Business
Up to $41 billion in World Bank climate finance unaccounted for, Oxfam finds
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.”
Business
Canadians should expect even more spending in federal fall economic statement
From the Fraser Institute
By Jake Fuss and Grady Munro
The Trudeau government will soon release its fall economic statement. Though technically intended to be an update on the fiscal plan in this year’s budget, in recent years the fall economic statement has more closely resembled a “mini-budget” that unveils new (and often significant) spending commitments and initiatives.
Let’s look at the data.
The chart below includes projections of annual federal program spending from a series of federal budgets and updates, beginning with the 2022 budget and ending with the latest 2024 budget. Program spending equals total spending minus debt interest costs, and represents discretionary spending by the federal government.
Clearly, there’s a trend that with every consecutive budget and fiscal update the Trudeau government revises spending estimates upwards. Take the last two fiscal years, 2023/24 and 2024/25, for example. Budget 2022 projected annual program spending of $436.5 billion for the 2023/24 fiscal year. Yet the fall economic statement released just months later revised that spending estimate up to $449.8 billion, and later releases showed even higher spending.
The issue is even more stark when examining spending projections for the current fiscal year. Budget 2022 projected annual spending of $441.6 billion in 2024/25. Since then, every subsequent fiscal release has revised that estimate higher and higher, to the point that Budget 2024 estimates program spending of $483.6 billion for this year—representing a $42.0 billion increase from the projections only two years ago.
Meanwhile, as spending estimates are revised upwards, plans to reduce the federal deficit are consistently pushed off into later years.
For example, the 2022 fall economic statement projected a deficit of $25.4 billion for the 2024/25 fiscal year, and declining deficits in the years to come, before reaching an eventual surplus of $4.5 billion in 2027/28. However, subsequent budgets and fiscal updates again revised those estimates. The latest budget projects a deficit of $39.8 billion in 2024/25 that will decline to a $26.8 billion deficit by 2027/28. In other words, though budgets and fiscal updates have consistently projected declining deficits between 2024/25 and 2027/28, each subsequent document has produced larger deficits throughout the fiscal outlook and pushed the timeline for balanced budgets further into the future.
These data illustrate the Trudeau government’s lack of accountability to its own fiscal plans. Though the unpredictable nature of forecasting means the government is unlikely to exactly meet future projections, it’s still reasonable to expect it will roughly follow its own fiscal plans. However, time and time again Canadians have been sold a certain plan, only to have it change dramatically mere months later due to the government’s unwillingness to restrain spending. We shouldn’t expect the upcoming fall economic statement to be any different.
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Business
Trudeau gov’t threatens to punish tech companies that fail to censor ‘disinformation’
From LifeSiteNews
A report from the House of Commons Heritage Committee claimed that ‘some individuals and groups create disinformation to promote political ideologies including extremist views and conspiracy theories or simply to make money.’
A report from a Canadian federal committee said MPs should enact laws to penalize social media and tech companies that don’t take action to quell so-called “undesirable or questionable” content on the internet.
MPs from the ruling Liberal, New Democratic Party (NDP), and separatists Bloc Québécois party on the House of Commons Heritage Committee summarized their opinions in a report.
“The Government of Canada notes some individuals and groups create disinformation to promote political ideologies including extremist views and conspiracy theories or simply to make money,” reads the report titled Tech Giants’ Intimidation and Subversion Tactics to Evade Regulation in Canada and Globally.
“Disinformation creates ‘doubt and confusion’ and can be particularly harmful when it involves health information,” it continues.
The report notes how such “disinformation” can cause “financial harms as well as political polarization and distrust in key institutions,” adding, “The prevalence of disinformation can be difficult to determine.”
As noted in Blacklock’s Reporter, the report claims that many of Canada’s “major societal harms” have come from “unregulated social media platforms relying on algorithms to amplify content, among them disinformation and conspiracy theories.”
Of note is the committee failed to define what “disinformation” or “conspiracy theories” meant.
Most of the MPs on the committee made the recommendation that Google, Facebook, and other social media platforms, which ironically have at one point or another clamped down on free speech themselves, “put mechanisms in place to detect undesirable or questionable content that may be the product of disinformation or foreign interference and that these platforms be required to promptly identify such content and report it to users.”
“Failure to do so should result in penalties,” the report stated.
As it stands, the federal government under Prime Minister Justin Trudeau has plowed ahead to push laws impacting free speech online.
As reported by LifeSiteNews, Canadian legal group The Democracy Fund (TDF) warned that the Liberal government’s Bill C-63 seeks to further clamp down on online speech and will “weaponize” the nation’s courts to favor the ruling federal party and do nothing but create an atmosphere of “fear.”
Bill C-63 was introduced by Liberal Justice Minister Arif Virani in the House of Commons in February and was immediately blasted by constitutional experts as troublesome.
Jordan Peterson, one of Canada’s most prominent psychologists, recently accused the bill of attempting to create a pathway to allow for “Orwellian Thought Crime” to become the norm in the nation.
Conservative MPs fight back: ‘A government bureaucracy should not regulate content’
Conservative MPs fought back the Heritage Committee’s majority findings and in a Dissenting Report said the committee did not understand what the role of the internet is in society, which is that it should be free from regulation.
“The main report failed to adequately explore the state of censorship in Canada and the role played by tech giants and the current federal government,” the Conservatives wrote in their dissenting report, adding, “Canadians are increasingly being censored by the government and tech giants as to what they can see, hear and say online.”
The Conservative MPs noted that when it comes to the internet, it is “boundless,” and that “Anyone who wants to have a presence on the internet can have one.”
“A government bureaucracy should not regulate which content should be prioritized and which should be demoted,” it noted, adding, “There is space for all.”
LifeSiteNews reported how the Conservative Party has warned that Trudeau’s Bill C-63 is so flawed that it will never be able to be enforced or become known before the next election.
The law calls for the creation of a Digital Safety Commission, a digital safety ombudsperson, and the Digital Safety Office, all tasked with policing internet content.
The bill’s “hate speech” section is accompanied by broad definitions, severe penalties, and dubious tactics, including levying pre-emptive judgments against people if they are feared to be likely to commit an act of “hate” in the future.
Details of the new legislation also show the bill could lead to more people jailed for life for “hate crimes” or fined $50,000 and jailed for posts that the government defines as “hate speech” based on gender, race, or other categories.
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