Climate and Debt Justice Activists Throw “Retirement Party” for World Bank No. 2 Axel van Trotsenburg, Call for His Dismissal
Amid World Bank Meetings, Groups Call for New Vision–and New Leaders to Move Things Forward
Washington, DC—Today, as world leaders continue to meet for the spring meetings of the World Bank Group and International Monetary Fund, global activists held a “retirement party” to protest Axel van Trotsenburg’s tenure at the World Bank Group, calling for his dismissal. Activists say van Trotsenburg, who has been working with the Bank for nearly thirty years and is currently Senior Managing Director, personifies the Bank’s bureaucratic inertia, hindering its potential for groundbreaking new climate investments. By replacing van Trotsenburg, activists say the Bank could break the bottlenecks on climate and debt funding.
“It’s an open secret that Axel van Trotsenburg’s old-guard ways are major blockers to climate progress and debt reform at the World Bank,” said Andrew Nazdin, director of the Glasgow Actions Team. “The debt crisis and climate crisis are getting worse every minute that passes, we need leaders who are up for the 21st century challenges facing the world, not bottlenecks.”
Utę Koczy, Senior Advisor at Urgewald, stated: “We demand full transparency in the use of taxpayer money. You cannot trust the World Bank when it comes to fossil fuels. The World Bank’s pledge to end support for coal, oil and gas does not apply to trade finance, one of several blackbox financing instruments that obscure money flow. Urgewald estimates that around $3.7 billion of IFC trade finance flowed into the oil and gas sector in the financial year 2022 alone. Axel van Trotsenburg is a big part of the problem and needs to step up or step down.”
Underneath a large banner saying “Thanks for the Memories, Axel, Now it’s Time to Fund the Future,” activists “celebrated” with retirement balloons, champagne flutes, and revelry.
This week’s spring meetings of the World Bank Group and International Monetary Fund are run by World Bank President Ajay Banga, who replaced David Malpass, who came under fire for denying the science of human-caused climate change. The World Bank has continued funding fossil fuel projects around the globe, which van Trotsenburg has defended, while refusing to disclose how much fossil finance is ongoing. Banga came to the Bank promising to make many changes to drastically ramp up investing in climate justice and clean energy, but so far has little to show for it, in no small part due to the many bureaucratic hoops to jump through. There are currently 1,100 rules projects must clear to receive funding from the bank's International Development Association, for instance. According to the activists, van Trotsenburg symbolizes the old guard of the World Bank, which needs to be reformed to focus more on a needs-based country-by-country approach.
Note to editors: Press briefing later today
Thursday, April 18, 6:30 PM: Press Briefing. You’re welcome to join an in-person press briefing at the Ronald Reagan Building and International Trade Center, with the opportunity to speak directly with expert global south speakers from the Big Shift campaign. Refreshments will be provided. Please RSVP to Sophie Richmond at srichmond@climatenetwork.org.
Protests Continue on Friday:
Friday, April 19, 10:00 AM: Debt for Climate Zambia activists call on World Bank to Drop the Debt. Hundreds will take part in a march around the world demanding debt relief at their local World Bank offices, including in Lusaka, Zambia. March route available upon request.
Friday, April 19, 12:00 PM Noon: Day of Action. A massive march and rally will cap out the week of events, featuring a Star Wars-themed protest alongside dozens of groups from around the world.
About the Glasgow Actions Team:
Formed before the UN Climate Conference in 2021, the Glasgow Actions Team is committed to pushing the world's climate champions to go farther, calling out the blockers, and exposing the deniers. Throughout the 2024 Spring Meetings of the World Bank Group they'll be running extremely mediagenic actions calling on the World Bank to get in line with the Paris Climate Goals — to stop funding fossil fuels, invest in renewables, relieve debt, and become a more transparent and democratic institution. Lean more at www.glasgowactions.com
Copyright 2024 Glasgow Actions Team
