Big Changes Coming to the World Bank—But it’s Not Enough

It’s official: The World Bank officially has a mission to combat climate change. At least on paper. This week, the World Bank governing body approved a new vision statement that clarifies that the Bank can tackle climate change as part of its mission to alleviate global poverty on “a livable planet.” Also this week, the new World Bank President Ajay Banga suggested that he’ll be consider redirecting subsidies away from fossil fuels and towards climate action.