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UNFCCC’s Standing Committee on Finance Addresses GCF, Reviews Financial Mechanism

UNFCCC3 April 2013: Party representatives and observers attending the third meeting of the Standing Committee on Finance (SCF) discussed: arrangements between the Conference of the Parties (COP) and the Green Climate Fund (GCF); the Forum of the SCF; the fifth Review of the Financial Mechanism; and the work programme on long-term finance.

The meeting's report (SCF/2013/3/7) indicates that, on arrangements for COP-GCF, the SCF agreed to propose a list of elements for consideration by the GCF Board, a proposal for work modalities, and a timeline. Concerning arrangements for the first SCF's Forum, the Committee made suggestions on the themes, the venue, target audience, format and other arrangements; and agreed to continue intersessional work for the first Forum to be held in conjunction with the Carbon Expo 2013.

Moreover, the SCF agreed to continue working intersessionally on the guidelines for the Fifth Review of the Finance Mechanism on the basis of existing consolidated guidelines and requested the provision of an update on the status of progress to the 38th session of the Subsidiary Body for Implementation (SBI 38), as requested by the 18th session of the COP to the UNFCCC.

The Committee further agreed to include in its agenda for next meeting the following issues: linkages with other processes; guidance to operating entities of the Financial Mechanism; and monitoring, review and verification (MRV) of support. The meeting was held in Bonn, Germany, from 8- 10 March 2013. [Information on the SCF Meeting] [Report of the SCF's Meeting]