Financing climate change mitigation: towards a framework for measurement, reporting and verification
The review finds that:
- a significant amount of North-South finance is already flowing towards mitigation
- a large deficit still exists between what is available today and what will be needed to achieve ambitious climate mitigation goals in the future
- the majority of the flows are not targeted to lowering GHG emissions, meaning that they could be contributing to it instead
- private sources available for mitigation support are potentially much larger than public sources of support
- the sheer scale of private finance flows relative to public finance for mitigation suggests the need to use limited public finance to steer private finance towards mitigation.
- Parties should agree to develop a common reporting format and update national communication guidelines for both developed and developing countries.
- Developing a broad framework to monitor, report and verify mitigation support will require coordination across relevant UNFCCC and non-UNFCCC institutions through enhanced data and information sharing.
- Parties should consider how to develop verification of information on mitigation support since verification procedures are not included in the current UNFCCC monitoring system.