Pressure to oust World Bank president David Malpass is increasing after he dodged questions on climate change and the effects of burning fossil fuels.
The controversy kicked off on Tuesday when former US vice president Al Gore labelled him a climate denier and called for a change of leadership.
Asked about the criticism during the same event in New York, Mr Malpass, installed three years ago by president Donald Trump, avoided questions on the effects of man-made emissions on climate change before saying: “I don’t know. I’m not a scientist.”
Activists and Wall Street were already calling on the World Bank and other multilateral lenders, including the International Monetary Fund (IMF), to do more to accelerate clean energy ventures and halt funding for fossil fuel projects, because burning oil, gas and coal unleashes heat-trapping greenhouse gas emissions that drive climate change.
“You don’t need to be a scientist to understand climate science — the facts are clear, and there’s no alternative but to act,” said Sonia Dunlop, who is with E3G, an environmental research group.
“The World Bank is critical to the global fight against climate change.”
Mr Malpass’s comments contrast with a stronger climate stance from President Joe Biden’s administration. The US is the World Bank’s biggest shareholder and most influential voice when it comes to choosing the bank’s leadership.
“We expect the World Bank Group to be a global leader of climate ambition and the mobilisation of significantly more climate finance for developing countries,” the Treasury Department said in a statement on Wednesday.
“We have — and will continue — to make that expectation clear to World Bank leadership. The World Bank must be a full partner in delivering on this global agenda.”
We expect the World Bank Group to be a global leader of climate ambition and the mobilisation of significantly more climate finance for developing countries
US Treasury Department
A senior administration official on Wednesday night said reports of Mr Malpass’s climate change stance raised eyebrows in the White House and that the administration was planning to look more closely at the matter.
Treasury Secretary Janet Yellen has labelled climate change an “existential threat” and called on US regulators to address the risk it poses to financial markets.
She has championed the newly enacted climate law signed by Mr Biden last month, saying it will help the US meet its emissions reduction goals. Earlier this year, Ms Yellen called on the World Bank to step up its efforts to fight climate change.
Tensions between the Biden administration and Mr Malpass come down to politics as much as climate science. Mr Malpass, a former Treasury official and World Bank critic, was nominated to his five-year term in 2019 by Mr Trump.
By tradition, the US chooses the head of the World Bank, while Europe selects the head of the IMF, a custom dating to the origins of the twin Bretton Woods institutions.
The World Bank on Tuesday released a statement defending Mr Malpass’s record. The White House did not immediately respond to requests for comment.
For Mr Malpass to be dismissed before his term ends in 2024, he would either need to be removed by the board, which has never happened, or he could potentially be forced to step down if his position became untenable.
“Having a climate denier at the helm of one of the world’s most powerful international financial institutions is unconscionable,” said Luisa Abbott Galvao, a senior international policy campaigner with Friends of the Earth.
The group, along with other activists, said they plan to unveil a banner calling for Mr Malpass to be replaced at the World Bank’s headquarters in Washington.
“President Biden and other shareholders must push the board to fire him immediately,” she said.
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
Killing of Qassem Suleimani
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
More on animal trafficking
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
More on Quran memorisation:
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
