US President-elect Joe Biden may have promised a “return to normalcy,” but the truth is that there is no going back. The world is changing in fundamental ways, and the actions the world takes in the next few years will be critical to lay the groundwork for a sustainable, secure, and prosperous future.
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BRUSSELS – Critics have called new World Bank president David Malpass an arsonist in charge of a fire department, because of past comments he made on Bank salaries and loans to China. But it’s far more important to focus on improving progress toward the World Bank’s core mission of ending extreme poverty.
In its most recent fiscal year, the Bank dished out nearly $67 billion in financing, investments, and guarantees. But under the “new course” set by its previous president, Jim Yong Kim, in 2016, the Bank aims to direct more than a quarter of its funding toward climate change. Moreover, thanks to Kim, the Bank insists that every single dollar it spends must take account of climate change, and it has ended financial support for coal-fired power plants.
The argument for approaching development through the prism of climate change is that rising temperatures exacerbate challenges such as malaria and lack of access to education. Though this is true, almost all problems impact all others. An increase in malaria makes children more susceptible to hunger; poor nutrition and a lack of sanitation worsen educational performance; missing school leads to greater poverty; and so on.
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