Oxfam: Bankers Lose Track of up to $41B for Climate Change
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By Nick Koutsobinas From Newsmax
A new report from Oxfam revealed that the bureaucrats operating the Washington, D.C.-based World Bank have lost track of as much as $41 billion in their climate change enterprise.
“This is an outrageous waste of U.S. taxpayers money on a useless woke political cause. It is an insult to the American people,” Nile Gardiner, the director of the Margaret Thatcher Center for Freedom at the Heritage Foundation, told the New York Post.
“The World Bank and all international institutions need to be fully held to account. Vast amounts of wasteful spending on left-wing, progressive causes is fundamentally against the U.S. national interest.”
Following an audit of the World Bank by Oxfam reaching from 2017 to 2023, the British-based nongovernmental organization found that the World Bank had lost track of somewhere between $24 billion and $41 billion “due to poor record-keeping practices.”
However, according to one World Bank insider who spoke on the condition of anonymity, the figure for the missing money “could be twice or 10 times more.”
“All the figures are routinely made up,” the insider added. “Nobody has a clue about who spends what.”
According to Oxfam, “There is no clear public record showing where this money went or how it was used, which makes any assessment of its impacts impossible. It also remains unclear whether these funds were even spent on climate-related initiatives intended to help low- and middle-income countries protect people from the impacts of the climate crisis and invest in clean energy.”
Oxfam determined that the U.S. — the World Bank’s largest shareholder — likely lost nearly $4 billion, as it holds a 16% stake in the bank.
The findings come on the heels of the Biden-Harris administration voting in favor last week to boost the bank’s lending by $150 billion for the next 10 years.
Employees at the tax-backed World Bank enjoy tax-free salaries and free healthcare for life, with senior employees raking in as much as $511,000.
Nick Koutsobinas ✉
Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.
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