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. This involves improving
coherence and coordination in the delivery of climate change financing, rationalization of the Financial
Mechanism, mobilization of financial resources and measurement, reporting and verification of support
provided to developing country Parties.
The Standing Committee on Finance will conduct activities such as: the organization of a forum for
communication and continued exchange of information among bodies and entities dealing with climate change
finance; the maintaining of linkages with the Subsidiary Body for Implementation and thematic bodies of the
Convention; the provision of draft guidance for the operating entities of the Financial Mechanism; the
provision of recommendations on how to improve the coherence, effectiveness and efficiency of the operating
entities of the Financial Mechanism; the provision of expert input into the preparation and conduct of the
periodic reviews of the Financial Mechanism; and the preparation of a biennial assessment, overview of
climate finance flows.
The Standing Committee on Finance is mandated to organize a forum for the
communication and continued exchange of information among bodies and entities
dealing with climate change finance in order to promote linkages and coherence.