The World Bank has this morning been accused by Oxfam of overstating by billions of dollars the amount of climate finance it has mobilised for poorer nations.
An audit of the World Bank’s climate finance disclosures in 2020 found the development bank’s headline $17.2bn figure could be off by as much as $7bn – or 40 per cent.
Oxfam said the exercise had revealed that the bank’s claimed levels of climate finance could not be independently verified.
The charity has called on the organisation to disclose all its climate finance assessments, including its calculations, and for it to report in a “standard and consistent manner”, submitting its findings in a trackable database.
Nafkote Dabi, international climate policy lead at Oxfam International, said the World Bank’s public climate finance disclosures were like a “faulty thermometer”, noting that the Bank “could be significantly overstating its contribution”.
“It is alarming – at a