‘World Bank widening vision to work for a liveable planet’
NEW DELHI : The World Bank’s vision is being redefined to eradicate poverty on a “liveable planet" as part of ongoing reforms, its president Ajay Banga said on the sidelines of the New Delhi G20 summit, which has pledged to make multilateral lending work for poverty. “There’s a lot of work going on with the World Bank on the reform agenda.
It starts from redefining the vision of the bank, to not just be focused on poverty, although it’s important, but to also include a liveable planet," Banga said. ‘The idea is to eradicate poverty on a liveable planet and by doing that, we expand the aperture of our view to include climate, pandemics, fragility, things that we are living through, and these are intertwined with poverty alleviation—very difficult to segregate them," he said.
Banga, a former Mastercard executive chairman, noted the need for multilateral development banks to collaborate on climate and digital governance, besides including the private sector to facilitate investments into renewable energy in emerging markets. “I just announced a very big partnership with the Inter American Development Banks on the Amazon (region) on Caribbean climate and are digitizing governance.
We’ve also announced a private sector lab where N. Chandrasekharan (chairman) of Tata Sons is one of the members of that project led by (UN climate envoy) Mark Carney and (former UK minister) Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets," he said.
The Private Sector Investment Lab is focused on expanding financing for the transition to renewable energy and related infrastructure. The New
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