Up to $41 billion in World Bank climate financing not registered, says Oxfam

The World Bank’s 2017-2023 Climate Finance Survey shows that between $24 billion and $41 billion in climate finance went unrecorded between the time projects were approved and the time they closed.

“There is no clear public data showing where this money has gone or how it has been used, making it impossible to assess its impact,” said Oxfam’s Kate Donald. “It also remains unclear whether this money has been spent on climate-related initiatives designed to help low- and middle-income countries protect people from the impacts of the climate crisis and invest in renewable energy.”

According to Oxfam, the World Bank is quick to brag about its billions in climate financing. “But these numbers are based on what she plans to spend, not what she actually spends once a project starts,” says Kate Donald. “This is like asking your doctor to judge your diet just by looking at your grocery list, without ever checking what actually ends up in your refrigerator.”

New global goal

The issue of climate finance will take center stage at this year’s COP in Azerbaijan, where countries will negotiate a new global climate finance target.

According to Oxfam, the World Bank is the largest multilateral supplier of climate finance, accounting for 52 percent of the total flow of all multilateral development banks combined.