David Malpass announced his upcoming departure as president of the World Bank last week. From navigating the fallout of COVID-19 to the invasion of Ukraine, this marks the end of an eventful four-year run.
a radical restructuring of international institutions such as the World Bank to put climate finance at the center of their missions.
Advocates of the radical green agenda reject the supply-side, market-based approach that prioritizes the vital need for reliable, affordable energy in the developing world. Instead, climate advocates want a government-mandated transition that flat-out rejects all traditional energy financing. That approach guarantees a fraught energy future and makes the world increasingly dependent on Chinese supply chains. It also denies communities the capability to make the best use of their own resources and threatens to condemn much of the world to perpetual energy poverty.
Malpass felt the brunt of those who would impose this radical green agenda. He was roundly disparaged for his willingness to fund natural gas projects. Additionally, his opposition to electric vehicle projects in Africa also raised climate activists’ ire, but, as Malpass points out, it makes little sense to promote EVs where there is insufficient “E” to power the “V.”
With Malpass moving on, the Biden administration has chosen someone who shares its commitment to remaking the World Bank. With a climate radical rather than a supply-side economist at the helm, we can expect to see greater Chinese influence across the globe and greater barriers toward economic development and shared prosperity.James Carter is the director of the America First Policy Institute’s Center for American Prosperity.
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