17 November 2014: The Standing Committee on Finance (SCF), which was established to assist the UNFCCC Conference of the Parties (COP) in exercising its functions with respect to the Financial Mechanism of the Convention, has released its 2014 report, containing summaries of its meetings, assessments and recommendations. The report also contains the Committee’s workplan for 2015.

In 2014, the SCF undertook a biennial assessment and overview of climate finance flows (BA), the results and recommendations of which can be found in the annual report. Noting limitations in data and the lack of an agreed-upon definition of climate finance, the SCF offers recommendations to the COP for, inter alia: improving guidelines for climate finance reporting under the UNFCCC; assessing the impact of climate finance on greenhouse gas (GHG) emissions; and finding a common definition of climate finance.

The report also summarizes the fifth review of the Financial Mechanism of the Convention, through which the SCF considered, inter alia: transparency; stakeholder involvement; gender-sensitivity; safeguards; fiduciary standards; responsiveness to the COP; efficiency; resource mobilization; sustainability of programmes; and results and impacts of the Global Environment Facility (GEF). In some instances, the SCF made possible recommendations for the nascent Green Climate Fund (GCF) based on the GEF experience.

In addition, the report includes: a summary of the second SCF forum on ‘Mobilizing Adaptation Finance’; annotated suggestions for elements of draft guidance to the GEF; ongoing activities related to measurement, reporting and verification (MRV) of support under the UNFCCC; and inputs received from the Adaptation Committee and the Technology Executive Committee (TEC) on draft guidance to the operating entities.

In 2015, as outlined in the report, the SCF plans to, inter alia: undertake a second BA; consider financing for forests; and continue its work on MRV of support.

The SCF report will be considered by the COP at its 20th session, scheduled to take place in Lima, Peru, in December 2014. [Report of the Standing Committee on Finance to the Conference of the Parties]