Background

Pre-2020 arrangement on long-term finance

The work programme on long-term climate finance, launched by the Conference of the Parties (COP) at its seventeenth session and extended at its eighteenth session, concluded its work at COP 19 in Warsaw.

COP 19, by decision 3/CP.19, and subsequently with further specifications in decision 5/CP.20, decided to continue deliberations on long-term finance with three core elements for the period 2014 to 2020: biennial submissions by developed country Parties on their updated approaches and strategies for scaling up climate finance; annual in-session workshops; and biennial high-level ministerial dialogues on climate finance.

Post-2020 arrangement on long-term finance

The CMA, by decision 12/CMA.1, decided to undertake the arrangements related to the biennial submissions, in-session workshops and biennial high-level ministerial dialogues on climate finance post-2020. Further information can be viewed here.   

COP 26 decided that continued discussions on long-term climate finance will conclude in 2027. It also decided to convene biennial high-level ministerial dialogues (HLMDs) on climate finance in 2022, 2024 and 2026 and invited the COP 27 Presidency to organize the HLMD in 2022 on the progress and fulfilment of the goal of mobilizing jointly USD 100 billion per year by 2020. The COP Presidency will summarize deliberations at the dialogues for consideration by the COP in the year thereafter.

Furthermore, COP 26 requested the Standing Committee on Finance 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;
• 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;
• Continue its work on definitions of climate finance, taking into account the submissions received from Parties on this matter, with a view to providing input for consideration by COP 27;
• Undertake further work on mapping the available information relevant to Article 2, paragraph 1(c), of the Paris Agreement, including its reference to Article 9 thereof, with a view to providing input for consideration by COP 27.

The secretariat, in collaboration with the operating entities of the Financial Mechanism, United Nations agencies and bilateral, regional and other multilateral channels, will continue to explore ways and means to assist developing country Parties in assessing their needs and priorities in a country-driven manner, including their technological and capacity-building needs, and in translating climate finance needs into action. More information on how the secretariat is responding to this mandate can be found here.