CSOs call on Banga to shut down the World Bank's Private Sector Investment Lab

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Twenty-six civil society organsations have signed an open letter to Ajay Banga, the new president of the World Bank.

One of World Bank President Ajay Banga's first actions was to create the Private Sector Investment Lab to “develop solutions to address the barriers to private sector investment in emerging markets,” particularly in “scaling transition finance in renewable energy and energy infrastructure.” However, this action represents an unacceptable conflict of interest; and an unproven and harmful development approach, based on a flawed diagnostic of the climate finance issue.

The letter recommends that Banga "deploy the Bank’s existing resources and structures to support thinking and policies on how to facilitate massive public investment in the green energy transition, with the public interest at the heart of it."

Read the open letter.