Category: Real Assets

The World Bank has been accused of mischaracterising its spending on climate adaptation in a scathing new report from CARE International. Climate Adaptation Finance: Fact or Fiction? claims the World Bank “over-reported” its investment in projects that support developing countries to tackle the physical fall out from climate change by $832m. One $328m project has 86% of its budget labelled as “finance for climate-change adaptation”, according to CARE International, which says that in reality the initiative covers a geohazard that is “unrelated to climate change”. The World Bank had not responded to RI's request for comment at the time of publication. Public bodies in Japan are accused of “over-reporting” climate adaptation finance by more than $1.3bn in the report, with the NGO claiming the country’s figures include $432m for projects including a ‘Friendship Bridge’ and an expressway in Vietnam. France also comes under fire for allegedl…