World Bank leader David Malpass announced his early resignation on Wednesday, hastening his stepping down from the position by a year amid climate change controversies.

After spending more than four years on the job, the World Bank chief will officially leave his position on June 30, which marks the end of the bank's fiscal year. In a statement announcing his resignation, Malpass said it was an honor and privilege to serve as the World Bank's president.

David Malpass' Resignation

He noted that developing countries are currently facing unprecedented crises, noting that he was proud to have been able to help the Bank Group to respond with haste, scale, innovation, and impact.

The World Bank comprises 187 nations and is responsible for lending funds to developing countries to assist efforts in reducing poverty. Former United States President Donald Trump was the one who appointed Malpass as the chief of the group in 2019 that is set to end in 2024, as per CNN.

During his tenure, the organization responded to several global crises, including the COVID-19 pandemic and Russia's invasion of Ukraine. The World Bank said that its outgoing president implemented record surges in finances that were used to respond to both situations.

Malpass also focused on policies aimed at increasing economic growth, reducing government debt burdens, and reducing poverty worldwide. However, in September, the World Bank chief faced criticism from climate activists after he refused to confirm the scientific consensus that burning fossil fuels is causing the dangerous warming of our planet.

In a later statement, he clarified that he was not a climate denier, noting that fossil fuel emissions are "clearly" contributing to the warming of Earth. On Wednesday, the World Bank also said that it had more than doubled its financing for climate efforts in 2022, bringing the total to $32 billion.

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The World Bank's Financial Efforts

Malpass announced his resignation on social media and did not include a reason for the decision. He served as the president of the World Bank after working in the United States Department of Treasury during Trump's presidency, according to BBC.

In a separate statement, Malpass said that by the end of the fiscal year, the World Bank would be well-positioned to feature sustainability more clearly. This is part of a broader effort to align the World Bank's mission with its resources.

Malpass, who had long been skeptical of multilateral institutions, was seen as a controversial pick to lead the World Bank. Former United States Vice President Al Gore, in a statement in September, called for Malpass' resignation. He argued that the Trump appointee needed to do more to raise funds for climate issues.

With the U.S. Congress unwilling to help President Joe Biden's efforts to fulfill commitments in developing countries with climate aid, the White House has turned to other assistance. They are particularly looking at global financial institutions to help reduce greenhouse gas emissions and support adaptation defenses against a world that is getting increasingly warmer, according to the Washington Post.

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