The Conference of the Parties,
Recalling Articles 4 and 11 of the Convention,
Also recalling decisions 12/CP.2, 12/CP.3, 1/CP.16, paragraph 112, 2/CP.17, paragraphs 120–121, 5/CP.18, 5/CP.19, 7/CP.19, 6/CP.20, 6/CP.21, 8/CP.22, 7/CP.23, 8/CP.23, 4/CP.24, 11/CP.25, 5/CP.26, 14/CP.27, 5/CMA.2, 10/CMA.3, 14/CMA.4, 5/CP.28 and 9/CMA.5,
Taking note of decision 8/CMA.6,
1. Expresses gratitude to the Standing Committee on Finance and welcomes the work of the Committee in 2024; 2. Also welcomes the report of the Standing Committee on Finance for 20241 and notes the workplan of the Committee for 2025;
3. Also notes the importance of allocating time for consideration of the work of the Standing Committee on Finance;
4. Notes with appreciation the sixth Biennial Assessment and Overview of Climate Finance Flows of the Standing Committee on Finance,3 including the summary and recommendations thereof;
5. Notes the Standing Committee on Finance’s update to its operational definition of climate finance in the context of preparing the sixth Biennial Assessment and Overview of Climate Finance Flows;
6. Also notes that global climate finance flows were 63 per cent higher in 2021–2022 than in 2019–2020, reaching an annual average of USD 1.3 trillion, acknowledges that more than three quarters of those flows were in Eastern Asia, Northern and Western Europe and Northern America and recognizes the need to scale up climate finance flows in other regions;
7. Notes with appreciation the second report on the determination of the needs of developing country Parties related to implementing the Convention and the Paris Agreement,5 including the executive summary and recommendations thereof;
8. Notes the key finding from the report referred to in paragraph 7 above that nationally determined contributions from 142 Parties contain a total of 5,760 needs, of which 48 per cent are costed needs reported by 98 Parties, amounting to a cumulative USD 5.012–6.852 trillion out to 2030, or USD 455–584 billion annually across different time frames ending by 2030;
9. Highlights that information based on national reporting does not reflect the entirety of needs across developing country Parties and regions and is limited by significant data challenges and gaps, including differences and gaps in information on the processes and approaches used in determining needs; data being expressed for varying time frames, with the majority in a 2020–2030 time frame, and differences in methodologies and underlying assumptions used for identifying and costing needs, and also highlights that the number of needs and costed needs compiled from national reports should not be used to draw comparisons of actual needs across regions;
10. Invites relevant stakeholders to make use of the information contained in the second report on the determination of the needs of developing country Parties related to implementing the Convention and the Paris Agreement when supporting developing country Parties in identifying and costing needs, prioritizing the developing country Parties and regions that have not been able to identify and cost needs and that are significantly and proportionally underrepresented in the report;
11. Notes with appreciation the report on the common practices regarding climate finance definitions, reporting and accounting methods,8 including the executive summary thereof;
12. Recognizes the complexities associated with the diversity of definitions of climate finance in use by Parties and non-Party stakeholders in relation to ensuring clear, aggregated accounting and reporting of climate finance;
13. Reaffirms that the Standing Committee on Finance will continue its ongoing technical work on operational definitions of climate finance in its future biennial assessments and overviews of climate finance flows;
14. Welcomes the 2024 Forum of the Standing Committee on Finance on accelerating climate action and resilience through gender-responsive finance and notes with appreciation the summary report thereon;
15. Expresses sincere gratitude to the Government of the United Republic of Tanzania for its generous hospitality in hosting the 2024 Forum of the Standing Committee on Finance;
16. Expresses gratitude to the Governments of Australia, Austria and Canada for their financial support for the 2024 Forum of the Standing Committee on Finance;
17. Notes the continued importance of promoting gender-responsive climate action, including in the context of climate finance, and highlights the relevance of improving data and information on the gender-responsiveness of climate finance;
18. Notes with appreciation the efforts of the Standing Committee on Finance to strengthen its engagement with stakeholders in the context of its workplan, including UNFCCC constituted bodies and private sector and other entities outside the UNFCCC process, and encourages the Committee to continue such efforts in 2025, including, as appropriate, with people and communities on the front line of climate change, including Indigenous Peoples and local communities;
19. Also encourages the Standing Committee on Finance to continue enhancing its efforts to ensure gender-responsiveness in implementing its workplan and requests Parties to consider gender balance and geographical representation when nominating members to the Committee;
20. Recalls concerns about the working modalities of the Standing Committee on Finance for preparing the draft guidance for the operating entities of the Financial Mechanism in accordance with its mandate, and the request to Parties and other constituted bodies under the Convention and the Paris Agreement to provide elements for the draft guidance well in advance of future sessions of the Conference of the Parties and the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement to enable the Committee to fulfil its mandate in this regard;
21. Expresses appreciation to the Governments of Australia, Austria, Canada and Japan for their financial contributions for the work of the Standing Committee on Finance in 2024;
22. Requests the Standing Committee on Finance to report to the Conference of the Parties at its thirtieth session (November 2025) on its progress in implementing its workplan for 2025;
23. Also requests the Standing Committee on Finance to consider the guidance provided to it in other relevant decisions of the Conference of the Parties.
