There’s a few interesting nuggets in a new FT column by Ajay Banga, President Biden’s nominee to run the World Bank, Ben writes.
Driving the news: New tech can “help bypass the emissions-heavy pathways of the past,” he writes, noting he recently visited renewables-heavy Kenya.
Between the lines: The column could hint that he’s a sympathetic ear to advocates who want the bank more forcefully against fossil finance.
The intrigue: Banga’s also defending his private sector background, which has caused some heartache on the left, noting the need to mobilize more private capital.
- Banga writes that his resume — which includes advising a cleantech investment fund — is “exactly what the World Bank needs at this critical moment in time.”
Why it matters: Making climate more central to the bank’s mission is a team Biden goal, and Treasury’s readouts of Banga’s multination “listening tour” have emphasized his engagement on the topic.
Of note: While some activists are wary of Banga, he’s got backing from a suite of high-profile figures in climate circles.
