Exploring ways and means to assist developing country Parties in assessing their needs and priorities, in a country-driven manner, including technological and capacity-building needs, and in translating climate finance needs into action was identified as an important need during the Conference of the Parties (COP) at its twenty-third session in 2017 (6/CP.23, paragraph 10).
Aims, actions, focus
The UNFCCC Secretariat is developing the Needs-based Finance (NBF) Project aiming to facilitate the mobilization of climate finance to support the needs identified by developing countries regarding the implementation of priority mitigation and adaptation actions, in accordance with the goals outlined in their nationally determined contributions (NDCs), national adaptation plans (NAPs) and other relevant policies or strategies.
The NBF project will promote and utilize synergies with other mandates and processes under the UNFCCC and the Paris Agreement, building on and complementing existing climate finance related work of other actors in partner countries to build collaborations and avoid duplicating efforts.
The project will focus initially on several pilot partner countries distributed amongst the regions of Latin America and the Caribbean, Africa and Asia and the Pacific.
The UNFCCC Secretariat aims to use its expertise and convening power to assist the countries participating in the project through a country-driven process.