UN Climate Change News, 30 October 2020 - A key committee under the UN Framework Convention on Climate Change (UNFCCC) is set to engage with the climate finance community and make progress on its climate finance agenda in the run up to next year’s Climate Change Conference (COP26).
The Standing Committee on Finance (SCF) is made up of 20 climate finance experts and is presided over by two Co-Chairs. The Committee’s primary role is to assist the COP, the top decision-making body of the intergovernmental climate change negotiations, to make informed decisions on matters relating to climate finance.
As countries scale-up their ambition to cut down emissions and adapt to climate impacts, finance is key for implementing ambitious climate actions.
“The SCF plays a crucial role in the climate finance landscape. It provides a “GPS point” on current developments, and acts as a “nexus point” on climate finance. Nothing less than state-of-the-art climate finance products, including transparency on implementation, are critical so that governments can make informed decisions,” said SCF Co-Chair Mr. Ismo Ulvila.
“The climate finance community will need all the support they can get, especially during these times,” he added.
The SCF will draw upon the experience and expertise of countries, multilateral development banks, Climate Funds, constituted bodies under the UNFCCC, UN entities and the financial community at large, over the coming months through a range of virtual events.
At its recent 22nd meeting, held virtually, the SCF confirmed the activities and related timelines to deliver on its workstreams, as follows:
The Fourth Biennial Assessment and Overview of Climate Finance Flows will map, for the first time, efforts to make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. A global transformation towards sustainability needs to be fully supported by financial flows. The Paris Climate Change Agreement reflects this need through its goal of mobilizing financial resources for meaningful mitigation and adaptation actions and aligning it with the path to climate neutrality. The SCF discussed a first draft of the report which is due to be published ahead of COP26.
The First Report on the Determination of the Needs of Developing Country Parties is of critical importance in relation to implementing the Convention and Paris Agreement. This crucial aspect is being addressed by the SCF and a first draft of the report was considered by the meeting. The SCF underlined that determining these needs would help countries fulfill as well as boost their climate actions. The report will be published ahead of COP26.
The Forum on Finance for Nature-Based Solutions will be an inclusive space for stakeholders involved in financing and implementing nature-based solutions to discuss how climate finance can achieve the double-goal of protecting nature and addressing climate change. The SCF discussed how it will design the Forum to meet the objectives. The Forum is planned to be held in 2021 and the SCF will reach out to relevant stakeholders for further consultations.
The recent meeting of the SCF took place against the backdrop of rising global emissions, which, if left unabated, would increase global average temperatures by a dangerous 3C or more. At the same time, 2020 is the year of the delivery of the 100B goal and ambitious actions, as countries are set to submit updated or new Nationally Determined Contributions (NDCs).
As countries scale-up their ambition to cut down emissions and adapt to climate impacts, finance is key for implementing ambitious climate actions.
Mr. Ayman Shasly, Co-Chair of the SCF said: “SCF 22 was very productive. The Committee advanced on several issues allowing technical work to continue under the leadership of the co-facilitators. The role of the SCF is important as its deliverables ahead of COP26 will help inform governments and the climate finance community on where climate finance stands now, as well as provide insights on how to move forward.
“The SCF takes this responsibility seriously and the Committee is committed to work tirelessly to deliver on its mandates, despite the pandemic challenges upon us,” he underlined.
As one of the next steps, the SCF is scheduled to organize virtual consultations and outreach events on its key activities.
Video recordings of the meeting and additional information on the SCF’s work can be found on the SCF website: www.unfccc.int/scf.
About the Standing Committee on Finance
The SCF prepares for the COP to consider, draft guidance to the operating entities of the Financial Mechanism, that is GCF and the GEF, in relation to their policies, programming priorities and eligibility criteria. The SCF agreed to prepare its next draft guidance ahead of COP26 and inform Parties and other constituted bodies on the planned activities. More information can be found here.