From 12 - 14 October 2021, the Standing Committee on Finance (SCF) convened for its 26th meeting. The meeting was conducted in a hybrid format, which means that some SCF members and observers were present in Bonn, while others participated virtually. Chaired by Mr. Ismo Ulvila (European Union) and Mr. Ayman Shasly (Saudi Arabia), the meeting focused on concluding several agenda items ahead of COP26, especially the finalization of the Fourth Biennial Assessment and Overview of Climate Finance Flows (BA) and of the first report on the determination of the needs of developing countries related to the implementation of the UNFCCC and the Paris Agreement (NDR). While the members were able to find compromise on the full version of the NDR, the BA was finally approved without a recommendations’ section in the first chapter. In addition, the SCF members discussed the Draft guidance to the operating entities of the Financial Mechanism, but were not able to agree on a final text. Further items discussed were the Forum on Finance for Nature-based Solutions, with Part I to take place right after this SCF meeting, as well as initial preparations for the the Fifth Biennial Assessment and Overview of Climate Finance Flows (i.e. election of Co-Facilitators, Outline). One day ahead of the 26th meeting, the SCF members already convened for a closed, informal session to prepare the meeting. [...]
