by James Franey at New York Post
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, according to the report released last week.
“This is like asking your doctor to assess your diet only by looking at your grocery list, without ever checking what actually ends up in your fridge,” said Kate Donald, the head of Oxfam’s Washington DC office.
A World Bank insider, speaking on condition of anonymity, suggested the figure for the missing money “could be twice or 10 times more.”…
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