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International-UN-NGOs
Almost 40% Of World Bank's Recent Climate Funds Unaccounted For: Oxfam Audit
2024-10-28


[Barrons] Close to 40 percent of World Bank climate financing over the past seven years is currently unaccounted for, Oxfam said in a new report published Wednesday, blaming poor record-keeping.

An Oxfam audit of the development lender's climate finance portfolio between 2017 and 2023 found that as much as $41 billion in climate finance could not be found "between the time projects were approved and when they closed."

"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, the head of Oxfam's Washington office, said in a statement.

The World Bank has looked to boost its climate financing commitment under new president Ajay Banga, who took over last year on a pledge to reform the 80-year-old Washington-based institution.
Re-enforces my belief that those jetting around to attend the dozens of "Elitist" Climate ______ meetings, never used a dime of their own money and in fact likely made $$ Millions doing so.
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Posted by:NN2N1

#6  Ya know, I didn't used to be this cynical... naw, bull. I always was, but NOW I HAVE REASON!

/joemendiola rant
Posted by: Mercutio   2024-10-28 12:44  

#5  Oxfam is sort of notorious itself. Not sure why they were doing the audit and why they found corruption.
Posted by: Super Hose   2024-10-28 12:39  

#4  Years ago I tried to work with the World Bank on a study. I wanted data on their projects. They had a lot of data on what they spent and considered it a success if the loan was paid or even partially back on time. They had no data (or wouldn't share it) on exactly what had been constructed with their funds, what was the before/after situation with the economy in the region of the construction or anything I could use.

It took many hours of my time talking to person after person.
Posted by: Lord Garth   2024-10-28 12:37  

#3  The other 60% are KNOWN to be stolen?
Posted by: Grom the Reflective   2024-10-28 12:17  

#2  And the other 60% were wasted.
Posted by: Airandee   2024-10-28 10:30  

#1  If it were so dern important, and stewarded by serious people. financials would most definitely be accounted for.
Posted by: swksvolFF   2024-10-28 09:43  

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