No one has any idea how the World Bank spends much of its "climate" money

Nearly 40% of all “climate” funds disbursed by the World Bank over the last seven years have gone unaccounted for:this is what reveals something new relationship recently published by Oxfam on the occasion of the annual summits of the World Bank and the International Monetary Fund.The World Bank's 2017/2023 climate finance portfolio did not account for a figure between 24 and 41 billion dollars, between the time projects were approved and when they were closed.As reported by Oxfam, there is no public register that demonstrates where this money went or how it was used, which makes any assessment of its impact impossible.It is therefore unclear whether these funds were spent on some of the planned initiatives, such as helping low-income countries implement adaptation policies and investments;to protect people from the impacts of climate change or have been spent otherwise.

“The Bank boasts about its billions in climate finance, but these numbers are based on what it plans to spend, not what it actually spends once a project starts operating,” said Kate Donald, head of the Oxfam International office.“We had to sift through layers of complex and incomplete reports and, again, the data was full of gaps and inconsistencies.The fact that it is so difficult to access this information is alarming: It shouldn't take a team of professional researchers to understand how billions of dollars earmarked for climate action are being spent.This should be transparent and accessible to all, especially the communities that should benefit from climate finance,” Donald continued.

Nevertheless, the World Bank is the largest multilateral provider of climate finance, accounting for 52% of the total flow of all multilateral development banks combined.At the 2023 World Bank Annual Meetings, the Bank reviewed and updated its mission to end extreme poverty and promote shared prosperity on a livable planet, explicitly recognizing the intersection of finance as part of its mandate. for development and climate finance.Unfortunately, the data published by the World Bank on climate finance includes only figures ex ante, which is the amount of climate finance a project is determined to include based on a project assessment before it is approved.The Bank does not conduct ex post analyzes of projects to report on the actual amount of climate finance provided.With this level of information, It is impossible to determine whether the Bank is truly scaling up its climate investments.

The issue of climate finance will be at the center of this year's COP29 in Azerbaijan, from 11 to 22 November, where countries are ready to negotiate a new global climate finance goal, the New Collective Quantified Goal ( NCQG).However, it is difficult that with this lack of transparency, trust can be guaranteed between the subjects involved and, above all, between the countries of the South of the world towards the rich countries, given that these international economic-financial institutions are Western-led.

[by Michele Manfrin]