Climate Finance Tracking Guidance Manual - Water Sector
African Development Bank Group
1. General introduction
1.1 Rationale for tracking climate finance
Financial resources from a variety of public and private sources have been, and will continue to be, committed to support climate change adaptation and mitigation. While there is a wide agreement that rapid and successful deployment of this international public finance is a critical first step in allowing developing countries to adapt to climate change and pursue actions that will allow them to move onto a low carbon development pathway, it is also widely recognized, in particular by developing countries, the need to track and report financial flows that support climate change mitigation and adaptation, to build trust and accountability with regard to climate finance commitments and monitor trends and progress in climate-related investment.
A comprehensive picture of the climate finance landscape is critical to this end and, ultimately, a prerequisite for ensuring the effective and productive use of available financial resources. This is essential to inform governments and policy makers on how to spend their money wisely.
Recognizing this need and the shortcomings of the existing tracking systems, the Vice Presidents of the Multilateral Development Banks (MDBs) agreed in late 2010 to undertake joint efforts leading towards a joint methodology for tracking climate change mitigation and adaptation finance. The objective was to agree on key reporting principles, eligibility for aggregation and transparency. A Joint MDB Working Group on climate finance tracking was established, with the Inter-American Development Bank leading efforts on mitigation and AfDB leading efforts on adaptation.
The outcomes of this work were both a Joint MDB methodology for climate finance tracking and reporting and AfDB’s own methodology for climate finance tracking and reporting. AfDB’s methodology for adaptation finance tracking is the same as the Joint MDB methodology and as far as mitigation is concerned AfDB’s methodology is an extension of the Joint MDB methodology for tracking mitigation finance.
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