From Washington Consensus to Wall Street Consensus: US-backed WB President candidate Ajay Banga is a fossil fuel champion

Recourse criticizes the US nomination of Ajay Banga for World Bank president, highlighting his roles at Exor N.V. and Temasek, which link him to oil, gas, and nuclear investments. The organization argues that Banga's private sector experience promotes a profit-driven development model over genuine climate action and poverty reduction.

• Ajay Banga's professional roles link him to various fossil fuel and energy investments. Through Exor N.V., he is connected to Welltec, which works on oil and gas wells and Carbon Capture and Storage (CCS), and Cameco, a uranium provider. Through Temasek, he is linked to Keppel Corporation (oil and gas infrastructure), Pavilion Energy (LNG trading), Sembcorp (fossil gas power plants), and SP group (electricity and gas transmission).
• The author contends that Banga's background in global multinationals and the World Bank's 'Maximising Finance for Development' approach prioritize private profit and de-risking for corporations over human rights and development goals.
• Recourse advocates for the removal of the 'gentleman's agreement' regarding World Bank leadership selection in favor of a transparent, merit-based process that appoints a leader capable of ending fossil fuel financing.

APA

Race, M. (2023). From Washington Consensus to Wall Street Consensus: US-backed WB President candidate Ajay Banga is a fossil fuel champion. Recourse. https://re-course.org/newsupdates/from-washington-consensus-to-wall-street-consensus-us-backed-wb-president-candidate-ajay-banga-is-a-fossil-fuel-champion/

Chicago

Race, Madeleine. From Washington Consensus to Wall Street Consensus: US-backed WB President candidate Ajay Banga is a fossil fuel champion. Recourse, 2023. https://re-course.org/newsupdates/from-washington-consensus-to-wall-street-consensus-us-backed-wb-president-candidate-ajay-banga-is-a-fossil-fuel-champion/.

Wikipedia

{{cite press release |last1=Race |first1=Madeleine |title=From Washington Consensus to Wall Street Consensus: US-backed WB President candidate Ajay Banga is a fossil fuel champion |publisher=Recourse |date=2 March 2023 |url=https://re-course.org/newsupdates/from-washington-consensus-to-wall-street-consensus-us-backed-wb-president-candidate-ajay-banga-is-a-fossil-fuel-champion/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{race2023from, author = {Race, Madeleine}, title = {{From Washington Consensus to Wall Street Consensus: US-backed WB President candidate Ajay Banga is a fossil fuel champion}}, publisher = {Recourse}, year = {2023}, month = mar, url = {https://re-course.org/newsupdates/from-washington-consensus-to-wall-street-consensus-us-backed-wb-president-candidate-ajay-banga-is-a-fossil-fuel-champion/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }