Larry Summers is calling on the World Bank to loosen its lending limits to combat climate change and think in the 'trillions not the billions.'
under President Obama, will be interviewed Tuesday at 1:30p ET as part of the annual meetings by embattled bank president David Malpass, whom former Vice President Al Gore last month labeled a "climate denier."
Malpass’s term ends in April of 2024, meaning a decision about his replacement will likely be made in the summer of 2023. A holdover from the Trump administration, Malpass had appeared to question that burning fossil fuels was warming the planet. HeMalpass's comments, but removing him would be exceedingly difficult and could end the informal agreement giving the World Bank’s presidency to the Americans and the IMF to the Europeans.: Summers has vexed the White House for suggesting that Biden stoked inflation by spending too big in his first year as president.
But now he’s on the side of bigger investments. He’s calling for more funding for the World Bank and wants it to use its leverage to finance trillions of dollars in new projects.to include a greater emphasis on climate.Summers' op-ed calls attention to what he sees as the bank’s underutilized lending capacity: “Given the magnitude of global challenges over the next decade, we should be thinking in the trillions not the billions for the Bank.
He told Axios that the bank "shouldn’t focus on overly broad restrictions such as lending to natural gas power plants" and “they need to focus on what they can do, and to take the immense opportunity to catalyze finance and greatly accelerate the green energy and green agricultural transition.”
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