Arvind Panagariya takes jibe at World Bank,calls its stand on climate change paradoxical

NEW DELHI: Taking a dig at the World Bank, NITI Aayog Vice Chairman Arvind Panagariya today said that the multi-lateral lending agency maintains air-conditioning at a huge atrium in the US, which seats only a handful of people.

"In World Bank's atrium (in US), at any given point there are only a dozen people, but that huge atrium is heated in winters and air-conditioned in summers, which is a huge inefficient use and for the World Bank to turn-around and lecture us is quite paradoxical," he said.

Panagariya was speaking at a conference organised by TERI and attended by international energy investors and experts.

Notably, the World Bank has been at the forefront in highlighting the issue of climate change around the globe.

In its overview of the issue, the World Bank said, "Climate change is a fundamental threat to development in our lifetime. If we do not confront climate change, we will not end poverty. The sooner we act, the better chance we have of addressing it at a lower cost."

It said a warming planet threatens to put prosperity out of reach of millions of people and roll back decades of development progress.

Besides, the World Bank Group believes a 4°C warmer world can and must be avoided.