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ClimateFinanceUnchecked
HowmuchdoestheWorldBankknowabouttheclimateactionsitclaims?
OXFAMBRIEFINGPAPER–OCTOBER2024
2
OxfamfindsthatforWorldBankprojects,manythingscanchangeduring
implementation.Onaverage,actualexpendituresontheBank’sprojectsdifferfrombudgetedamountsby26–43%aboveorbelowtheclaimedclimatefinance.Across
theentireclimatefinanceportfolio,between2017and2023,thisdifferenceamountstoUS$24.28–US$41.32billion.Noinformationisavailableaboutwhatnewclimate
actionsweresupportedandwhichplannedactionswerecut.
NowthattheBankhastouteditsfocusonunderstandingandreportingonthe
impactsofitsclimatefinance,itiscriticaltostressthatwithoutafullunderstandingofhowmuchofwhattheBankclaimsasclimatefinanceattheprojectapproval
stagebecomesactualexpenditure,itisimpossibletotrackandmeasuretheimpactsoftheBanksclimateco-benefitsinpractice.
TheBankshouldimproveitsreportingpractices,undertakeaclimatefinance
assessmentonclosedprojects,standardizehowitreportsonclimatefinanceinprojectsandcreateapublicclimatefinancedatabase.
3
?OxfamInternationalOctober2024
ThispaperwaswrittenbyChristianDonaldson,JasonFarr,andJamesMorrissey.OxfamacknowledgestheassistanceofKateDonald,NafkoteDabi,AshfaqKhalfan,DanielMulè,JanKowalziq,MyrahNerine,Rachel
Carle,AshleeThomas,AnnieTheriault,VijayaRachandran,JonSward,KyleAsh,EuanRitchie,Sara
Duvisac,AyseKaya,AarushiThipathi,KareliaPallan,NamalieJayasinghe,RosieKilcoyne,andYeKhaungOoinitsproduction.FromtheWorldBankwethankFerzinaVistaspBanajiandmembersoftheWorldBankclimatechangeteamfortheircomments.ThispaperwaseditedbyHeidiFritschel.Itispartofaseriesofpaperswrittentoinformpublicdebateondevelopmentandhumanitarianpolicyissues.
Forfurtherinformationontheissuesraisedinthispaperpleaseem
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