David Malpass, the current president of the World Bank, announced on Wednesday that he will be stepping down before his five-year term expires. Malpass, who was nominated by former United States President Donald Trump in 2019, said he has “decided to pursue new challenges.”
Treasury Secretary Janet Yellen thanked Malpass for his service, noting his “strong support for Ukraine in the face of Russia’s illegal and unprovoked invasion, his vital work to assist the Afghan people, and his commitment to helping low-income countries achieve debt sustainability through debt reduction.”
Malpass was criticized in September for his refusal to confirm the scientific consensus that burning fossil fuels were dangerously warming the planet. After the outpouring of criticism, many opponents called for his resignation. In an interview with CNN, he clarified that he was not a “denier,” and that it is “clear” that fossil fuel emissions are having an effect on global warming.
During his tenure, the World Bank more than doubled its climate finance to developing countries, reaching a record $32 billion in 2022. Malpass also led efforts to enable and increase private sector investment and trade, launching a pandemic fund and developing a climate change action plan.
The opening provides an opportunity for President Joe Biden to nominate an official who can implement the administration’s green energy vision and help combat climate change while lowering energy costs for families.
On Thursday, Malpass told CNN's Julia Chatterley that he has no regrets about his four-year term. He stated that they had accomplished a lot of his goals and that it was essential for organizations to have fresh energy at this moment, adding that it was the perfect opportunity for the World Bank to do so. Malpass also reaffirmed the World Bank’s commitment to reducing debt payments for developing nations so they can instead fund crucial projects like climate adaptation. He mentioned that this is an important issue, noting that the governments and citizens of these countries require the funds for meals, healthcare, education, healthy nutrition, and climate adjustment. These are all pressing needs.
0. “David Malpass is stepping down as president of the World Bank” NPR, 15 Feb. 2023, https://www.npr.org/2023/02/15/1157343234/world-bank-president-david-malpass-stepping-down
1. “World Bank head criticised over climate stance to step down early” Al Jazeera English, 16 Feb. 2023, https://www.aljazeera.com/economy/2023/2/16/world-bank-chief-criticised-over-climate-stance-to-step-down-early
2. “World Bank head David Malpass has ‘no regrets' over leadership, following surprise resignation” erienewsnow.com, 16 Feb. 2023, https://www.erienewsnow.com/story/48390235/world-bank-head-david-malpass-has-no-regrets-over-leadership-following-surprise-resignation
3. “World Bank President David Malpass to step down early – KION546” KION, 15 Feb. 2023, https://kion546.com/money/cnn-business-consumer/2023/02/15/world-bank-president-david-malpass-to-step-down-early/
4. “David Malpass, Climate Change Denier, Steps Down From World Bank” Green Matters, 16 Feb. 2023, https://www.greenmatters.com/business/david-malpass-climate-change
5. “World Bank chief Malpass announces early departure” UN News, 16 Feb. 2023, https://news.un.org/en/story/2023/02/1133582