President Joe Biden has formally nominated former Mastercard CEO Ajay Banga to lead the World Bank, which is expected to take a greater focus on climate change under his leadership.

The announcement touts Banga as a business leader with experience forging public-private partnerships to address "financial inclusion" and climate change.

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"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden's statement reads. "He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change."

Banga will join the World Bank from General Atlantic, where he serves as vice chairman. He was president and CEO of Mastercard in 2020, during which he reportedly earned $27.77 million.

"He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change," said Biden. "Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”

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Among other roles, Banga is honorary chairman of the International Chamber of Commerce and independence director at Temasek Holdings.

Former World Bank leader David Malpass announced last year that he would step down amid accusations of being hostile to climate change concerns.