Dubai, CMC: The Barbados-based Caribbean Growth Financial institution (CDB) says it’s spearheading the event of a regional on-line monitoring, reporting, and verification (MRV) system for local weather finance monitoring.
The area’s premier monetary establishment stated that after absolutely operationalized, the system will allow its borrowing member nations (BMCs) to enhance monitoring and reporting of finance flows from varied sources for local weather change-related actions.
The MRV, developed via a grant from the Inexperienced Local weather Fund (GCF) Readiness and Preparatory Programme, has been piloted in Belize, Haiti, Jamaica, and St. Kitts-Nevis.
The readiness mission created a platform that allows the central administration of supply funding flows, facilitates extra glorious info sharing to scale back duplication amongst donors, and permits extra environment friendly use of funds.
The CDB additionally delivered an operational handbook and steerage notes with processes and procedures for the MRV monitoring system, pointers with a technique for classifying local weather finance, and coaching for individuals from the taking part nations.
Talking throughout a panel dialogue on the United Nations Local weather Change Convention (COP28), senior representatives from the CDB, the federal government of Jamaica, and the Belize-based Caribbean Neighborhood Local weather Change Centre (CCCCC) mentioned the outcomes of the pilot.
The dialogue targeted on the necessity for the area to undertake a reputable MRV system that may enhance understanding and administration of monetary flows from public, non-public, nationwide, and worldwide sources for local weather change mitigation and adaptation.
The dialogue additionally sheds gentle on how MRVs assist form local weather change coverage and enhance how local weather change information is captured.
The appearing principal director within the Local weather Change Division of the Jamaica Ministry of Financial Progress and Job Creation, Omar Alcock, stated a totally functioning MRV system helps nations determine current gaps.
“When we’ve got a transparent framework on the necessities, we will determine the place we will’t meet these necessities after which put issues in place to enhance the reporting required beneath the settlement,” Alcock stated.
The MRV system also needs to present regional decision-makers with larger visibility of the local weather fund’s portfolio and needed info to help the conceptualization and improvement of initiatives to extend resilience to local weather change impacts.
CDB’s Division Chief of Environmental Sustainability, Valerie Isaac, emphasised the financial institution’s readiness to work with its regional and worldwide companions to standardize the MRV system throughout BMCs.
“It will be significant for the nations that participated within the readiness mission to interact with their different nation companions, sharing experiences and inspiring the institution of nationwide techniques which are credible and clear, together with the understanding of the advantages of a regional and collaborative strategy to monitoring local weather finance flows,” she stated.
CCCCC govt director Dr. Colin Younger famous that it was necessary to have alignment on what constitutes local weather finance as this can help nations in capturing and reporting information needed to realize their targets whereas sustaining belief with financing companions.
“For an MRV Framework to be best, there must be an understanding between the donors and recipient nations about what constitutes local weather finance. That is important for belief and transparency,” Younger stated.
The CDB stated that creating an MRV system aligns with the Paris Settlement, which underlines the necessity for local weather finance MRV techniques and transparency as core points of successfully implementing nations’ Nationwide Decided Contributions.
Earlier than the GCF Readiness mission, no MRV system, which captures the portfolio funding particulars from completely different local weather funds and donors, existed for the Caribbean area.
Associated
