Review of the functions of the Standing Committee on Finance
At COP 23, in the context of the review of the functions of the SCF, Parties acknowledged the contributions and positive performance of the SCF in assisting, informing and advancing the work of the COP in exercising its function in relation to the Financial Mechanism.
The COP requested the SCF to continue to provide and enhance the dissemination and utilization of specific and targeted outputs and recommendations in order to effectively advance the work of the COP. The COP also encouraged the SCF to prioritize specific areas of work in the light of its workload in a given year and emphasized the need to continue to enhance all the functions of the SCF, including to take into consideration its mandate to serve the Paris Agreement in line with decision 1/CP.21, paragraph 63.
COP 23 also recognized the need to avoid duplication of climate finance related work across the different subsidiary and constituted bodies, while respecting the mandates and competencies of the different bodies, and requested the SCF to further refine its approach to maintaining linkages with the subsidiary and constituted bodies according to resources available and in the context of its existing working modalities.
The COP also requested the SCF to ensure the value added of its forum when deciding on the topic of each forum, to provide clear recommendations to the COP, as appropriate, regarding follow-up actions on the forum, and to enhance the dissemination, use and ownership of the accumulated knowledge and expertise gathered at the forum, and invited other bodies and external organizations to take into consideration the outputs of the forum. Additionally, it requested the SCF to further strengthen its stakeholder engagement.
Additionally, Parties decided to continue their deliberations on ways to enhance the participation of members of the SCF, acknowledging the need to ensure the full participation and contribution of all constituencies in the meetings of the SCF and the continuity of its work, and requested the SCF to provide options for the enhancement of the participation of members and to report back to COP 24. Parties also recognized that there is a need for the SCF to improve some of its in-session and intersessional working modalities with the aim of further enhancing its efficiency and effectiveness, ensuring the inclusiveness and transparency of its proceedings. Parties also recognized the need to consider the existing workplan of the SCF, and in particular its workload, when providing strategic guidance to the SCF.
COP 23 also invited Parties and relevant stakeholders to utilize the outputs of the SCF, and encouraged Parties and other constituted bodies under the Convention to continue to provide submissions for the preparation of draft decisions on guidance to the operating entities of the Financial Mechanism, based on the reports of the operating entities, in a timely manner to the SCF.
Report of the Standing Committee on Finance
COP 23 endorsed the updated workplan of the SCF for 2018, and invited the SCF to follow up on the recommendations of its 2017 forum in its 2018 workplan, and invited Parties and relevant organizations to incorporate the recommendations into their work as appropriate. It also requested the SCF to enhance its work on the MRV of support beyond the biennial assessment, acknowledging the progress made by the SCF and noting the need to avoid duplication of on-going work under the Subsidiary Body for Scientific and Technological Advice and the Ad Hoc Working Group on the Paris Agreement. Parties furthermore requested the SCF, in fulfilling its function with regard to the MRV of support, and in the context of its extended workplan, to continue its cooperation with relevant stakeholders and experts.
Parties invited the SCF to conclude its deliberations on the topic of its next forum at the latest at its first meeting in 2018, and welcomed the offer by the Republic of Korea to host a 2018 forum of the SCF. They also welcomed the appointment of focal points of the SCF to liaise with the other constituted bodies under the Convention, and requested the SCF to continue to provide information on the appointment in its annual reports to the COP. Furthermore, COP 23 reiterated that the SCF will integrate financing for forest-related considerations into its 2018 workplan, where appropriate, and continue work on this matter in the context of the overall issue of improving coherence and coordination in the delivery of climate change financing, taking into account all relevant decisions on forests.