According to an analysis by the Breakthrough Institute and the Centre for Global Development, the majority of climate projects funded by the World Bank between 2020 and 2022 turned out to have little to do with climate at all.
The World Bank is by far the largest provider of climate finance. Its climate portfolio comprises almost $119 billion in various types of funding that it will spend over the course of 23 years. Of that, it has already invested $37 billion between 2020 and 2022 to fund 2,554 climate projects from low- and middle-income countries, including 1,179 described as being focused on climate mitigation activities.
The researchers, who analysed every project in the portfolio, found that a large number of the ones tagged as “climate” had little to nothing to do with it, and included instead administrative and bureaucratic projects: payment automation for salaries in Afghanistan, municipal transparency in Gaza, fiscal management in Benin.
Even projects that were more specifically related to climate failed to provide accurate estimates of the greenhouse gas emission reductions the projects would deliver.
Part of the issue is one of transparency and data collection: Since it’s hard to access detailed information about the projects, it’s also difficult to measure their results. But this can lead to overstating of climate investment. In the case of the World Bank, a separate analysis by Oxfam estimated that the institution is effectively putting 40% less funding into climate change than it believes it is.
The above are extracts from an article published by Quarts ‘The World Bank has spent $37 billion since 2020 on “climate mitigation” projects. Most have little to do with climate’. Read the full article HERE.
Featured image: World Bank is key to averting climate catastrophe, Decoders, 22 March 2023
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