G20 Climate Finance Study Group

Session 2: Tracking of climate finance for an effective mobilization

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Session 2: Tracking of climate finance for an effective mobilization

The Secretariat of the UNFCCC provided the group with background information on tracking climate finance, with a focus on the ongoing work under the UNFCCC climate change negotiations, drawing from the results of the climate conference in 2012 and the implications for the road to COP 19 as well as COP 21 in 2015. The presentation also suggested some solutions in order to shift investment patterns. The OECD further elaborated on the rationale for tracking climate finance and provided recommendations as to which flows should be tracked, highlighting in particular the complex architecture of climate finance and the different information needs and deficits at the national and international levels. The OECD also presented its estimates of overall climate finance flows, and stressed the uncertainty linked to private flows estimations, caused by both technical and political problems, such as the lack of data or agreed definitions. Concluding this set of presentations, South Africa described its national system to track, monitor and evaluate domestic climate finance. In particular, the different types of information collected in this system were presented.

The discussion among participants focused on how to deal with general challenges for tracking and reporting climate finance. It was noted by some participants that to a certain extent, the OECD Rio Markers can already be used to report on public climate finance. However, with respect to climate finance provided via MDBs, further work is needed, in particular to avoid double counting in the case of leveraging. As for private climate finance, additional work is also needed to reduce the methodological uncertainty and thereby the range of estimates of private flows. Concerning tracking in general, some participants warned of inconsistencies between different existing tracking systems which make it difficult to ensure comparability. It was also noted that even though the technical work is progressing quite well, further clarification as to the overall picture on climate finance would be beneficial, so as to increase transparency and credibility.

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