World Bank Evolution Roadmap an Expansion of Business as Usual – True Transformation Needed

A statement from a coalition of civil society organizations (CSOs) addressed to US Secretary Janet Yellen, arguing that the World Bank Group's (WBG) Evolution Roadmap is an expansion of 'business as usual' rather than a true transformation. The authors urge the US Treasury to push for systemic reforms, including ending fossil fuel financing, democratizing governance, and addressing sovereign debt, rather than focusing on expanded financing and private sector 'de-risking'.

• The WBG Evolution Roadmap is criticized for failing to define 'global public goods' and 'global challenges', leading to a selective approach that ignores critical issues like biodiversity loss, despite its link to climate change and economic risk.
• The authors argue that the US government prefers channeling climate finance through MDBs to maintain political control and avoid paying its historical fair share, contrasting this with the more democratic and concessional nature of UNFCCC funds like the Green Climate Fund (GCF).
• The WBG's governance is described as lacking legitimacy and effectiveness because decision-making power is concentrated among large shareholders like the US and G7 countries, leaving low- and middle-income countries with inequitable influence.
• The document warns against the 'de-risking' of private capital, claiming it shifts financial risk to public balance sheets in borrowing countries and may subsidize institutional investors like BlackRock without proving development impact.
• The CSOs demand that the WBG adopt a 'do no harm' principle by ending all financing for fossil fuels, petrochemical infrastructure, industrial animal agriculture, and 'false solutions' such as carbon offsets and Carbon Capture, Utilization and Storage (CCUS).
• The statement highlights a contradiction in the WBG's role: while it is asked to help retire coal, it also houses the International Center for the Settlement of Disputes (ICSID), which allows corporations to sue governments over lost profits from climate regulations.
• The WBG is criticized for its role in sovereign debt, specifically its 'preferred creditor status' which prevents it from participating in debt relief, and its Debt Sustainability Analyses (DSA) which focus on creditor repayment rather than Paris Agreement goals.
• The authors call for the removal of WBG President David Malpass and an end to the 'gentleman’s agreement' where the US always nominates the World Bank president, advocating instead for a merit-based process.

APA

Trend Asia (2023). World Bank Evolution Roadmap an Expansion of Business as Usual – True Transformation Needed. https://trendasia.org/wp-content/uploads/2023/02/CSO-Letter-to-US-Treasury-WBG-evolution-.pdf

Chicago

Trend Asia. World Bank Evolution Roadmap an Expansion of Business as Usual – True Transformation Needed. 2023. https://trendasia.org/wp-content/uploads/2023/02/CSO-Letter-to-US-Treasury-WBG-evolution-.pdf.

Wikipedia

{{cite press release |author=Trend Asia |title=World Bank Evolution Roadmap an Expansion of Business as Usual – True Transformation Needed |date=10 February 2023 |url=https://trendasia.org/wp-content/uploads/2023/02/CSO-Letter-to-US-Treasury-WBG-evolution-.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{trendasia2023world, author = {{Trend Asia}}, title = {{World Bank Evolution Roadmap an Expansion of Business as Usual – True Transformation Needed}}, publisher = {Trend Asia}, year = {2023}, month = feb, url = {https://trendasia.org/wp-content/uploads/2023/02/CSO-Letter-to-US-Treasury-WBG-evolution-.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }