Few institutions have shown as much versatility and adaptability as the World Bank.

Initially founded to address global capital-market imperfections after World War II, the institution’s primary mission evolved over time to focus on fighting extreme poverty. But now that the World Bank is welcoming a new president this July, it should adapt again, this time to address climate change.

Poverty reduction, of course, should remain a high priority, considering that the COVID-19 pandemic has left many low-income countries in dire straits. But climate change has emerged as an equally important threat to these countries’ futures — as well as to the entire planet. Poverty reduction therefore must go hand in hand with the goal of addressing climate change.