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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-reveals-missing-climate-funds-of-24-billion-at-the-world-bank/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Reveals Missing Climate Funds of $24 Billion at the World Bank</a><br></p>
<p style="text-align: justify">According to a new report from the international aid organization Oxfam, at least $24 billion allocated for climate initiatives has not been accounted for by the World Bank. The organization, which often blames <a href="https://en.coin-turk.com/russia-proposes-cryptocurrency-trading-for-qualified-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a> and implies they are the worst thing in the world, now finds itself unaware of where this money is. If this cash had been transferred in <a href="https://en.coin-turk.com/bitcoin-price-drops-below-28000-whats-next/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a>, the transparency of <a href="https://en.coin-turk.com/pyth-network-launches-price-feeds-service-on-hedera-blockchain/" 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="unclear-location-of-funds">Unclear Location of Funds</h2>
<p style="text-align: justify">Oxfam reported that the World Bank had audited its climate financing portfolio from 2017 to 2023, revealing a lack of clear public records on the funds’ destinations or usage. This situation renders the evaluation of the effectiveness of these expenditures impossible.</p>
<h2 id="criticisms-and-missing-records">Criticisms and Missing Records</h2>
<p style="text-align: justify">Oxfam also indicated uncertainty regarding whether the funds were utilized for climate-related initiatives, clean energy investments, or in protecting low- and middle-income countries from the impacts of climate change.</p>
<p style="text-align: justify">An anonymous source within the Bank suggested that the amount of missing funds reported by Oxfam could actually be ten times the stated figure, saying, “All the numbers are routinely fabricated… Nobody knows who spends what.”</p>
<p style="text-align: justify">Kate Donald, head of Oxfam International’s Washington D.C. Office, stated, “While the Bank boasts about billions for climate finance, these figures are based on planned expenditures. It doesn’t show what was actually spent after projects started. It’s like asking a doctor to evaluate your diet just by looking at your grocery list without checking what’s actually left in your fridge.”</p>
<p style="text-align: justify">In response to the report, a World Bank spokesperson said, “We are discussing these findings, but we are also engaging with Oxfam and other civil society groups about being more transparent in our climate work.”</p>
<p style="text-align: justify">According to Oxfam’s report, the World Bank holds 52% of total climate financing among all multilateral development banks. As long as missing fund records aren’t made transparent, the effectiveness of actions taken to combat climate change cannot be assessed.</p>
<p>The post <a href="https://en.coin-turk.com/oxfam-reveals-missing-climate-funds-of-24-billion-at-the-world-bank/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Reveals Missing Climate Funds of $24 Billion at 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 Reveals Missing Climate Funds of $24 Billion at the World Bank

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