A bombshell report has indicated the World Bank’s management of green funds is in disarray, with up to £31billion from donor countries such as Britain said to be missing.
The sum represents almost 40 per cent of all climate change funds handed out by the World Bank over the last seven years.
The damming report, an audit conducted by Oxfam of the World Bank’s 2017-2023 climate finance portfolio, could not find any public records showing where the money went or how it was used.
Chiara Liguori, Oxfam GB’s Senior Climate Justice Policy Advisor, said: “Not tracking how or where the money gets spent is not just some bureaucratic oversight, it’s a fundamental breach of trust.”
MPs and campaigners have expressed concerns over the report’s damning findings
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Responding to Oxfam’s findings, Conservative MP and Shadow Environment Secretary Steve Barclay said: “Taxpayers in donor countries like Britain should rightly expect transparency from multilateral development banks on how this money is used if they are to show it has been effective in supporting developing countries to respond to the challenges of climate change.”
The World Bank is the biggest multilateral provider of climate financing, providing 52 percent of the total flow from all multilateral development banks combined.
And climate financing is set to take centre stage at next month’s UN Climate Summit in Azerbaijan, where countries will aim to negotiate new climate finance arrangements.
Barclay, who warned of the huge demands that this places on UK households, fumed: “This is a huge sum, and British taxpayers have a right to know the money has been used in line with the commitments made.”
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Oxfam GB’s Senior Climate Justice Policy Advisor said “not tracking how or where the money gets spent is… a fundamental breach of trust”
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The warning comes as climate campaigners also demand that richer countries, such as the UK, contribute a total of £4trillion a year towards clearing the debts of poorer nations.
Ed Gemmell, leader of the Climate Party, blasted the World Bank’s “appalling” handling of monies allocated to it – and warned that this could lead to a breakdown of trust.
The public money is meant to provide help for low-income countries, shield people from the impact of climate change and fund new forms of clean energy.
Speaking to GB News, Gemmell slammed the World Bank as “shambolic” and warned countries will “think twice” before sending billions of pounds in climate finance to the World Bank if there is “no accountability” as to how the money is spent.
“British taxpayers have a right to know the money has been used in line with the commitments made,” Ex-Environment Secretary Steve Barclay said
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He added: “There will be no effect on the flows of private and public finance pouring into the Net Zero gold rush.
“In fact, this report may provide a boost – as money that would have been allocated to help developing nations adapt to climate change may now be redirected to nationally-focused Net Zero and renewable energy projects in Britain.”
In gathering data for its research, Oxfam discovered issues with the World Bank’s reporting methods and recordkeeping, which the charity claims would cause “serious concern” for any stakeholder.
The founder of FairFuelUK, Howard Cox, also slated the World Bank’s “pure incompetence” as he voiced concerns as to where the massive amount of “missing money” has gone.
Howard Cox also slated the World Bank’s “pure incompetence”
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He added: “I genuinely hope it is indeed only administrative incompetence, which seems to be rife among the unelected, unaccountable globalist organizations such as the World Bank.
“Somehow, this incompetence will probably be ignored and brushed under the World Bank’s luxury carpet.”
The World Bank has been approached for comment by GB News – but is yet to provide any response.
