Summarised by Centrist
An Oxfam report has revealed that as much as $41b in World Bank climate finance from 2017 to 2023—nearly 40% of the Bank’s total climate funding—is unaccounted for.
It’s uncertain if the money even reached climate-related initiatives.
The Bank’s climate numbers show planned spending, not actual spending, said Kate Donald, Head of Oxfam International’s Washington, DC office. “It’s like assessing your diet by looking only at your grocery list,” she said.
The World Bank is the primary provider of climate finance globally. The missing money threatens the bank’s credibility.
At the upcoming Conference Of The Parties climate summit (COP) in Azerbaijan, countries will negotiate a new climate finance goal. Climate activists are calling on the Global North to provide at least $5t annually as “down payment” on their climate debt to the Global South.
However, according to Donald: “This lack of transparency isn’t just an oversight, it’s a breach of trust that could derail critical progress at COP.”
Oxfam’s report noted that basic tracking information was difficult to access, involving “layers of complex, incomplete reports.” This opacity, says Oxfam, hinders global accountability and leaves communities in low- and middle-income countries without a clear view of funds meant to fund their climate related projects.
Editor’s note: Calling for $5 trillion a year in climate funding is not realistic. This sort of ask suggests those advocating for it might be out of touch with the practical limitations and feasibility of implementing such an enormous financial commitment.
