World Bank bureaucrats lost track of at least $24B in funds fighting climate change: ‘Could be twice or 10 times more’

[Ban Hammer 13,326]

Bungling World Bank bureaucrats lost track of at least $24 billion bankrolling the battle against climate change, according to a bombshell report by a left-leaning charity group.

An investigation by Oxfam revealed “poor record-keeping practices” by the DC-based international lender that resulted in anywhere between $24 billion and $41 billion in misplaced funds.

The agency’s audit showed “a lack of traceable spending” over the past seven years — partly because of an oddball accounting practice in which the bank accounts for its climate financing at the time of a project’s approval rather than at the time of project completion, according to the report released last week.

more at  https://nypost.com/2024/10/23/business/world-bank-bureaucrats-lost-track-of-at-least-24b-in-funds-fighting-climate-change-report/


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

Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C.

An Oxfam audit of the World Bank’s 2017-2023 climate finance portfolio found that between $24 billion and $41 billion in climate finance went unaccounted for between the time projects were approved and when they closed.

There is no clear public record showing where this money went or how it was used, which makes any assessment of its impacts impossible. It also remains unclear whether these funds were even spent on climate-related initiatives intended to help low- and middle-income countries protect people from the impacts of the climate crisis and invest in clean energy.

more at https://www.oxfam.org/en/press-releases/41-billion-world-bank-climate-finance-unaccounted-oxfam-finds

 

apparently "going green" means green for someone's pocket!

[TBoneTX 45,244]

10 hours ago, Ban Hammer said:

apparently "going green" means green for someone's pocket!

Someone always obscenely profits.

The U.S. should sever ties with the World Bank, after getting back whatever the WB owes.

We'd certainly see the same "lost track" if Bidementia's largesse to Ukraine were ever audited.