BACKGROUND

The Needs-Based Finance (NBF) project was established in response to a request from the Conference of the Parties at its twenty-third session (Long-term finance decision 6/CP.23, para 10, 4/CP.26, para 22 and 13/CP.27, para 11), which has since been reiterated twice. The COP directly requested the Secretariat, in collaboration with the operating entities of the Financial Mechanism, United Nations agencies, and bilateral, regional, or multilateral channels, to explore ways and means to assist developing country Parties in assessing their climate finance needs and priorities in a country-driven manner, including technological and capacity-building needs, and to translate them into action.

Over 10 regions covering more than 100 countries are currently being supported by the secretariat. In collaboration with these partners, a process to improve the access and mobilization of climate finance that supports the implementation of priority adaptation and mitigation with co-benefits in accordance with goals outlined in national plans and policies has been conducted in a regional (multi-country) approach.

OBJECTIVE

Overall, the objective of the event is to facilitate knowledge exchange, strengthen partnerships, and catalyze action towards improving access and mobilization of climate finance in a needs-based and country-driven manner. These may include any of the following:

1. Share progress and updates: Provide a platform for countries and stakeholders to share the progress made in implementing the NBF project across the 10 regions and over 100 countries. This includes presenting the outcomes of the strategy design process, highlighting successful case studies, and identifying challenges faced during implementation.

2. Enhance collaboration and coordination: Foster collaboration and coordination among stakeholders involved in the NBF project. This includes facilitating discussions and exchanges of best practices, lessons learned, and innovative approaches to improving access and mobilization of climate finance. Emphasize the importance of a country-driven approach and encourage partnerships between developing country Parties and the supporting entities.

3. Strengthen capacity-building efforts: Highlight the significance of capacity-building in assessing climate finance needs and priorities, technology transfer, and implementation of adaptation and mitigation actions. Showcase successful capacity-building initiatives and explore opportunities for further enhancing technical assistance and knowledge sharing among participating countries.

4. Promote transparency and accountability: Emphasize the importance of transparency and accountability in climate finance flows. Discuss mechanisms to ensure effective tracking, reporting, and monitoring of climate finance utilization, and explore ways to enhance the transparency of financial contributions and disbursements to support the implementation of priority actions.

5. Identify barriers and solutions: Identify common barriers and challenges faced by developing country Parties in accessing and mobilizing climate finance. Encourage stakeholders to share experiences and propose innovative solutions to overcome these barriers, such as streamlining financial procedures, improving risk assessment mechanisms, and leveraging public-private partnerships.

6. Foster commitment and action: Reinforce the commitment of participating countries and supporting entities to the goals outlined in regional climate finance strategies, NAPs, NDCs, and other relevant policies. Encourage stakeholders to translate the identified climate finance needs and priorities into actionable steps, including project proposals, investment plans, and policy reforms, to accelerate the implementation of priority actions.

Programme