Scrutiny has intensified over the World Bank’s handling of climate funds, with a recent report by Oxfam revealing that between $24 billion and $41 billion in climate finance disbursed by the Bank over the past seven years remains unaccounted for.
This staggering amount, equivalent to nearly 40% of all climate funds disbursed by the Bank during this period, raises serious questions about transparency and accountability.
The World Bank’s centrality to climate finance makes its lack of transparency all the more troublesome, according to Oxfam, which argues that the bank’s claims of ambition are impossible to verify without more precise and transparent accounting methods.
The report alleges that the World Bank’s current approach to tracking climate finance is flawed and makes it impossible to verify its expenditures and impact.
Oxfam’s investigation revealed that obtaining even basic information on how the World Bank is using climate finance was painstaking and difficult.
The World Bank has pledged over $100 billion to combat climate change, but a new report by Oxfam found that up to $41 billion of this spending is “effectively unaccounted for” due to poor record-keeping by the World Bank.
Specifically, the Bank’s accounting system, which tracks climate finance at the time of project approval rather than project completion, makes it difficult to verify how funds were spent.
https://expose-news.com/2024/11/17/scrutiny-of-world-bank-intensifies/
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