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CHROME SAFARI FIREFOX Explore Our Brands * WSJ * -------------------------------------------------------------------------------- * Barron's * -------------------------------------------------------------------------------- * MarketWatch * -------------------------------------------------------------------------------- * IBD * -------------------------------------------------------------------------------- * * -------------------------------------------------------------------------------- Buy Side from WSJ Search News & Quotes TopicsStock PicksLists & RankingsMagazineDataAdvisorPenta Subscribe Now | Sign In Barrons Almost 40% Of World Bank's Recent Climate Funds Unaccounted For: Oxfam Next: * * * * Share Summary Summary U.S Europe Asia FX Rates Futures ETFs Crypto DJIA Futures -0.06% 43484.00 S&P 500 Futures -0.01% 5886.25 Nasdaq Futures 0.04% 20376.50 Stoxx 600 0.83% 523.91 SSE Index 0.70% 3191.49 Crude Oil 0.40% 70.95 U.S. 10 Yr 0.02% 4.10 Bitcoin 1.64% 67890.39 Dollar Index -0.13% 103.70 Barron's 400 0.00% 1263.18 This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.barrons.com/news/almost-40-of-world-bank-s-recent-climate-funds-unaccounted-for-oxfam-3b985301 * FROM AFP NEWS ALMOST 40% OF WORLD BANK'S RECENT CLIMATE FUNDS UNACCOUNTED FOR: OXFAM * * * * -------------------------------------------------------------------------------- By AFP - Agence France Presse October 16, 2024 * Order Reprints * Print Article BARRON'S NEWSLETTERS THE BARRON'S DAILY A morning briefing on what you need to know in the day ahead, including exclusive commentary from Barron's and MarketWatch writers. I would also like to receive updates and special offers from Dow Jones and affiliates. I can unsubscribe at any time. I agree to the Privacy Policy and Cookie Policy. Enter your Email SIGN UP You have been successfully subscribed to The Barron's Daily. Your first delivery will arrive within two days. Continue Reading Text size Close to 40 percent of World Bank climate financing over the past seven years is currently unaccounted for, Oxfam said in a new report published Wednesday, blaming poor record-keeping. An Oxfam audit of the development lender's climate finance portfolio between 2017 and 2023 found that as much as $41 billion in climate finance could not be found "between the time projects were approved and when they closed." "The Bank is quick to brag about its climate finance billions — but these numbers are based on what it plans to spend, not on what it actually spends once a project gets rolling," Kate Donald, the head of Oxfam's Washington office, said in a statement. The Oxfam audit found there was "no clear public record" of where the money went, making it impossible to assess its impact -- or whether the funds were actually spent on climate-related activities, as promised. "With this level of information, it is impossible to determine whether the Bank is truly stepping up its climate investments," the report's authors said. The World Bank has looked to boost its climate financing commitment under new president Ajay Banga, who took over last year on a pledge to reform the 80-year-old Washington-based institution. Since then, the Bank has committed to raising the proportion of its annual financing that goes to climate change adaptation from 35 percent to 45 percent starting in the fiscal 2025 year, which began in July. da/st The Barron's news department was not involved in the creation of the content above. This article was produced by AFP. For more information go to AFP.com. © Agence France-Presse READ NEXT 4 INTERNET STOCKS TO BUY BEFORE EARNINGS TESLA STOCK FALLS. WHERE’D THE VOLATILITY GO? THE STOCK MARKET’S NEW HIGH ISN’T THE ONLY RECORD BEING SET Close ALMOST 40% OF WORLD BANK'S RECENT CLIMATE FUNDS UNACCOUNTED FOR: OXFAM Close to 40 percent of World Bank climate financing over the past seven years is currently unaccounted for, Oxfam said in a new report published Wednesday, blaming poor record-keeping. From To Message SEND An error has occurred, please try again later. 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