Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

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

Commodities Sep 22, 2022 06:21AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: World Bank President David Malpass responds to a question from a reporter during an opening press conference at the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019.
 
TWTR
+2.57%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NG
-0.70%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Valerie Volcovici and Kate Abnett

WASHINGTON (Reuters) - 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.    

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." 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 Joe Biden to replace 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 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 (NYSE:TWTR).

"People & governments now need a WB leader who listens to science," said 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 U.S. 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 U.S. Vice President Al Gore earlier this week described 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.

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

Related Articles

Energy & Precious Metals - Weekly Review and Outlook
Energy & Precious Metals - Weekly Review and Outlook By Investing.com - Oct 02, 2022

By Barani Krishnan Investing.com -- The dollar tumbled last week, giving bulls across commodity markets much-needed relief from the weight of a super strong greenback in five of...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (10)
Wayne Cammack
Wayne Cammack Sep 22, 2022 9:28PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The biggest hoax ever presented to the world. Climate change. What a joke.
Andrew Ulferts
Andrew Ulferts Sep 22, 2022 9:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No dissenting voices allowed! No room for debate. How will they force their ideas on people if they have people questioning the premise? Truth doesn’t need to be forced.
Joe Rizzuto
Joe Rizzuto Sep 22, 2022 7:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
to all tardeds who use science to defend climate change, the problem is popn. there are too many ppl who all want food, energy and space faster then the earth can recycle. you want less impact on climate, reduce popn growth. everything else is moving deck chairs around on the titanic.
Michael Mcdonough
Michael Mcdonough Sep 22, 2022 7:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ha ..No surprise Tubiana works for Clinton, Gore, Kerry crowd who personally profit from climate terrorism…lots of hypocrisy to go around here..
Joe Rizzuto
Joe Rizzuto Sep 22, 2022 6:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
another pathetic example of sociatmarxism... get in line or get out. however, who would even go to 'climate' week hosted by nyt?
Cody Hawkins
Cody Hawkins Sep 22, 2022 6:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The World Bank is a joke.
gab nea
gab nea Sep 22, 2022 6:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
wow low intelligence people think that science to belong to a party? pitiful . 2+2= 4 everywhere I check. 2 incompetent trump appointees? they all were!
Joe Rizzuto
Joe Rizzuto Sep 22, 2022 6:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you can be a boy or you can be a girl. you can pick. and you want the world to believe ur science. that's why we call you lib'tarded'
Jim Miller
Jim Miller Sep 22, 2022 3:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Comply to the "progressive left" and the "science" they acknowledge, or get fired...plain and simple. Yet, the Republicans are the fascists.
gab nea
gab nea Sep 22, 2022 3:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how sad that you dont defend your science denying position! and yes Republicans are not just fascists but racist women grabbers! lawless and seditionists! defend that!
Joe Rizzuto
Joe Rizzuto Sep 22, 2022 3:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
gab nea you can be a boy or you can be a girl. you can pick. and you want the world to believe ur science. that's why we call you lib'tarded'
Midnight Trader
Midnight Trader Sep 22, 2022 2:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This Trump Climate denier must be replaced as soon as possibly.
gab nea
gab nea Sep 22, 2022 2:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
replace all republicans, period!
Mark Manley
Mark Manley Sep 21, 2022 7:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
There is a case for global climate change, but the majority of the research is nothing but pandering, most of it is done by rabidly socialistic pseudo-intellectuals trying to score points with their communist department chairs. All research today is informed and motivated by liberal politics. Science for the sake of science, and accurate unbiased presentation of data no longer exists. All research that does not support militant liberal ideology is buried.
Laxman Neupane
Beautiful Sep 21, 2022 7:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Spot on. Academics is under hostage. This is nothing short of extremists burning books & libraries which doesn't appeal to their ideologies/emotions.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email