'He represents U.S. corporations rather than the needs of 8 billion people around the world.'
"Sadly, a vision that those who govern best are those that have profited the most from deregulation, economic predation, and the shrinking of the public sphere seems to be winning out in the Biden administration now. Indeed, this vision, we have argued, is what guides Biden's new Chief of Staff, Jeffrey Zients," Hauser continued."Biden and [Treasury Secretary Janet] Yellen should be ashamed of this choice.
"This moment demands a World Bank leader who will prioritize the urgency of the climate crisis, not another Big Business executive with no experience in development, environmental work, or the public sector," Rees added."Banga's long career at predatory banks and corporations does not inspire confidence that he would transform the World Bank into an institution that can work for people and the planet.
Banga must be confirmed by the World Bank's board, a step that is widely seen as a forgone conclusion given the outsized power the U.S. wields.Yellen and World Bank directors to push for an end to the body's"financing for fossil fuels, industrial animal agriculture, and activities that harm biodiversity."
The coalition also demanded that the World Bank reject"misguided approaches to private finance" and"regressive" policy approaches such as cuts to public services. But advocates fear their calls for transformative changes at the World Bank will be stymied by the elevation of Banga, who"has no background in public service, mitigating climate change, promoting sustainable agriculture, reducing poverty, or supporting a just energy transition," as Friends of the Earth's Kate DeAngelis"We don't need another World Bank president who will further corporate interests like fossil fuels and industrial agriculture.
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