Briefs

Unaccountable Accounting: The World Bank’s unreliable climate finance reporting

Despite being the largest multilateral provider of climate finance, the World Bank supplies very little evidence to support its claims about the amount of climate finance it provides. Oxfam has attempted to recreate the Bank’s reported climate finance figures using public information for projects in the Bank’s FY2020.

Oxfam found that the Bank’s current climate finance reporting processes are such that its claimed levels of climate finance cannot be independently verified and could be off by as much as $7bn, or 40%.

Without better disclosure practices, the World Bank is asking us to take much on faith. Climate finance funding is too important for us to do that. The World Bank must be more transparent in its reporting so that it can be held to account.

Hunger in a heating world

One third of Pakistan has been flooded. Crops and topsoil washed away; farming infrastructure destroyed. On the other side of the Arabian Sea, Somalia is experiencing its worst drought for 40 years with crops failing and livestock dying. Our climate isn’t just changing, it has changed. Climate change is fueling hunger for millions of people around the world. Extreme weather events have increased five-fold over the past 50 years1 , destroying homes, decimating livelihoods, fueling conflict and displacement, and deepening inequality.

Fixing Our Food

Debunking 10 myths about the global food system and what drives hunger

Footing the Bill

Fair finance for loss and damage in an era of escalating climate impacts

Profiting from Pain

The urgency of taxing the rich amid a surge in billionaire wealth and a global cost-of-living crisis

Dangerous Delay 2: The Cost of Inaction

One person is likely dying of hunger every 48 seconds in drought-ravaged Ethiopia, Kenya and Somalia, according to estimates by Oxfam and Save the Children in a report published today, “Dangerous Delay 2: The Cost of Inaction,” highlighting the world’s repeated failure to stave off preventable disasters.