Ajay Banga formally turned the 14th president of the World Bank on Friday and urged employees to affix him in growing a “new playbook” for a world establishment whose relevance has come into query lately.

The ascension of Mr. Banga to be the subsequent chief of the financial institution comes at a pivotal second in its 77-year historical past. The world pandemic reversed a long time of progress in poverty discount, Russia’s battle in Ukraine continues to be a risk to financial stability and the World Bank is below new stress to grow to be a extra ambitious player in the fight against climate change.

“Making good on our ambition will require us to evolve to maximize resources and write a new playbook, to think creatively, take informed risks and forge new partnerships with civil society and multilateral institutions,” Mr. Banga wrote in a word to employees that was seen by The New York Times.

Mr. Banga was nominated by President Biden in February after the resignation of David Malpass, the outgoing World Bank president who had been chosen by former President Donald J. Trump. The World Bank’s govt board approved Mr. Banga in May following an intensive listening tour that included visits to eight nations and dozens of conferences with authorities officers around the globe.

In his message to employees, Mr. Banga outlined the financial institution’s mission as aspiring to “create a world free from poverty on a livable planet.”

It is the second a part of that mission by which Mr. Banga can be seemingly be judged.

Mr. Malpass left the job a yr early after failing to sufficiently demonstrate his commitment to combating global warming amid a renewed emphasis from the Biden administration broadening the financial institution’s give attention to the atmosphere.

However, Mr. Banga, a former chief govt of Mastercard, doesn’t carry in depth local weather credentials to the job and can be below stress to display progress on the financial institution’s environmental agenda. He has described the duties of coping with local weather change and poverty as intertwined.

“The World Bank’s challenge is clear: It must pursue both climate adaptation and mitigation; it must reach out to lower-income countries without turning its back on middle-income countries; it must think globally but recognize national and regional needs; it must embrace risk but do so prudently,” Mr. Banga wrote in an announcement to World Bank’s govt board that accompanied his memo to employees.

Climate activists plan to seem outdoors the World Bank on Friday and try handy postcards to employees with calls for that they need Mr. Banga to heed throughout his first 100 days on the job. They proceed to be annoyed that the World Bank funds coal, oil and fuel initiatives regardless of its pledges to prioritize clear power initiatives.

Mr. Banga is anticipated to make use of his experience to amplify the sources of the World Bank and construct new partnerships between the non-public and public sectors. The former finance govt added in his memo that conducting the World Bank’s many objectives would require an annual world funding of trillions of {dollars}.

Mr. Banga will even face a troublesome diplomatic process as he seeks to fulfill the local weather ambitions of the United States and Europe whereas going through skepticism from some growing nations. He will even confront the fragile process of urging China, a serious World Bank shareholder and creditor, to permit poor nations which have borrowed big sums from Beijing to restructure their money owed.

The World Bank president is historically chosen by the United States; the managing director of the International Monetary Fund is chosen by the European Union.

Mr. Banga met on Thursday with Treasury Secretary Janet L. Yellen. They mentioned methods to refine how the financial institution operates and make it extra agile and responsive, in response to a abstract of their dialog launched by the Treasury Department.