By Justin Worland | Time |
Ajay Banga didn’t like the existing decor, so when he took over as World Bank president he gave his grand two-story corner office a makeover. Old-school leather furniture? Gone. Dark lighting that made the space feel like a dungeon? Replaced. And a depressing painting?
Swapped out for three framed motivational quotes: “Question everything always,” “Done is better than perfect,” and “Fail harder.” “They are kind of my philosophy of working,” he tells me only moments after my walking in the door.
My conversation with Banga at the World Bank’s Washington, D.C., headquarters dug into the wonkiest details of climate finance, from the role portfolio guarantees can play in reducing credit risk to the investment challenges posed by volatile currencies in emerging markets. But his quick office tour offered just as much insight about his approach to running the world’s most important development bank: seemingly small tweaks can make a huge difference.
Banga entered office in 2023 after his controversial predecessor, David Malpass, was forced to resign following controversial remarks that seemed to doubt the science of climate change. Many environmentalists called for a full-scale revamp of the 80-year-old World Bank and other international financial institutions. The bank’s most powerful members—including and especially the U.S.—have also pushed for a greater focus on climate while stopping short of endorsing some of the boldest efforts to remake the institution. Banga has approached the task judiciously.
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