These difficulties add to those caused by the pandemic crisis, which is already reversing the progress made over the last few years in the fight against extreme poverty and energy poverty. I believe that a lot, therefore, needs to be done to ensure not only a transition to netzero, but also a just transition.
This framework would help to clarify that the responsibility for policy formulation rests with the Executive Board, and that the responsibility for implementation rests with the Managing Director. Towards this end, Mervyn King recently suggested establishing a non-resident Executive Board that meets periodically, rather than almost continuously, 11 and that focuses on strategic direction and oversight. This suggestion certainly merits consideration.