Event language

English

Organiser

UNFCCC

Introduction

The UNFCCC Standing Committee on Finance (SCF), a constituted body under the Convention and the Paris Agreement, will conduct outreach for country representatives, practitioners and experts for an informal exchange on the development of its work in 2022, including the Fifth Biennial Assessment and Overview of Climate Finance Flows (BA) and its work on definitions of climate finance.

The informal webinar provides an opportunity for stakeholders from public and private finance institutions, civil society, and governments to reflect on progress made in relation to climate finance data coverage, sources, and quality, as well as an assessment of the effectiveness of climate finance. 

In particular, the webinar follows up on progress related to key recommendations from previous BAs, including on:

• Enhancing reporting of climate finance including the transparency, consistency and comparability of data on climate finance;
• Filling data gaps including the availability of granular, country-level public and private finance data on mitigation and adaptation finance, in transport, agriculture, forests, water and waste sectors;
• Efforts to harmonize approaches and methodologies for tracking and reporting climate finance among international organizations and entities of the Financial Mechanism;
• Enhancing domestic level institutional capacities for tracking climate finance, effectiveness and impacts by taking advantage of available resources through the operating entities of the Financial Mechanism;
• Reporting on impacts of climate finance including continuation of advance work on tracking and reporting on impacts of mitigation and adaptation finance
•  

The webinar provides an opportunity to increase common understanding of the operational definitions of climate finance in use and how the development of national and regional level taxonomies may impact on climate finance definitions.

Background

The SCF assists the COP in exercising its functions in relation to the Financial Mechanism of the Convention.

For the fifth time, the SCF will prepare the Biennial Assessment and Overview of Climate Finance Flows. The first BA was prepared in 2014 with the second and  third BA being prepared in 2016 and 2018 respectively. The fourth BA was prepared in 2021. The summary by the SCF of the fourth BA is contained in annex I to decision 5/CP.26. The underlying technical report is viewable here. The Fifth BA will focus on climate finance flows for 2019 and 2020 as well as any identified trends from previous years.

The SCF, through the BA and other activities, contributes to the progressive improvement of the compilation of climate finance information. The BA is a source of input for the Global Stocktake and broader discussions on climate finance.

In 2022, the SCF is also conducting work on definitions of climate finance in response to the mandate set by the COP 26 and CMA 3, taking into account the submissions received from Parties and non-Party stakeholders. To date, 22 submissions have been received on definitions of climate finance.

Contact:

Standing Committee on Finance

Email:

standingcommittee@unfccc.int