Standing Committee on Finance
At COP 16 Parties decided to establish a Standing Committee on Finance to assist the COP in
exercising its functions in relation to the financial mechanism of the Convention. More information
Long term Finance
Launched at COP17 and extended for one year at COP18, the work programme on long-term finance
concluded its work at COP 19 in Warsaw. COP 19, in decision 3/CP.19, included activities on long-term
climate finance for the period 2014-2020. These include biennial submissions by developed country
Parties on their strategies and approaches for scaling up climate finance from 2014 to 2020,
in-session workshops to facilitate deliberations on long-term climate finance and biennial high level
ministerial dialogues on climate finance starting in 2014. More information here.
Green Climate Fund
At COP 17 Parties decided to designate the Green Climate Fund
(GCF) as an operating entity of the financial mechanism of the Convention, in accordance with
Article 11 of the Convention. More information here.Financial needs assessments
At its 28th session, the SBI gave the mandate to the secretariat, to provide, upon request,
information on the assessment of financing needs of non-Annex I Parties to implement mitigation
and adaptation measures. The National Economic, Environment and Development Study (NEEDS) for Climate
Change Project was launched in response to this mandate, and eleven countries have availed
themselves of technical assistance from the secretariat to conduct financial needs assessments as
part of the project.
An interim report summarizing initial findings gathered by participating countries was prepared by
the secretariat and presented at a high-level side event held in Copenhagen, Denmark, on 17 December
The final summary report of the NEEDS Project is expected to be published in 2012, once all
participating countries submit their final reports.
At its 32nd session, the SBI requested the secretariat to compile and synthesize the information
contained in the NEEDS reports of participating eleven countries for consideration by SBI 33 in
December 2010. The synthesis report can be found here.
More on the NEEDS
Investment and financial flows to address climate change: An update
The AWG-LCA 2 has requested the UNFCCC secretariat to prepare an update (FCCC/TP/2008/7) of
the technical paper on investment and financial flows to address climate change, taking into account
paragraph 1 of the Bali Action Plan. The objective is to present an analysis that would move
forward the discussion on financing from broad investment and financial needs to options, tools and
mechanisms for enhancing funding for mitigation, adaptation and technology cooperation for an
effective response to climate change.
investment and financial flows to address climate change.