Recent comments by World Bank President, David Malpass, ignited furore, when he refused to acknowledge that the burning of fossil fuels is causing climate change. Whilst he has sought to retract this position, it has been used as a platform for global leaders to act on longstanding frustrations with the World Bank’s role in decarbonisation. At the World Bank’s annual general meeting last week Germany and the United States put forward a joint proposal for the “fundamental reform of the World Bank” to its management, including reforms to its approach to climate change. A group of the world’s most vulnerable 20 countries also floated the possibility of suspending the repayment of their World Bank loans, amounting to $685 billion.
