World Bank chief defends climate stance

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World Bank chief defends climate stance

World Bank President David Malpass said on Thursday that greenhouse emissions are causing climate change and defended his record as bank chief under pressure to resign for refusing to say whether he accepts the scientific consensus on global warming.

Malpass sought to restate his views in a note to staff and an interview on CNN International during which he was asked if he was a denier of climate change. His views were under scrutiny after he refused to say at a public event this week whether he believes fossil fuel burning is warming the planet.

It's clear that greenhouse gas emissions are coming from manmade sources, including fossil fuels, methane, the agricultural uses, the industrial uses, so we're working hard to change that, Malpass said.

Malpass has been criticized by climate advocates who have called for President Joe Biden to replace him. Malpass was asked several times if he believes that the manmade burning of fossil fuels is rapidly warming the planet. He tried to dodge the question before saying something: I don't even know. The president of the United States, the largest shareholder of the World Bank, traditionally nominates World Bank presidents, subject to confirmation by the bank's board. Former President Donald Trump has nominated Malpass for a five-year term in 2019.

The White House hasn't commented on the controversy.

Sources said the Biden administration had so far not wanted to remove Malpass before his term ends in early 2024, but that his comments this week could change that calculus, despite his efforts to clarify his views.

In a note to World Bank staff, seen by Malpass, Malpass said the use of coal, diesel, and heavy fuel oil in both advanced economies and developing countries is creating a wave of the climate crisis. He said anything seen in a different light is wrong and regrettable. Activists and former climate advocates worry that the Bank is falling short on climate action. In the last year, over 70 non-governmental organizations called for Malpass to be replaced, citing lack of action.

The World Bank cut its new coal power investments in 2013 and stopped funding upstream oil and gas operations in 2019 but has so far resisted pressure from European board members and climate campaigners to phase out fossil fuel financing entirely.

In January of last year, the Bank's board approved a US $620 million investment in a multibillion-dollar liquified natural gas project in Mozambique, which has attracted criticism from climate activists.

A spokesman for Canadian Finance Minister Chrystia Freeland said the World Bank plays a crucial role in driving climate change action, and was asked for comment on Malpass' Tuesday remarks.

Adrienne Vaupshas said that the World Bank leadership must fully stand behind this global initiative.

Senator Maxine Waters, the head of the House of Representatives' financial services committee, said Malpass' comments raise questions about the World Bank's commitment to addressing climate change.

Waters said that this is a threat to the Bank's relevance in every other area, including its mission to alleviate poverty and promote sustainable growth.