Climate finance is one of the thorniest issues on the UN climate change agenda. Developed countries claim to be complying with their financial commitments, while developing countries continue to ask where the money is. To overcome this recurring discussion, the parties must first hammer out and agree on some rules for the accounting of climate finance.
1) There should be an agreed definition of climate finance, accounting and reporting
2) There should be greater transparency and accuracy in the assessments
3) Climate finance should be balanced between mitigation and adaptation
4) Climate finance should be genuinely “new and additional”