CAN Europe, Aprodev, German Watch, CIDSE and Oxfam commissioned a report in order to identify how the EU can improve the current process for monitoring their climate finance commitments.
The new report assesses how the EU can improve its current process for monitoring its climate finance commitments. It also makes recommendations for how the EU can ensure it has a transparent process in place.
Developing countries have long insisted on the need to provide financial support in a transparent and coordinated manner to enable independent review of the extent to which commitments are fulfilled, as well as maximizing the effectiveness of the funding. Moreover, transparency is vital to ensuring that the funds are equitably distributed over all developing countries in need of support, with priority for the most vulnerable developing countries.
The report explores different ways to improve the current system of Measuring Reporting and Verification (MRV) of international climate finance, with a focus on what the EU can do.
The European Commission has made a proposal for a new regulation for monitoring and reporting of climate finance, called the Monitoring and Reporting Mechanism (MMR). The new CAN Europe report seeks to provide specific recommendations to feed into this legislative process.