Up to $41 billion in World Bank climate finance unaccounted for, Oxfam finds

[OnlinePoker]

Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C.

An Oxfam audit of the World Bank’s 2017-2023 climate finance portfolio found that between $24 billion and $41 billion in climate finance went unaccounted for between the time projects were approved and when they closed.

There is no clear public record showing where this money went or how it was used, which makes any assessment of its impacts impossible. It also remains unclear whether these funds were even spent on climate-related initiatives intended to help low- and middle-income countries protect people from the impacts of the climate crisis and invest in clean energy.

https://www.oxfam.org/en/press-releases/41-billion-world-bank-climate-finance-unaccounted-oxfam-finds

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The grift is strong with this one.

[pandr32]

1. How is this possible?

Climate finance should be well accounted. The data is as important as the funds to account for.

[hunter]

2. Swept under the rug because they didn't work -- that would be my guess.

Some of them simple embarrassments, others never expected to work, scams and political distractions from the start.