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| 1
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Which documents support/complement the Report of the Standing Committee on Finance?
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FCCC/CP/2022/8–FCCC/PA/CMA/2022/7[1]
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| FCCC/CP/2022/8/Add.1–FCCC/PA/CMA/2022/7/Add.1.[2]
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| Footnote 2 in Standing Committee on Finance. 2022. Fifth Biennial Assessment and Overview of Climate Finance Flows. Bonn: UNFCCC. [3]
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| FCCC/CP/2022/8/Add.2–FCCC/PA/CMA/2022/7/Add.2. [4]
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| https://www4.unfccc.int/sites/submissionsstaging/Pages/Home.aspx.[5]
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| FCCC/CP/2022/INF.2. [6]
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| FCCC/CP/2022/8/Add.5–FCCC/PA/CMA/2022/7/Add.5. [7]
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| FCCC/CP/2022/8/Add.6–FCCC/PA/CMA/2022/7/Add.6. [8]
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| FCCC/CP/2022/8–FCCC/PA/CMA/2022/7, annex II. [9]
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| Decision -/CMA.4
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| Summary and recommendations of the fifth Biennial Assessment and Overview of Climate Finance Flows.(Annexe)
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| Decisions12/CP.2, 12/CP.3, 1/CP.16, paragraph 112, 2/CP.17,paragraphs 120–121, 5/CP.18, 5/CP.19, 7/CP.19, 6/CP.20, 6/CP.21, 8/CP.22, 7/CP.23, 8/CP.23, 4/CP.24, 11/CP.25, 5/CP.26, 5/CMA.2 and 10/CMA.3,
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| 2
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What is noted under the Standing Committee on Finance with regard to climate finance in 2022?
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Climate finance flows in 2019-2020 increased by 12% compared to 2017-2018 with an average annual value of USD 803 billion covering investments in the energy efficiency of buildings, durable transport and adaptation.[10]
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| Public financial support from Parties in 2019-2020 increased by 6% compared to 2017-2018 with an annual average value of USD 40.1 billion.[11]
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| Climate finance from multilateral development banks to developing countries and emerging economies in 2019-2020 increased by 17% compared to 2017-2018 with an annual average of USD 45.9 billion.[12]
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| UNFCCC funds and multilateral climate funds invested USD 2.9 billion in 2019 and USD 3.5 billion in 2020 for climate finance projects.[13]
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| 3
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What is noted with concern under the Standing Committee on Finance with regard to global finance flows?
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Global finance flows are modest compared to the actual needs of developing countries.[14]
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| While global climate finance flows have increased, their proportion in relation to other finance streams and investments remains minor.[15]
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| 4
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What are the Parties to the Convention encouraged to do with regard to recommendations?
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The Parties to the Convention are invited to enforce the recommendations in the annexe of the fifth Biennial Assessment and Overview of Climate Finance Flows of the Standing Committee on Finance, where suitable. [16]
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| 5
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What is acknowledged and requested to do under the Standing Committee on Finance with regard to information?
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The quality, clarity and granularity of the information contained in the fifth Biennial Assessment have progressed, but data limitations remain. These limitations are seen in data related to private climate finance (including private finance organised by developed nations through bilateral and multilateral channels) and to finance in areas other than energy and transport. [17]
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| Additional work on data limitation should be carried out in the sixth Biennial Assessment, regarding data by region, private finance from public interventions and financing related to loss and damage. [18]
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| 6
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What is stressed under the Standing Committee on Finance with regard to reporting?
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It is critical to report on climate finance at country and activity level and to improve the methodologies to assess and document the results and impact of climate finance.[19]
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| 7
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What is noted under the Standing Committee on Finance with regard to the definition of climate finance?
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Many definitions of climate finance are used in the work of the Standing Committee on Finance.[20] .
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| The different definitions of climate finance create complexities for the accurate accounting and reporting of climate finance. [21]
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| 8
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What is the Standing Committee on Finance requested to do with regard to the definition of climate finance?
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The Standing Committee on Finance should prepare a report for COP28 (November-December 2023) to gather all definitions of climate finance within the UNFCCC process and update the operational definition of climate finance. The Committee will support the Parties in their reporting efforts and invites the Parties and other stakeholders to send their proposals via the submission portal by 30 April 2023.[22]
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| 9
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What is noted under the Standing Committee on Finance with regard to progress toward mitigation action for developing countries?
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The report highlights progress towards the joint mobilisation of USD 100 billion per year to fund mitigation actions and improve implementation to fulfil the needs of developing countries.[23]
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| 10
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What is noted with concern under the Standing Committee on Finance with regard to the draft guidance for the operating entities of the Financial Mechanism?
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Regrettably, the draft guidance for the operating entities of the Financial Mechanism was not used by the Parties. The Committee is thus requested to better prepare the draft guidance. [24]
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| 11
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To whom is gratitude expressed and why?
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The support of the Government of Australia led to a successful Forum on finance for nature-based solutions, an outstanding summary and a welcomed focus on indigenous peoples and knowledge.[25]
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| The Governments of Germany and Australia and the European Commission contributed financially to sustain the Committee with their endeavours. [26]
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| 12
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What is welcomed under the Standing Committee on Finance for the 2023 forum?
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The topic of funding just transitions is a welcome addition to the 2023 Standing Committee on Finance Forum.[27]
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| 13
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What is endorsed under the Standing Committee on Finance for 2023?
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The 2023 work plan of the Standing Committee on Finance is adopted and the work of the Committee on its current mandates is upheld by the Conference of the Parties.[28]
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| 14
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What is welcomed under the Standing Committee on Finance with regard to stakeholders?
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The commitment of the Committee to its stakeholders, such as UNFCCC bodies, private entities and other organisations, is welcomed and encouraged to progress in 2023.[29]
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| 15
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What is encouraged under the Standing Committee on Finance with regard to gender equality?
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The Committee is invited to pursue its resolution to safeguard gender responsiveness in its work plan. The nomination of members to the Committee should take into account gender equity and geographical representation.[30]
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| 16
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What is encouraged under the Standing Committee on Finance with regard to plurality of views?
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The Committee should openly and truthfully display the diverse views of the Parties and ensure they are represented in future reports.[31]
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| 17
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What is the Standing Committee on Finance requested to do with regard to reporting for COP28?
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The Committee should inform the Parties at COP28 of the evolution of the implementation of the 2023 work plan.[32]
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| 18
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What is the Standing Committee on Finance requested to do with regard to guidance?
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The Committee should acknowledge the guidance stemming from relevant decisions of the COP.[33]
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