Biennial Assessment and Overview of Climate Finance Flows - Background
One of the functions of the Standing Committee on Finance is to assist the COP with respect to the measurement, reporting and verification of the support provided to developing country Parties through activities such as the preparation of the BA. The COP requested the Standing Committee on Finance to prepare a biennial assessment and overview of climate finance flows, drawing on the available sources of information, and including information on the geographical and thematic balance of flows
(decision 2/CP.17 paragraph 121(f)). Subsequently, the COP requested the Standing Committee on Finance to consider:
- Relevant work by other bodies and entities on the MRV of support and the tracking of climate finance
(decision 1/CP.18 paragraph 71);
- Ways of strengthening methodologies for reporting climate finance (decision 5/CP.18 paragraph 11);
- Ongoing technical work on operational definitions of climate finance, including private finance mobilized by public interventions, to assess how adaptation and mitigation needs can most effectively be met by climate finance (decision 3/CP.19, paragraph 11).
The COP also requested the Ad Hoc Working Group on the Paris Agreement, when developing the modalities, procedures and guidelines for the transparency framework for action and support, to consider, inter alia, information in the biennial assessment and overview of climate finance flows and other reports of the SCF and other relevant bodies under the Convention (decision 1/CP.21, para 94(e)).
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