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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-24-billion-missing-in-world-bank-climate-funding/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Reveals $24 Billion Missing in World Bank Climate Funding</a><br></p>
<p style="text-align: justify">According to a new report by the international aid organization Oxfam, at least $24 billion allocated for climate initiatives has not been accounted for by the World Bank. While institutions continuously blame <a href="https://en.coin-turk.com/high-volatility-expected-in-crypto-markets-this-week/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a> and suggest they are the worst thing for the economy, they now struggle to track where this funding has gone. If this cash had been transferred in <a href="https://en.coin-turk.com/market-trends-show-uncertainty-in-cryptocurrency-prices/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a>, the transparency of <a href="https://en.coin-turk.com/ey-launches-ethereum-based-solution-for-complex-contracts/" data-wpel-link="internal" rel="noopener noreferrer nofollow">blockchain</a> would have allowed everyone to see where the money went and how it was spent.</p>
<h2 id="uncertainty-surrounding-fund-locations">Uncertainty Surrounding Fund Locations</h2>
<p style="text-align: justify">Oxfam reported that the World Bank has audited its climate financing portfolio from 2017 to 2023, finding no clear public records on the whereabouts or usage of these funds. This lack of documentation renders it impossible to assess the effectiveness of the expenditures.</p>
<h2 id="criticism-and-incomplete-records">Criticism and Incomplete Records</h2>
<p style="text-align: justify">Oxfam also highlighted uncertainties regarding whether the funds issued were indeed utilized for the climate-related initiatives, clean energy investments, and protection against climate change impacts in low and middle-income countries, as claimed by the World Bank.</p>
<p style="text-align: justify">An anonymous source within the bank stated that the amount of missing funds reported by Oxfam could be ten times higher than declared, saying, “All figures are routinely fabricated… No one knows who is spending what.”</p>
<p style="text-align: justify">Kate Donald, head of Oxfam International’s Washington D.C. Office, remarked, “While the bank boasts billions in climate finance, these figures are based on planned expenditures. They do not reflect actual spending after projects commence, akin to a doctor assessing your diet solely based on your grocery list without checking what you actually have in your fridge.”</p>
<p style="text-align: justify">In response to the report, a World Bank spokesperson stated, “We are discussing these findings, but our ongoing interactions with Oxfam and other civil society groups are vital for making our climate work more transparent.”</p>
<p style="text-align: justify">According to Oxfam’s report, the World Bank holds 52% of the total climate financing from all multilateral development banks. Without transparency in the records of missing funds, it will be impossible to evaluate the effectiveness of measures taken to combat climate change.</p>
<p>The post <a href="https://en.coin-turk.com/oxfam-reveals-24-billion-missing-in-world-bank-climate-funding/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Reveals $24 Billion Missing in World Bank Climate Funding</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 $24 Billion Missing in World Bank Climate Funding

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