In a report released on Thursday, Oxfam International has revealed that between $21 billion and $41 billion in World Bank climate finance remains unaccounted for.
The findings, covering the period from 2017 to 2023, indicate significant gaps in tracking the allocation and utilization of funds intended for climate-related projects.
According to Oxfam, the absence of a clear public record on the disbursement of these funds has rendered any assessment of their impact virtually impossible.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
“There is no clear public record showing where this money went or how it was used,” the report stated.
Oxfam’s analysis highlighted that, on average, the deviation between budgeted amounts and actual expenditures for World Bank projects ranged from 26% to 43%. The total value of this discrepancy is estimated between $24.28 billion and $41.32 billion.
Kate Donald, head of Oxfam International’s Washington DC office, criticized the World Bank for its lack of accountability.
READ ALSO: Nigeria’s Rising Debt: Tinubu Administration Secures $6.45bn from World Bank
“The Bank is quick to brag about its climate finance billions,” she said, “but these numbers are based on what it plans to spend, not on what it actually spends once a project gets rolling. This is a fundamental breach of trust.”
Donald emphasized that without effective tracking and transparency, the impact of climate finance remains unknown.
“It shouldn’t take a team of professional researchers to figure out how billions of dollars meant for climate action are being spent. This information should be accessible to everyone,” she added.
