As I was conducting research for my literature review, I learned that climate finance accounting is a challenge. There is an absence of consistent accounting rules to assess progress of financial flows towards the goals outlined in the Paris Agreement. This has been recognized by the UNFCCC, who has been working on developing a common approach for climate finance accounting. Governments are to agree on new rules to govern climate finance accounting at the 24th Conference of Parties (COP24) in Katowice, Poland this year.
This climate finance accounting challenge has been highlighted by a report published today by Oxfam, entitled Climate Finance Shadow Report 2018: Assessing the Progress Towards the $100 billion Commitment. The Guardian’s Environment section contains coverage about the report in Climate change aid to poor nations lags behind Paris pledges, including Oxfam’s observation that there is “no common methodology” to account for the contributions and that only US$16-21 billion of overseas aid commitments fell under assistance directed towards reductions in greenhouse gas emissions and towards adaptations for climate change effects.