From the Daily Caller
Irving Klinsky
Contributor
An audit report released by Oxfam International on Thursday showed that as much as $41 billion in World Bank funds allocated to climate causes went unaccounted for between 2017 and 2023 due to poor accounting standards.
Oxfam's investigation found that this huge amount of money accounted for almost 40% of the climate finance disbursed by the World Bank over a seven-year period, while World Bank data failed to show the recipients of the money and what it was used for. (Related: Biden's World Bank president pledges to 'do all we can' to fight climate change)
“The World Bank is quick to brag about its billions in climate financing, but these numbers are based on its planned spending, not actual spending once projects are launched,” said Kate Donald, director of Oxfam International's Washington, D.C. office, in the release. . “It's like asking your doctor to evaluate your diet just by looking at your shopping list, without checking what's actually in your refrigerator.”
CARDIFF, WELLS – JULY 11: Close up of the Oxfam store sign in Cardiff, Wales on July 11, 2023. (Photo by Matthew Horwood/Getty Images)
Oxfam said auditors could not determine whether climate cash was used for “climate-related measures designed to help low- and middle-income countries protect people from the climate crisis and invest in clean energy.”
According to Oxfam, the World Bank is the largest provider of environmental finance among all multinational financial institutions and plans to spend 45% of its annual financing on green initiatives between July 1, 2024, and June 20, 2025. As of May 31, it held more than 15% of the bank's voting shares, making it the bank's largest shareholder.
“Climate finance is scarce, and yes, we know it’s hard to achieve. But not tracking where or how the money is actually spent? This isn’t just some bureaucratic oversight — it’s a fundamental breach of trust that has the potential to undermine our year. Progress needs to be made at the Conference of the Parties,” Donald said in a press release.
Oxfam reported that the World Bank's poor record-keeping practices made the audit “painful and difficult”.
“We have to sift through layers of complex and incomplete reporting, and even then, the data is riddled with gaps and inconsistencies,” Donald said in the release. “The fact that this information is so difficult to access and understand is shocking — it should not be needed A dedicated team of researchers to figure out how the billions of dollars spent on climate action are being spent. This should be transparent and accessible to everyone, most importantly the communities who should benefit from climate finance. .
Oxfam and the World Bank did not immediately respond to requests for comment.
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