Report of the Standing Committee on Finance

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Decision 4/CP.24

Theme 
Tags 
Event 
COP24

Gender reference

Annex

Summary and recommendations by the Standing Committee on Finance on the 2018 Biennial Assessment and Overview of Climate Finance Flows 

IV. Recommendations

51. The SCF invites the COP to consider the following recommendations:

Chapter III (assessment)

(m) Encourage climate finance providers to improve tracking and reporting on gender-related aspects of climate finance, impact measuring and mainstreaming; 

Elaborated language

The Conference of the Parties,

Recalling Articles 4 and 11 of the Convention,

Also recalling decisions 1/CP.16, paragraph 112, and 2/CP.17, paragraphs 120 and 121, as well as decisions 5/CP.18, 7/CP.19, 6/CP.20, 6/CP.21, 8/CP.22 and 7/CP.23,

1. Welcomes with appreciation the report of the Standing Committee on Finance to the Conference of the Parties at its twenty-fourth session, taking note of the recommendations contained therein;

2. Endorses the workplan of the Standing Committee on Finance for 2019; 2 3. Welcomes with appreciation the 2018 Biennial Assessment and Overview of Climate Finance Flows of the Standing Committee on Finance, in particular the summary and recommendations as contained in the annex;

4. Encourages the Standing Committee on Finance to take into account the best available science in future biennial assessments and overviews of climate finance flows;

5. Requests the Standing Committee on Finance to use in the biennial assessment and overview of climate finance flows the established terminology in the provisions of the Convention and the Paris Agreement in relation to climate finance, where applicable;

6. Expresses its appreciation for the financial contributions provided by the Governments of Belgium, Germany, Norway, the Republic of Korea, Switzerland and the United Kingdom of Great Britain and Northern Ireland, as well as by the European Commission to support the work of the Standing Committee on Finance;

7. Welcomes the 2018 Forum of the Standing Committee on Finance on the topic of climate finance architecture with a focus on enhancing collaboration and seizing opportunities, and takes note of the summary report4 on the Forum;

8. Expresses its gratitude to the Governments of the Netherlands, Norway and the Republic of Korea for their support in ensuring the success of the 2018 Forum of the Standing Committee on Finance;

9. Welcomes the decision of the Standing Committee on Finance on the topic of its 2019 Forum, which will be climate finance and sustainable cities;

10. Requests the Standing Committee on Finance to map, every four years, as part of its biennial assessment and overview of climate finance flows, the available information relevant to Article 2, paragraph 1(c), of the Paris Agreement, including its reference to Article 9 thereof;

11. Encourages the Standing Committee on Finance to provide input to the technical paper of the Executive Committee of the Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts on the sources of financial support;5

12. Confirms the mandates in Article 11, paragraph 3(d), of the Convention, and decisions 12/CP.2, 12/CP.3, 5/CP.19 and 1/CP.21;

13. Requests the Standing Committee on Finance to prepare, every four years, a report on the determination of the needs of developing country Parties related to implementing the Convention and the Paris Agreement, for consideration by the Conference of Parties, starting at its twenty-sixth session (November 2020), and the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement, starting at its third session (November 2020);

14. Also requests the Standing Committee on Finance, in preparing the report referred to in paragraph 13 above, to collaborate, as appropriate, with the operating entities of the Financial Mechanism, the subsidiary and constituted bodies, multilateral and bilateral channels, and observer organizations;

15. Further requests that the actions of the Standing Committee on Finance called for in this decision be undertaken subject to the availability of financial resources; 16. Requests the Standing Committee on Finance to report to the Conference of the Parties at its twenty-fifth session (December 2019) on progress in implementing its workplan;

17. Also requests the Standing Committee on Finance to consider the guidance provided to it in other relevant decisions of the Conference of the Parties.

Annex

Summary and recommendations by the Standing Committee on Finance on the 2018 Biennial Assessment and Overview of Climate Finance Flows 

IV. Recommendations

51. The SCF invites the COP to consider the following recommendations:

Chapter III (assessment)

(j) Invite Parties to strive for complementarity between climate finance and sustainable development by, inter alia, aligning climate finance with national climate change frameworks and priorities, as well as broader economic development policies and national budgetary planning;

(k) Encourage developing countries to take advantage of available resources through the operating entities of the Financial Mechanism to strengthen Advance unedited version 17 institutional capacity for programming their priority climate action, as well as tracking climate finance, effectiveness and impacts;

(l) Encourage developed countries and climate finance providers to continue to enhance country ownership and consider policies to balance funding for adaptation and mitigation, taking into account beneficiary country strategies, and, in line with the mandates, building on experiences, policies and practices of the operating entities of the Financial Mechanism, particularly the GCF;

(m) Encourage climate finance providers to improve tracking and reporting on gender-related aspects of climate finance, impact measuring and mainstreaming;

(n) Invite, as in the 2016 BA, multilateral climate funds, MDBs, other financial institutions and relevant international organizations to continue to advance work on tracking and reporting on impacts of mitigation and adaptation finance;

(o) Encourage all relevant United Nations agencies and international, regional and national financial institutions to provide information to Parties through the secretariat on how their development assistance and climate finance programmes incorporate climate-proofing and climate-resilience measures, in line with new available scientific information;

(p) Request the SCF, in preparing future BAs, to continue assessing available information on the alignment of climate finance with investment needs and plans related to Parties’ NDCs and national adaptation plans;

(q) Request the SCF, in preparing the 2020 BA, to take into consideration available information relevant to Article 2 of the Paris Agreement. 

 

 

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