World Bank reports $41 billion in unaccounted climate funds as COP summit approaches
An Oxfam report has found that $41 billion in climate finance from the World Bank between 2017 and 2023 is unaccounted for. This amount represents nearly 40% of the Bank's total climate funding.
The report highlights that the World Bank's climate spending figures reflect planned, not actual, expenditures. This lack of transparency raises concerns about the effectiveness of the funding.
At the upcoming COP climate summit in Azerbaijan, countries will discuss a new climate finance goal. Activists are urging the Global North to commit at least $5 trillion annually to support low and middle-income countries.