The World Bank — Who We Are. As they say — we’re “Accountable to ourselves”.
By Jo Nova
The World Bank is the largest climate funding multinational blob on Earth, and the world is about to end, the oceans are about to boil, but no one at the World Bank can explain where billions of dollars worth of the Earth saving funds have ended up. It’s almost as if no one there gives a toss about the climate. Indeed, if the World Bank was a giant parasitic squid feeding off the taxpayers of the West, it might look just like this.
A new Oxfam report shows that over six years, $24,000 million dollars (at least) has probably gone missing off the balance sheets, but it could be as much as $41 billion. Essentially, the World Bank budgeted to spend a lot of money, but no one bothered to track whether that money was spent, whether the budget blew out, or whether it never happened and the team went surfing in Costa Rica. Imagine if we could do our taxes this way? Indeed, it’s a bit rich to say the money was “missing off balance sheets” because apparently there weren’t any balance sheets, not for expenditures.
Oxfam can only guess at the missing sums because they investigated other World Bank projects and found the final cost differed from the planned cost by between 26 to 43%. So they used that to come up with a ballpark figure of the size of the missing millions. It’s that bad. We can’t even say how much is missing. One insider told the New York Post, “it could be twice or ten times more”.
The supranational unaccountable entities like the World Bank, the UN, are surely the great attractor of global freeloaders. Like a supermagnet for people who like spending other people’s money:
World Bank bureaucrats lost track of at least $24B in funds fighting climate change: ‘Could be twice or 10 times more’
By James Franey, New York Post
What if it wasn’t bungling — who would know?
Bungling World Bank bureaucrats lost track of at least $24 billion bankrolling the battle against climate change, according to a bombshell report by a left-leaning charity group.
An investigation by Oxfam revealed “poor record-keeping practices” by the DC-based international lender that resulted in anywhere between $24 billion and $41 billion in misplaced funds.
The agency’s audit showed “a lack of traceable spending” over the past seven years — partly because of an oddball accounting practice in which the bank accounts for its climate financing at the time of a project’s approval rather than at the time of project completion,…
In the report: Climate Finance Unchecked Oxfam discovered that it was extremely difficult to get simple answers:
“We had to sift through layers of complex and incomplete reports, and even then, the data was full of gaps and inconsistencies. The fact that this information is so hard to access and understand is alarming —it shouldn’t take a team of professional researchers to figure out how billions of dollars meant for climate action are being spent.
This could all be sorted out in five minutes. All it would take is for our governments to say “No more money for the World Bank until it sorts out reporting”, and next thing you know the World Bank would be filling out tax returns. But the odds of this happening are like an asteroid strike — unless Donald Trump wins the US election (above the margin of cheating). Mere mortal politicians who ask hard questions, not only risk their post-political Blob career with the UN-WEF-World-Bank-IMF-FAO-WHO-IAEA-or-OECD, they might feel the force of a World Bank report telling their citizens how they mismanaged their own economy, and who wants that?
The amounts of money are mind-blowing
More agitprop from the world banks website. Who We Are (not).
The Oxfam writers, bless them, are slightly baffled. With the world in dire straits (as they see it) they can’t figure out why the World Bank is not treating every dollar like a diamond.
…the sums needed are vast and growing: According to the UN’s Adaptation Gap Report 2023, the amount needed for
adaptation finance alone stands at between US$215 billion and US$387 billion a year.
There is so much potential. If the World Bank got what it asked for, and spent 90% in an honest way, there would still be $30 billion dollars left to throw parties. But if no one is tracking any of it, why not think big?
“This is the wild, wild west of finance,” said Mark Joven, Philippines Department of Finance undersecretary, who represents the country at U.N. climate talks. “Essentially, whatever they call climate finance is climate finance.”
“You cannot really follow the money, track the money, track the impact,” said Romain Weikmans, a senior research fellow specializing in climate finance at the Finnish Institute of International Affairs.
–“Rich nations say they’re spending billions to fight climate change. Some money is going to strange places.” Reuters.
Big Government feeds Bigger Government
The Globalist Blob not just The Promised Land for political grifters, on a practical basis, the more they can siphon from the people towards the blob — the more friends they make in the international blob-glitterati, and the better chance they have of being offered the next great blob job offer.
Medium level domestic bureaucrats are surely looking to the land of milk and honey, which is where taxpayer funds escape the event horizon of audits and elections. Only there, can the parasites do whatever they want with other people’s money.
Download Oxfam’s new report “Climate Finance Unchecked.”