The World Bank was created, in part, to help reduce the extreme hardship in about 10 % of the world’s population. That’s 700 million people living on less than$ 2 a day.  ,
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Contributions from wealthy countries provide the lender with money. However, a recent decision to shift 45 % of its development funding from hardship programs to climate change plans is intended to lessen the guilt of wealthy countries and encourage the weak to emerge from poverty.
The World Bank currently has about$ 40 billion a year dedicated to funding climate change mitigation efforts. Naturally, with that much loose cash floating around, sticky fingers are busy “misplacing” the money, and is n’t that a darn shame?
An investigation by Oxfam of the World Bank’s finances shows that anywhere between$ 24 and$ 41 billion of “misplaced funds” has gone missing due to “poor record-keeping practices, says Oxfam.
And indeed, these funds were good stolen.
Between the period projects were approved and the time they closed, according to an Oxfam assessment of the World Bank’s 2017-2023 weather banking portfolio. Between$ 24 billion and$ 41 billion in climate finance went unknown for.
Any judgment of its effects is difficult because there is no clear government record that records where this cash went or how it was spent. Additionally, it is still unclear whether these resources were actually used to fund climate-related efforts aimed at assisting lower- and middle-income nations invest in clean energy and protect people from the effects of the climate crisis.
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” The Bank is quick to boast about its culture financing billions —but these numbers are based on what it plans to spend, not on what it really spends after a task gets moving,” said Kate Donald, Head of Oxfam International’s Washington, D. C., Office”. This is similar to asking your doctor to evaluate your diet simply by going through your grocery list and never going over what really goes in your fridge.
There is no clear government record that can be cited as to where or how money was spent. This is really major-league grifting. For this, the World Bank administrators ought to receive some sort of honor.
As the music says”, You Ain’t Seen Nothing ‘ Still. ” Next year, environment bureaucrats, celebrities, world leaders, and poorer nations will all fall on that target vacation spot, Azerbaijan, to negotiate a new international climate financing goal, the New Collective Quantified Goal (NCQG).  ,
The poorer countries will be requesting$ 5 trillion in public funds from the Global South as a down payment for their climate debt, which will be repaid by the nations, people, and communities most affected by climate change.
” Climate debt”? What a racket.
” Climate finance is scarce, and yes, we know it’s hard to deliver. but not keeping track of how or where money actually spends? That’s not just some clumsy act of bureaucracy; it’s a fundamental breach of trust that poses the threat of thwarting the progress we need to make at COP this year. The Bank needs to act like our future depends on tackling the climate crisis, because it does,” said Donald.
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Is it not a question whether the future will depend on the climate fund? If the World Bank can be trusted, it will divide up$ 5 trillion over the next ten years to kleptocrats in the Third World and how much in kickbacks they’re going to be prepared to receive.
International organizations are brimming with individuals who discover new ways to make money for themselves. They will continue to rob us blind unless we stop pulling the plug on their gravy train from the West.