Planet A - Talks on Climate Change
Ajay Banga’s Vision for the World Bank: Combating Both Climate Change and Poverty
Feb 6, 2024
Ajay Banga, President of the World Bank Group and former CEO of Mastercard, shares his vision for combating climate change and poverty. He discusses the World Bank's multifaceted role in global development and the urgent need for integrated solutions. Banga highlights the connection between drought in Kenya and poverty, emphasizing climate financing. He also addresses the barriers to private investment in renewable energy and the importance of new financial strategies. Recent advancements from COP28 are explored, along with the need for effective governance in climate initiatives.
41:22
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Quick takeaways
- Ajay Banga emphasizes the interconnectedness of poverty eradication and climate change, advocating for holistic sustainable development strategies.
- The World Bank plans to allocate 45% of its financing towards climate-related initiatives by 2025, focusing on adaptation and mitigation efforts.
Deep dives
Connecting Poverty Eradication and Climate Action
Eradicating poverty and addressing climate change are interconnected challenges that cannot be separated. The impact of climate change, such as drought in countries like Kenya, has direct consequences on food security and education, often forcing children to abandon schooling for labor. This holistic approach recognizes that sustainable development strategies must encompass both poverty alleviation and climate resilience. By expanding its mission, the World Bank emphasizes the need for a livable planet to effectively combat interconnected issues such as pandemics and resource scarcity.
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