Background

By decision 4/CP.26, paragraph 19, the COP requested the Standing Committee on Finance (SCF) to prepare a report in 2022 on progress towards achieving the goal of mobilizing jointly USD 100 billion per year to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation, taking into account the Climate Finance Delivery Plan and other relevant reports, for consideration at COP 27, and to continue to contribute to assessing the achievement of the goal in the context of the preparation of its biennial assessment and overview of climate finance flows (BAs).

Parties at COP27 noted the technical report of the Standing Committee on Finance on progress towards achieving the goal of mobilizing jointly USD 100 billion per year to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation, and the quantitative and qualitative information presented therein. 

By decision 13/CP.27, paragraph 15, the COP requested the Standing Committee on Finance to prepare biennial reports, including a summary of key findings, on progress towards achieving the goal of mobilizing jointly USD 100 billion per year to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation, taking into account other relevant reports, for consideration at COP29, COP31 and COP33 and noted the final report will be considered in the context of matters relating to the Standing Committee on Finance.