David Malpass will step down as World Bank head

World Bank President David Malpass said Wednesday that he will resign as head of the influential lender before the end of his term.

Why it matters: Malpass' exit, expected by the end of June, comes months after calls grew from him to step down after he declined to acknowledge the scientific consensus that fossil fuels were warming the planet.

Malpass, a holdover from the Trump administration who led the World Bank since 2019, in a statement did not fully explain the reasoning for the early departure, saying he would "pursue new challenges."

He had apologized for his controversial remarks.

Context: Officials, including Treasury Secretary Janet Yellen, have called on the institution to do more to combat climate change, as well as pandemics and conflict.