Washington (AFP) – The World Bank’s climate policies are an example of “development done smart,” and are unlikely to be scaled back regardless of who wins November’s US presidential election, the head of the development lender told AFP. The World Bank recently committed to increasing its climate financing from 35 percent of total lending to 45 percent for the financial year ending June 30, 2025, with the money split between climate change adaptation and mitigation. The bank almost reached the 45 percent target last year and is on track to beat it this year, World Bank President Ajay Banga said in an interview Thursday ahead of the IMF and World Bank Annual Meetings in Washington next week.
“But what’s inside the 45 is very important,” he said, calling climate change adaptation policies like building climate-resilient infrastructure “development done smart.” Former Republican president Donald Trump, who is running against Democrat Kamala Harris in November’s US presidential election, has repeatedly dismissed the threat posed by climate change, and has said he would look to pull the United States out of the Paris climate agreement once again if he wins.
In response to a question about Trump, Banga said it was unlikely that a future administration would look to roll back the World Bank’s current climate targets. “I don’t see any administration saying you shouldn’t paint a school roof white to reduce the temperature inside, or you shouldn’t build a hospital or a school that can withstand a heavy climate event,” he said.
On the question of renewable energy, Banga argued that connection to the grid was ultimately good for the United States. “(If) Africa gets 300 million people connected to electricity… whose products will they buy? Which technology will they use?” he said. “Where will economic growth indirectly come to? It will come to the countries in Europe, in America, in India, in Brazil, that are capable of helping these countries,” he added. “We’re kind of in this together, and most administrations will see it that way.”
© 2024 AFP
