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Answer
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Timestamp Validation
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| 1
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What is the SCF and what does it do?
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The Standard Committee on Finance (SCF) assists the COP in measuring, promoting and verifying the support provided to developing countries' Parties through projects such as the Biennial Assessment. The SCF also serves the Paris Agreement. [1]
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| 2
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What is the aim of the 5th Biennial Assessment?
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The 5th Biennial Assessment (BA) provides an updated overview of climate finance flows up to 2020. [2]
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| 3
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What methodological topics are discussed with regard to climate finance?
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New reporting tables will be implemented in 2024 to enhance climate finance data.[3]
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| The scope and granularity of climate finance reporting has progressed. [4]
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| Tracking systems for domestic public finance are expanding in developed and developing nations. [5]
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| The most prevailing mitigation activities recorded include renewable energy, electrification of transport, making buildings and dwellings more energy efficient, water management and supply and air abatement technologies (carbon capture and storage). [6]
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| Suppliers of climate finance provide better measures of output, outcome and impact of their financing, using indicators for mitigation and adaptation. [7]
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| The clarity and comparability of initiatives designed to reduce emissions, devise transition plans and develop climate-resilient schemes are progressing. [8]
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| 4
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How have climate finance flows evolved in 2019-2020?
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Global climate finance flows rose by 12% in 2019-2020 compared to 2017-2018 to reach an annual value of USD 803 billion. This increase is due to a rise in mitigation actions in buildings and infrastructure (such as energy efficiency of buildings and sustainable transport) and an increase in adaptation finance. [9]
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| The decreasing cost of renewable energy technology and the large volume of investment led to a rise in the use of renewable energy technologies. [10]
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| 21% of worldwide covid-19 recovery spending was earmarked for climate measures, with a value of USD 513 billion until 2020. Developed nations accounted for 76% of these climate measures, and developing nations represented 24%. [11]
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| In 2019-2020, preliminary data shows that public climate finance flows from developed to developing nations rose by 6% compared to 2017-2018 with an annual value of USD 40.1 billion. [12]
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| Climate finance flows among developing nations fluctuated amid different sources of finance. For example, in 2019-2020, finance pledges from International Development Finance Club members decreased while flows from the Asian Infrastructure Investment Bank increased compared to 2017-2018. [13]
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| 5
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What are the specific aspects of climate finance flows in 2019-2020?
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Unfortunately, the joint mobilisation of USD 100 billion per year by 2020 towards mitigation action and implementation for developing countries was not fully achieved in 2020. [14]
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| Public finance flows are made of three channels: bilateral climate finance, multilateral climate funds and Multilateral Development Bank (MDB) climate finance. Overall, most public finance flows from developed to developing nations are used for mitigation action rather than adaptation. Yet in the bilateral and MDB channels, adaptation finance increased substantially. [15]
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| Public finance flows used for adaptation action are transmitted through grants, whereas flows used for mitigation action are dispensed through loans. [16]
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| In absolute terms, Asia and Africa reaped the largest amount of climate finance. Per capita, Oceania and Eastern and Southern Europe obtained the largest amount of climate finance. The percentage of climate finance flows going to Least Developed Countries (LDC) and Small Island Developing States (SIDS) remains constant compared to the past few years. [17]
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| The institutions that provide climate finance disclosed a reduction in emissions and a rise in the number of beneficiaries of climate finance across their portfolios. [18]
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| There is progress in the coverage of gender-related matters but more efforts are needed to normalise the efforts and standardise the data. [19]
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| Despite a rise in global finance flows, these remain two thirds below the investment efforts needed to reach the Paris Agreement temperature goals (well below 2C) and to answer the needs of developing nations. [20]
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| 6
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What does the SCF recommend with regards to methodological issues?
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The SCF recommends that Parties report climate finance data in tabular format and improve finance tracking systems. It also advises climate finance providers to enhance their qualitative reporting of climate finance. [21]
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| 7
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What does the SCF recommend with regards to climate finance flows?
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The SCF recommends that finance providers improve the granularity of data related to climate finance and strengthen the tracking of private climate finance. Finance providers should also boost climate-related investment and improve access to climate finance, emphasising the needs of LDCs and SIDS and promoting balanced mitigation and adaptation efforts. [22]
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