The World Bank has ditched its climate targets

Jul 6th 2026|3 min read

IN JUNE 2023 the world’s biggest development bank seemed to be undergoing a transformation. At a summit in Paris, the president of the World Bank, which for 70 years had focused only on tackling global poverty, announced plans to reserve a large portion of lending for projects to alleviate climate change and its effects. Ajay Banga had been hired in part for his green credentials, having pledged to plant 100m trees in his previous job as the boss of Mastercard, and he was proving popular. The crowd, which included Emmanuel Macron, the French president, and Abiy Ahmed, the prime minister of Ethiopia, celebrated with a standing ovation. As Mr Banga exited the stage, he was diverted by Mr Abiy’s aide for a selfie.