$41 Billion in Climate Funds Missing? World Bank Under Fire
A staggering $41 billion in climate funds may be unaccounted for, and the World Bank is under fire for its questionable record-keeping practices. With such a large amount of money at stake, questions are being raised about the impact on vital environmental and wildlife conservation projects. Could the lack of transparency and oversight undermine efforts to protect our planet’s most vulnerable ecosystems?
The Missing Billions
The World Bank is facing mounting criticism over its handling of climate finance, with a recent report from Oxfam raising alarming concerns. While the Bank claims to have disbursed $42.6 billion in climate funds in fiscal year 2024, Oxfam’s findings suggest that up to $41 billion of that money remains untraceable. The discrepancy has sparked widespread debate over accountability and the effectiveness of climate funding.
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The Oxfam report, Climate Finance Unchecked, highlights serious flaws in the World Bank’s record-keeping. According to the audit, nearly 40% of all climate funds disbursed by the institution over the last seven years cannot be properly accounted for. The lack of transparency raises critical questions: Where did the money go? How was it spent? And what impact did it have on global climate efforts?
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