   Thousands of school children across the
Go toTop

Don't Miss

Israel’s Lebanon bombardment tests US influence

Biden insisted his administration is still “working to de-escalate” tensions….reports

Kabila returns to Congo from exile 

Kabila, who left Congo in 2023, came to Goma “to