Work by the Standing Committee on Finance on Measurement, reporting and verification of support beyond the Biennial Assessment and Overview of Climate Finance Flows

Background

One of the functions of the Standing Committee on Finance (SCF) involves assisting the COP in exercising its functions in relation to measurement, reporting and verification (MRV) of support. COP 19, by decision 7/CP.19, requested the SCF to consider ways to increase its work on the MRV of support beyond the biennial assessment and overview of climate finance flows (BA). COP 20, by decision 6/CP.20, also requested the SCF, in the context of its ongoing work, including the preparation of the BA, to further explore how it can enhance its work on the MRV of support. At COP 21, it was decided that the SCF shall serve the Paris Agreement in line with its functions and responsibilities established under the COP ( decision 1/CP.21, paragraph 63).

Developments

In 2015, the SCF, in accordance with decision 11/CP.20, developed a set of recommendations, which were welcomed by the SBSTA, to improve the methodologies for the reporting of financial information by Annex I Parties. The recommendations are contained in Annex VI of the report of the SCF to COP 21.

To enable improved MRV of support under the Convention, the SCF developed a two-year workplan (2016-2017) on the MRV of support beyond the BA, as contained in Annex VII of the report of the SCF to COP 21. In 2016, the SCF addressed issues relevant to MRV of support beyond the BA in the context of the preparation of the 2016 BA.

COP 22, by decision 7/CP.22, requested the SCF in fulfilling its function on the MRV of support, and in the context of its existing workplan, to cooperate with relevant stakeholders and experts and to consider ongoing work under the Convention and further action envisaged under the Paris Agreement.