Bank

World

<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-funding-at-the-world-bank/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Reveals Missing Climate Funding at 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 allocated for climate initiatives has not reached the World Bank’s accounts. Institutions that have consistently blamed <a href="https://en.coin-turk.com/cryptocurrency-investor-turns-eth-investment-into-550000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a>, implying they are the worst thing in the world, now do not know where this money is. If this cash had been transferred in <a href="https://en.coin-turk.com/justin-sun-and-usdt-what-caused-the-drop/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a>, the transparency of <a href="https://en.coin-turk.com/layerzero-launch-increases-arbitrum-transaction-fees-significantly/" 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="uncertainty-surrounding-fund-locations">Uncertainty Surrounding Fund Locations</h2>
<p style="text-align: justify">Oxfam reported that the World Bank has been auditing its climate finance portfolio from 2017 to 2023, and there is no clear public record of where these funds have gone or how they have been used. This situation renders the evaluation of spending efficiency impossible.</p>
<h2 id="criticism-and-missing-records">Criticism and Missing Records</h2>
<p style="text-align: justify">Oxfam also indicated that it is unclear whether the funds exported for climate-related initiatives, clean energy investments, and protection against climate change impacts in low and middle-income countries have been appropriately utilized.</p>
<p style="text-align: justify">An anonymous source at the bank suggested that the amount of missing funds reported by Oxfam could actually be ten times higher than stated, asserting, “All figures are routinely fabricated… Nobody knows who is spending 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 spending. They do not reflect what is actually spent once projects begin. It’s like asking a doctor to assess your diet based solely on your grocery list without checking what’s actually in your fridge.”</p>
<p style="text-align: justify">In response to the report, a World Bank spokesperson noted, “We are discussing these findings, but our ongoing interactions with Oxfam and other civil society groups are valuable for becoming more transparent in our climate work.”</p>
<p style="text-align: justify">According to Oxfam’s report, the World Bank accounts for 52% of total climate finance among all multilateral development banks. Without transparency in the records of missing funds, evaluating the effectiveness of steps taken to combat climate change will not be possible.</p>
<p>The post <a href="https://en.coin-turk.com/oxfam-reveals-missing-climate-funding-at-the-world-bank/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oxfam Reveals Missing Climate Funding 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 Funding at the World Bank

Table of Contents

COINTURK NEWS

Other articles published on Nov 4, 2024

How Much Will Bitcoin Be If Trump Wins, How Much Will It Be If Harris Wins? Bernstein Says "It's ...

Bitcoin Is Back – But CYBRO’s Unmatched Growth Could Turn $1K Into $100K Faster

Social Media Giant Reddit Exits Crypto Holdings in Strategic Shift

Bitcoin Trades Below $69K; Altcoins Gain While Top Coins Dip

Crypto Price Today (Nov 4th, 2024): Bitcoin Price to Hit ATH after U.S Elections?

More is at stake for China’s economy than America’s this week

Join our free newsletter for daily crypto updates!