World Bank President Jim Yong Kim resigns

World Bank President Jim Yong Kim resigns

World Bank President Jim Yong Kim has suddenly resigned his position in a time when there are evident differences between the organisation and the Trump administration’s pro fossil fuel stance.

During his presidency, Kim has increased levels of financing for green energy projects, while the Trump administration has promoted the use of fossil fuels to solve the global issue of energy poverty. However, the two avoided any public clashes over their differences.

Under his leadership the World Bank has come under increasing pressure from the US to spend less money on middle income countries, including China, and focus more resources on developing countries.

Since the election of US President Donald Trump, America has been encouraging the use of fossil fuels to aid the economic growth of the developing world.

At COP24, President Trump’s international energy and climate adviser, Wells Griffith, said: “We strongly believe that no country should have to sacrifice their economic prosperity or energy security in pursuit of environmental sustainability.”

Traditionally, the US has been responsible for the nomination of the World Bank president, which means the resignation of Kim could provide hope for much of the developing world looking to gain access to electricity.