Ajay Banga, who began his five-year term as World Bank Group president in June, is ushering in a new mission for the institution: eradicating poverty while fighting climate change. “If you can’t breathe and you can’t drink clean water, there’s very little point in eradicating poverty,” he said at the 2023 World Bank Group-IMF Annual Meetings in Morocco. Banga is calling for more money to “widen the aperture” of the Bank to structure incentives and loans for projects that lower emissions and advance sustainable development. He is also pushing to reduce how long it takes to approve projects, so that billions of dollars can quickly reach the countries that need it. As he said in October announcing the new vision: “Time is of the essence.”
More Must-Reads from TIME
- Why Trump’s Message Worked on Latino Men
- What Trump’s Win Could Mean for Housing
- The 100 Must-Read Books of 2024
- Sleep Doctors Share the 1 Tip That’s Changed Their Lives
- Column: Let’s Bring Back Romance
- What It’s Like to Have Long COVID As a Kid
- FX’s Say Nothing Is the Must-Watch Political Thriller of 2024
- Merle Bombardieri Is Helping People Make the Baby Decision