UNFCCC Prepares Key Reports and a Forum on Climate Finance
Despite the COVID-19 crisis, UN Climate Change (UNFCCC) has been taking forward important work to prepare key reports on climate finance, as well as a Forum on the topic “Finance for nature-based solutions.”
Climate finance is crucial to enable developing countries to green their economies and to build resilience to the inevitable impacts of climate change.
The reports are the fourth Biennial Assessment and Overview of Climate Finance Flows and the first report on the determination of the needs of developing country Parties related to implementing the Convention and the Paris Agreement.
The reports will inform the fourth High-level Ministerial Dialogue on Climate Finance to be held at the UN Climate Change Conference COP26, the discussions on setting a new collective goal from the floor of USD 100 billion for the post-2025 period, and later the Global Stocktakes, designed to assess the adequacy of climate action by the international community.
The fourth Biennial Assessment and Overview of Climate Finance Flows report will identify trends in climate finance flows up to 2018, consider methodological issues, and assess their effectiveness and impact. It will also include information related to making finance flows consistent with a pathway toward low emissions and climate-resilient development.
The report on the determination of the needs of developing country Parties related to implementing the Convention and the Paris Agreement is the first of its kind. It will include available information and data on the needs of developing countries by type, theme and sector, across Africa, Asia-Pacific, Eastern Europe, Latin America and the Caribbean.
Zaheer Fakir of South Africa, a member of the Standing Committee on Finance and co-facilitator for the report on the determination of the needs of developing country Parties said: “Notably the needs report is not merely a report to fulfil a COP mandate, but a compass to guide developed country Parties, the operating entities of the financial mechanisms and other funds, the Multilateral Development Banks and other sources in charting a route to support developing country Parties in implementing the Convention and its Paris Agreement.”
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