An audit reveals $24 billion to $41 billion in World Bank climate funds unaccounted for.

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An audit by Oxfam International has revealed that between $24 billion and $41 billion of the World Bank’s climate change fund is unaccounted for, indicating that up to 40% of the bank’s climate spending lacks traceability. The audit, covering the period from 2017 to 2023, criticizes poor record-keeping practices as a key factor contributing to the missing funds.

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Oxfam’s report emphasizes that the absence of clear public records makes it impossible to evaluate the impact of these funds. While the World Bank disputes these findings, it recognizes the necessity for improved transparency and record-keeping in its climate finance initiatives.

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