Blog: Greening the Future: Ajay Banga's Insights on Sustainability and Youth Engagement | Korea Green Growth Trust Fund

Blog_ Greening the Future_ Ajay Banga's Insights on Sustainability and Youth Engagement _ Korea Green Growth Trust Fund.pdf

🌏세계은행 녹색성장기금 인턴으로서 한국을 방문하신 아제이 방가(Ajay Banga) 총재님께 디지털화와 녹색성장의 중요성에 대해 질문을 드렸습니다!

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Ajay Banga, the current President of the World Bank Group, engaged in a 40-minute discussion during a visit to Seoul National University. Reflecting on his 7-8 months in office, he highlighted the challenges and joys of bringing about change, addressing issues such as poverty, pandemics, and food crises. Banga emphasized the World Bank's role in creating jobs, activating job markets, and supporting international development. Responding to a question about the World Bank's functions, Banga clarified its focus on development in developing countries through grants, loans, policy insurance, and knowledge sharing. He underscored the increasing importance of knowledge over fund and commended Korea's transition from a recipient to a contributor, citing it as a valuable example.

Banga discussed his presidency, emphasizing the changing global landscape due to COVID-19 and the profound impacts on economies, trade, and poverty. He highlighted the World Bank's role in addressing challenges and creating jobs globally, stressing the need for standards in technologies like 6G. Banga outlined the World Bank's five pillars—People, Assets, Planet, Infrastructure, and Digital—focused on education, jobs, environmental adaptation, infrastructure, and digital connectivity.

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Economic prosperity was highlighted as a necessary condition, but Banga stressed that it's not sufficient for poverty eradication; equity is crucial. Discussing Korea's developmental significance, he noted its history of overcoming war, becoming an export-driven nation, and addressing challenges like mental health. Emphasizing the global applicability of Korea's experiences, he mentioned the importance of education, healthcare, and community engagement. Banga acknowledged Korea's ongoing struggles, particularly in addressing the fertility rate and mental health, issues the World Bank aims to assist with. In the upcoming discussion on geopolitical issues, he outlined the complexities of World Bank policies influenced by the contributions and voting power of member countries.

Banga discussed providing examples of successful projects to persuade countries. Emphasizing the need for collaboration, Banga highlighted the World Bank's expertise in bringing diverse groups together for a common goal. Regarding Korea, he expressed a positive relationship with the government, citing recent meetings with the president and praising Korea as a significant contributer, actively participating in various global initiatives related to the environment and pandemics.

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In response to my question about the importance of digitalization and green growth, Ajay Banga highlighted the significance of addressing issues related to nature and inequality as long-term challenges. He emphasized the positive strategic impact of digitalization, stating that entering markets is facilitated by overcoming constraints of small business spaces and time through e-commerce. Banga discussed how digital technologies can transform various aspects, such as smart meters for water resources and flood alerts, breaking down barriers and addressing issues like inequality and the use of AI in handling data responsibly due to its potential positive and negative outcomes.