HEADLINE: “World Bank bureaucrats lost track of at least $24B in funds fighting climate change”, By IAN McCoy

“Does any one know where the money went?” your team might be more aggressive.

Does any one know where the money went? 🤔 World Bank bureaucrats lost track of at least $24B in funds fighting climate change: ‘Could be twice or 10 times more’

Bungling World Bank bureaucrats lost track of at least $24 billion bankrolling the battle against climate change, according to a bombshell report by a left-leaning charity group.

An investigation by Oxfam revealed “poor record-keeping practices” by the DC-based international lender that resulted in anywhere between $24 billion and $41 billion in misplaced funds.

The agency’s audit showed “a lack of traceable spending” over the past seven years — partly because of an oddball accounting practice in which the bank accounts for its climate financing at the time of a project’s approval rather than at the time of project completion, according to the report released in 2024.

“This is like asking your doctor to assess your diet only by looking at your grocery list, without ever checking what actually ends up in your fridge,” said Kate Donald, the head of Oxfam’s Washington DC office.

A World Bank insider, speaking on condition of anonymity, suggested the figure for the missing money “could be twice or 10 times more.”

“All the figures are routinely made up,” the source said. “Nobody has a clue about who spends what.”

The explosive findings by Oxfam, a British-based non-government organization, mean the US has likely lost just shy of $4 billion because it is the bank’s biggest shareholder with a 16% stake.

“This is an outrageous waste of US taxpayers money on a useless woke political cause. It is an insult to the American people,” Nile Gardiner, the director of the Margaret Thatcher Center for Freedom at the Heritage Foundation, told The Post.

“The World Bank and all international institutions need to be fully held to account. Vast amounts of wasteful spending on left-wing, progressive causes is fundamentally against the US national interest,” added Gardiner, a former senior aide to the late British prime minister.

The charity also griped that obtaining basic spending data was “painstaking and difficult.”

“There is no clear public record showing where this money went or how it was used,” Oxfam said in a press release, adding that it was even “unclear” whether funds sent to poorer countries to fight global warming were even spent on climate change projects.

A spokeswoman for the World Bank said: “While we dispute these findings, we value our ongoing engagements with Oxfam and other civil society groups on our climate work and on pushing us to be more transparent.”

An investigation by Oxfam revealed “poor record-keeping practices” by the DC-based international lender that resulted in anywhere between $24 billion and $41 billion in misplaced funds. https://lnkd.in/dFp7C_nr

BOTTOMLINE: “An investigation by Oxfam revealed “poor record-keeping practices” by the DC-based international lender that resulted in anywhere between $24 billion and $41 billion in misplaced funds. https://lnkd.in/dFp7C_nr”