Up to $41 billion of the funds distributed to climate causes by the World Bank between 2017 and 2023 are unaccounted for due to poor accounting standards, according to an audit from Oxfam International published Thursday.
(RELATED: Biden’s World Bank Head Promises To Spend ‘As Much As We Possibly Can’ On Climate Change) “The Bank is quick to brag about its climate finance billions — but these numbers are based on what it plans to spend, not on what it actually spends once a project gets rolling,” Kate Donald, head of Oxfam International’s Washington D.C. Office, said in the release.
The enormous sum represents almost 40% of the climate funds the Bank disbursed during the seven year time period, with World Bank data failing to show the recipients and uses of the money, the Oxfam investigation found.
But not tracking how or where the money actually gets spent?
This should be transparent and accessible to everyone, most importantly communities who are meant to benefit from climate finance.” Oxfam and the World Bank did not immediately respond to requests for comment.
“Climate finance is scarce, and yes, we know it’s hard to deliver.
The World Bank is the largest provider of environmental funding of all multi-national financial institutions, Oxfam reported, and plans to allocate 45% of its annual financing to green initiatives between July 1, 2024, and June 20, 2025.
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