World Bank's Ajay Banga Remains Upbeat About Climate Policy's Future Despite Potential Trump Reelection

World Bank President Ajay Banga is confident that the global push for climate change action can withstand a potential second term for former President Donald Trump, despite the latter’s historically antagonistic stance on clean energy policy.

What Happened: Banga, nominated by President Joe Biden, is broadening the climate portfolio of the World Bank. He remains optimistic that the bank’s efforts to assist developing countries in battling climate change can persist despite Trump’s historical opposition to clean energy policy, Politico reported on Tuesday.

Banga, who is increasing the proportion of funding dedicated to climate-centric projects, is also encouraging private sectors to augment their investments in renewable energy. In regards to the possibility of Trump’s re-election hindering the bank’s climate agenda, Banga highlighted the escalating global agreement on climate change.

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“There’s kind of a consensus at the G20, which is much bigger than just the U.S. and the EU,” he noted. “There’s a consensus even in the Global South, which I didn’t read about five years ago.”

While Banga acknowledged that a change in U.S. leadership could impact the bank, given the U.S. is the bank’s largest shareholder, he expressed faith in the robustness of the global response to climate change compared to five years ago.

Why It Matters: Banga’s comments come at a time when Trump’s potential return to office is creating significant international concern. European Central Bank (ECB) President Christine Lagarde has warned of the implications of Trump’s re-election, citing potential conflicts with Europe over trade protectionism, NATO military support, and climate change policies.

Despite these concerns, Trump’s prospects for the 2024 presidential race have been widely discussed at the World Economic Forum in Davos, where he is seen as the GOP frontrunner.

In national polls, President Biden has regained the lead over Trump, but climate change remains a top voter concern. The weekly Morning Consult poll asked registered voters who they would select in a hypothetical matchup of Trump versus Biden. In this week’s poll, Trump received 42% of the vote and Biden received 43% of the vote. 11% selected ‘Someone Else’ and 5% selected ‘Don’t Know.’

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