Standing Committee on Finance

Parties to the UNFCCC decided to establish the Standing Committee on Finance (SCF) at the 16th Conference of Parties (COP) in Cancun. The main function of the SCF is to assist the COP with implementing tasks in relation to the Financial Mechanism of the Convention. These tasks include enhancing coordination and coherence in the delivery of climate change financing; mobilising of financial resources and measurement, reporting, and verification (MRV) of support provided to developing countries; and issues related to the rationalisation of the Financial Mechanism.

The SCF prepares reports and makes recommendations to the COP for each of their sessions. At COP 21 in Paris it was decided that the SCF shall serve the Paris Agreement. Specific activities of the SCF include: (i) preparing a biennial assessment and overview of climate finance flows; (ii) enhancing coherence and coordination related to financing for forests, taking into account different policy approaches; (iii) exploring possible future institutional linkages and relations between the Adaptation Fund and other institutions under the Convention; (iv) strengthening MRV of support beyond the biennial assessment and overview of climate finance flows; (v) developing draft guidance to the operating entities of the Financial Mechanism; and (vi) assisting in the review of the Financial Mechanism.