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Up to $41 billion in World Bank climate finance unaccounted for, Oxfam finds

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News release from Oxfam International

Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report.

An Oxfam audit of the World Bank’s 2017-2023 climate finance portfolio found that between $24 billion and $41 billion in climate finance went unaccounted for between the time projects were approved and when they closed.

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.

“The Bank is quick to brag about its climate finance billions —but these numbers are based on what it plans to spend, not on what it actually spends once a project gets rolling,” said Kate Donald, Head of Oxfam International’s Washington D.C. Office. “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.”

The Bank is the largest multilateral provider of climate finance, accounting for 52 percent of the total flow from all multilateral development banks combined.

The issue of climate finance will take center stage at this year’s COP in Azerbaijan, where countries are set to negotiate a new global climate finance goal, the New Collective Quantified Goal (NCQG). Climate activists are demanding the Global North provide at least $5 trillion a year in public finance to the Global South “as a down payment towards their climate debt” to the countries, people and communities of the Global South who are the least responsible for climate breakdown but are the most affected. Oxfam warns that the lack of traceable spending could undermine trust in global climate finance efforts at this critical juncture.

“Climate finance is scarce, and yes, we know it’s hard to deliver. But not tracking how or where the money actually gets spent? That’s not just some bureaucratic oversight —it’s a fundamental breach of trust that risks derailing the progress we need to make at COP this year. The Bank needs to act like our future depends on tackling the climate crisis, because it does,” said Donald.

Oxfam’s investigation revealed that obtaining even basic information on how the World Bank is using climate finance was painstaking and difficult.

“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 should be transparent and accessible to everyone, most importantly communities who are meant to benefit from climate finance,” said Donald.

Notes to editors

Download Oxfam’s new report “Climate Finance Unchecked.”

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Breaking: Explosive FBI Warning—CCP, Iran, and Mex-Cartels Partnering in Canada to Move Fentanyl and Terrorists Into U.S.

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Patel’s warning echoes The Bureau’s exclusive reporting on a criminal convergence linking CCP-backed chemical suppliers, Iranian proxies, and Mexican cartels operating through Vancouver superlabs

In an explosive Sunday interview that will place tremendous pressure on Prime Minister Mark Carney’s new Liberal government, FBI Director Kash Patel alleged that Mexican cartels, Chinese Communist Party operatives, and Iranian threat actors have forged a new axis of criminal cooperation, using Canada’s porous northern border and the Port of Vancouver—not the southern Mexican border—as their preferred entry point to flood fentanyl and terror suspects into the United States.

“In the first two, three months that we’ve been in the seat under Donald Trump’s administration, he has sealed the border,” Patel told Fox News’ Maria Bartiromo. “He has stopped border crossings. So where’s all the fentanyl coming from? Still? Where’s the trafficking coming from still? Where are all the narco traffickers going to keep bringing this stuff into the country? The northern border. Our adversaries have partnered up with the CCP and others—Russia, Iran—on a variety of different criminal enterprises. And they’re going and they’re sailing around to Vancouver and coming in by air.”

Patel asserted that adversarial regimes—including Beijing and Tehran—are now working in tandem on “a variety of different criminal enterprises,” and exploiting what he called the “sheer tyranny of distance” on America’s northern frontier, where vast terrain and lax enforcement in Canada have allegedly enabled fentanyl pipelines and terrorist infiltration.

Pointing directly at Carney’s government, Patel continued:
“Now we’re focused on it and we’re calling our state and local law enforcement partners up [at the northern border]. But you know, who has to get to step in is Canada—because they’re making it up there and shipping it down here.”

The FBI director’s warning—posted on the White House’s X account— follows exclusive reporting by The Bureau and a newly released 2025 threat assessment from the U.S. Drug Enforcement Administration, which, for the first time, officially flags Canada as an emerging threat node in the North American drug supply chain.

As The Bureau reported earlier this week, the DEA highlighted the dismantling of a fentanyl “super laboratory” in October 2024 in Falkland, British Columbia—a mountainous corridor between Vancouver and Calgary—as an emerging threat in fentanyl trafficking targeting the United States. Sources pointed to the same converged threat network—China, Iran, and Mexico—mentioned today by FBI Director Kash Patel.

“According to these sources,” The Bureau reported Friday, “the site forms part of a broader criminal convergence involving Chinese, Mexican, and Iranian networks operating across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. The Bureau’s sources indicate that the Falkland facility was connected to Chinese chemical exporters sanctioned by the United States Treasury, Iranian threat actors, and operatives from Mexican drug cartels.”

In his remarks today, Patel appeared to directly link this criminal convergence to terrorist infiltration.
“And I’ll give you a statistic that I gave to Congress that nobody was paying attention to,” Patel added. “Over 300 known or suspected terrorists crossed into this country last year, illegally… 85 percent of them came in through the northern border.”

Patel also appeared to turn up the political pressure on Ottawa, alluding to President Trump’s recent controversial statements about Canada—which became a flashpoint in the federal election, with many voters embracing the Liberal Party’s campaign framing Carney as a bulwark against Trump.

“I don’t care about getting into this debate about making someone the 51st state or not,” Patel said, referencing Trump’s remarks. “But [Canada] are a partner in the north. And say what you want about Mexico—but they helped us seal the southern border. But facts speak for themselves. It’s the [northern] border that’s open.”

The Bureau will continue to follow this story in the coming week.

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Automotive

Tesla stock soars for fourth straight week on Musk Play plan, board shake-up

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Quick Hit:

Tesla shares surged more than 16% this week, notching a fourth consecutive week of gains and cutting into steep year-to-date losses. The rally is fueled by news of a potential new pay package for Elon Musk and the strategic addition of Jack Hartung, Chipotle’s outgoing president, to Tesla’s board. These developments come amid rising scrutiny over the board’s governance and compensation decisions, especially concerning Musk’s controversial $56 billion pay package from 2018.

Key Details:

  • Tesla stock has gained over 16% this week and is now down just 13% for the year, recovering from a 40% loss earlier in 2025.
  • Jack Hartung, Chipotle’s president, will join Tesla’s board on June 1, bringing seasoned business leadership.
  • A special Tesla board committee is evaluating a new compensation plan for Musk after legal challenges to his previous $56 billion package.

Diving Deeper:

Tesla’s stock (TSLA) closed the week strong at $349.98, climbing 2.09% on Friday alone and marking a fourth straight week of gains. This momentum has helped the electric vehicle maker erase much of its earlier 2025 losses, which had topped 40% at one point. Now down just 13% year-to-date, the turnaround comes as investors digest two pivotal developments that could shape Tesla’s future leadership and direction.

The most immediate catalyst: Tesla’s announcement that Jack Hartung, the president of Chipotle Mexican Grill, will join its board of directors beginning June 1. Hartung will also serve on the audit committee, a significant appointment given Tesla’s board has been under fire for lack of independence and weak oversight of CEO Elon Musk. Hartung brings executive experience from not only Chipotle but also board roles at Portillo’s, the Honest Company, and ZocDoc—credentials that could help restore confidence in Tesla’s boardroom governance.

Hartung’s addition follows the bombshell report from the Financial Times earlier this week that Tesla’s board has formed a special committee to explore a new pay package for Elon Musk. The committee’s task is to find “alternative ways” to reward Musk for past work in case Tesla fails to reinstate the original 2018 compensation deal, which is now under appeal with the Delaware Supreme Court. That deal—valued at $56 billion—has drawn fire from large shareholders, prompting broader questions about Musk’s influence over Tesla and whether the board has effectively served as a rubber stamp for his ambitions.

Critics have warned that Musk’s threat to redirect his artificial intelligence efforts away from Tesla unless he is granted additional stock options represents an outsized concentration of power in the hands of one individual. While Musk continues to be the face of the company’s innovation and success, these governance concerns have given activist investors and institutional shareholders new ammunition.

Tesla board chair Robyn Denholm has also come under scrutiny, particularly after Wall Street Journal reporting suggested the board was considering replacing Musk or had urged him to spend more time at the company. Denholm has publicly denied those claims, but her own record—cashing out more than half a billion dollars in Tesla stock since joining the board in 2014—hasn’t helped stem criticism. In fact, the board recently had to settle a lawsuit over excessive director compensation, refunding millions of dollars to shareholders.

Despite these governance challenges, the market has responded positively to the board’s recent moves, seeing them as steps toward restoring stability and investor confidence. The addition of Hartung and the new pay committee could signal a willingness to address long-standing concerns about independence and oversight, even as Musk remains firmly at the center of Tesla’s orbit.

For now, investors appear to be betting that a more disciplined board—paired with a still-charismatic and high-impact CEO—could be a recipe for renewed growth and focus.

Elon Musk introducing the Model X” by Steve Jurvetson licensed under (CC BY-SA 2.0)

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