The World Bank has recently been criticized after failing to showcase where 40% of their spending on supposedly curbing climate change actually went. The World Bank group is one of the largest funders of sustainable development, and the curbing of climate change across the world. Yet, despite their pledges 40% of the bank’s supposed climate spending is completely missing. 

In a report done by Oxfam Research, the researchers audited the World Bank’s climate portfolio, and found that of the 17.2 billion spent on climate change, 7 billion or 40% was missing.  This is a major deduction from what they had claimed, and as wealthier countries have pledged billions of dollars to help alleviate the stresses of climate change for poorer countries, the question arises as to where the money is even going? 

According to Nafkote Dabi, Oxfam’s climate change policy lead  “The Bank’s public disclosure of its climate finance is like a faulty thermometer that’s currently reading $17.2 billion. We’ve found that it could be off by 40 percent in either direction and as such we simply can’t be sure of the actual value. Our concern of course is the worst-case scenario- that the Bank could be significantly overstating its contribution to the cause,” The potential problems of the bank overstating their contributions are massive, as many of the first world countries will contribute to these funds with taxpayer money, and if they aren’t being fully transparent it will tarnish the World Bank’s credibility. 

Despite the World Bank pledging money to alleviate the struggles of climate change, the World Bank chief David Malpass who was nominated by former president Donald Trump came under fire after refusing to confirm whether he believed in the scientific consensus around climate change, or not. 

The White House has condemned his statements with the White House press secretary Karine Jean-Pierre telling reporters  “We disagree with the comments made by president Malpass. We expect the World Bank to be a global leader of climate ambition and mobilization, as well as significantly more finance for developing countries… We condemn the words of the president.”

David Malpass later apologized for his remarks stating that he was not a climate change denier, and that he has zero intentions on stepping down.