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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/oxfam-highlights-24-billion-missing-in-climate-funds-from-the-world-bank/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Highlights $24 Billion Missing in Climate Funds from the World Bank</a><br></p>
<p style="text-align: justify">According to a new report by the international aid organization Oxfam, at least $24 billion sent to the World Bank for climate initiatives remains unaccounted for. The institution that often blames <a href="https://en.coin-turk.com/crypto-market-faces-stagflation-fears-and-government-interventions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a> and implies they are the world’s worst issue now seems unaware of the whereabouts of this money. If these funds had been transferred in <a href="https://en.coin-turk.com/investors-exercise-caution-with-crypto-news-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a>, the transparency of <a href="https://en.coin-turk.com/wormhole-protocols-tvl-surpasses-1-billion-after-two-years/" data-wpel-link="internal" rel="noopener noreferrer nofollow">blockchain</a> would have allowed everyone to track where the money went and how it was spent.</p>
<h2 id="where-are-the-funds">Where Are the Funds?</h2>
<p style="text-align: justify">Oxfam reported that the World Bank has audited its climate financing portfolio from 2017 to 2023, revealing that there is no clear public record of where these funds have gone or how they have been used. This lack of clarity makes it impossible to assess the effectiveness of the expenditures.</p>
<h2 id="criticism-and-missing-records">Criticism and Missing Records</h2>
<p style="text-align: justify">Oxfam also indicated uncertainty over whether the funds earmarked for climate-related initiatives, clean energy investments, and protections for low- and middle-income countries against climate change were actually utilized for those purposes.</p>
<p style="text-align: justify">An anonymous source at the bank suggested that the amount of missing funds reported by Oxfam could be ten times more than stated, saying, “All figures are routinely fabricated… No one knows who spends what.”</p>
<p style="text-align: justify">Kate Donald, head of Oxfam International’s Washington D.C. Office, remarked, “While the bank boasts billions for climate finance, these figures are based on projected expenditures. They don’t reflect what is actually spent after projects begin, similar to asking a doctor to evaluate your diet based solely on your grocery list without checking what’s left in your fridge.”</p>
<p style="text-align: justify">In response to Oxfam’s report, a World Bank spokesperson stated, “We are discussing these findings, and our ongoing interactions with Oxfam and other civil society groups are important for being more transparent in our climate work.”</p>
<p style="text-align: justify">Oxfam’s report indicates that the World Bank holds 52% of total climate financing from all multilateral development banks. Without transparency in missing fund records, evaluating the effectiveness of steps taken to combat climate change will be impossible.</p>
<p>The post <a href="https://en.coin-turk.com/oxfam-highlights-24-billion-missing-in-climate-funds-from-the-world-bank/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Highlights $24 Billion Missing in Climate Funds from the World Bank</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Oxfam Highlights $24 Billion Missing in Climate Funds from the World Bank

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