The World Bank, one of the largest financiers of climate change initiatives, claims to have invested over US$100 billion in combating global warming. However, a recent Oxfam report titled “Climate Finance Unchecked” alleges that up to US$41 billion of this funding remains unaccounted for, raising questions about the transparency and impact of the institution’s climate spending.

The Oxfam report highlights significant discrepancies between the World Bank’s budgeted and actual climate expenditures over six years. The international development organization claims poor record-keeping practices make it “impossible” to verify how much money has been spent on climate action and its impact. While the World Bank publishes planned budgets for projects, it does not systematically track actual disbursements, leading to what Oxfam describes as a “black hole” in accountability.

A senior World Bank official acknowledged that transitioning to tracking actual expenditures would be beneficial but dismissed Oxfam’s estimate, claiming the gap is significantly smaller. According to the official,........

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