Up to $41 billion in World Bank climate finance unaccounted for, Oxfam finds

Oxfam's new report reveals that up to $41 billion of World Bank climate finance is unaccounted for, nearly 40% of funds disbursed between 2017-2023. The report highlights poor record-keeping practices, with an audit showing between $24 billion and $41 billion went untracked after project approval.

There is no public record of these funds' allocation, making impact assessment impossible. Oxfam warns this lack of transparency undermines trust in global climate finance. Kate Donald from Oxfam stated, “This is like asking your doctor to assess your diet only by looking at your grocery list.”

Without improved tracking, confidence in climate finance efforts could be significantly eroded.