[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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