This side event explored what is needed to build a better understanding of system-wide climate finance to transition to resilient green economies required for human development and climate stability. Participants addressed how climate finance is tracked and reported, at the international, national and project levels. Transparency of financial flows and builds trust, increases the leverage of private funds, increases ownership, and improves our understanding of financial effectiveness.  However, currently there is only patchy information about existing finance streams, no consistent definitions, and substantial gaps in the understanding of what investments are most needed. A system improving on current climate finance tracking and reporting is therefore needed, and is feasible. This side event discussed existing practice on climate finance tracking and reporting, some of the major benefits and challenges in improving the system, and offered concrete and feasible approaches that could be undertaken by Parties to quickly address the situation.

Participants

• Bert Metz, Senior Member, Project Catalyst, Former Co-Chair, IPCC, and Senior Fellow, European Climate Foundation
• Delia Villagrasa, Senior Advisor, European Climate Foundation
• Dr. Niklas Höhne, Director of Energy and Climate Policy, Ecofys
• Dr. Barbara Buchner, Director, Climate Policy Initiative, Venice
• Jessica Brown, Research Officer, Overseas Development Institute
• Dr. J. Timmons Roberts, AidData.org and Director, Center for Environmental Studies, Brown University