Unclear Location of Funds

Oxfam reported that the World Bank had audited its climate financing portfolio from 2017 to 2023, revealing a lack of clear public records on the funds' destinations or usage. This situation renders the evaluation of the effectiveness of these expenditures impossible.

The World Bank's climate financing portfolio, which spans from 2017 to 2023, has been audited by Oxfam. The audit revealed a lack of clear public records on the funds' destinations or usage, making it impossible to evaluate the effectiveness of these expenditures.

Oxfam also expressed uncertainty about whether the funds were used for climate-related initiatives, clean energy investments, or protecting low- and middle-income countries from the impacts of climate change.

An anonymous source within the Bank suggested that the amount of missing funds reported by Oxfam could actually be ten times the stated figure, saying, “All the numbers are routinely fabricated… Nobody knows who spends what.”

According to Kate Donald, head of Oxfam International's Washington D.C. Office, “While the Bank boasts about billions for climate finance, these figures are based on planned expenditures. It doesn't show what was actually spent after projects started. It's like asking a doctor to evaluate your diet just by looking at your grocery list without checking what's actually left in your fridge.”

A World Bank spokesperson responded to the report by saying, “We are discussing these findings, but we are also engaging with Oxfam and other civil society groups about being more transparent in our climate work.”

Oxfam's report indicates that the World Bank holds 52% of total climate financing among all multilateral development banks. The effectiveness of actions taken to combat climate change cannot be assessed without transparent records of missing funds.

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