International experiences on Measurement, Reporting and Verification of climate finance and implications for China

doi:10.12006/j.issn.1673-1719.2021.198

Abstract

Abstract:

Achieving China's goals of carbon dioxide peaking before 2030 and carbon neutrality before 2060 requires a large amount of financial support, and it is urgent to build a climate finance system to match the goals. The Monitoring, Reporting and Verification (MRV) system, an important part of the climate finance system, can not only effectively monitor and report the sources, usage and effectiveness of climate finance, but also make full use of the existing climate finance resources and leverage more money to the climate change field. This paper summarizes and analyzes the latest progress of the international climate finance MRV system and its implications for China through extensive literature review and expert consultation. Since 2010, with the increasing channels and quantity of international climate finance flows, a complete MRV system of bilateral and multilateral public finance has been established, and the MRV system covering more sources, such as private and domestic funds, is further being developed. At the same time, the MRV system of climate finance effects has been gradually established in terms of climate benefits such as climate change mitigation and adaptation effects, and non-climate benefits such as consistency with the Paris Agreement financial targets, contribution to sustainable development goals, etc. China is still at the early stage of climate finance MRV system, and should improve it in terms of top-level design, policy and standards, measurement and reporting, capacity building and international communication and cooperation in the near future.

Key words: Climate finance, Climate finance flows, Measurement, Reporting and Verification (MRV), Carbon dioxide peaking, Carbon neutrality

ZENG An, TAN Xian-Chun, WANG Yi, GAO Jin-Xin. International experiences on Measurement, Reporting and Verification of climate finance and implications for China[J]. Climate Change Research, 2022, 18(2): 215-229.

Figures/Tables 10

Table 1 Definition of mitigation and adaptation of main international organizations

Fig. 1 Framework of international climate finance MRV

Table 2 Main organizations and their key areas for climate finance MRV

Table 3 MRV requirements of international public climate finance flows

Table 4 MRV requirements of private finance mobilized by international public climate finance

Table 5 MRV requirements of mitigation and adaptation effects for main climate funds

Table 6 The assessment method and index of capital flow and stock by private financial sector

Table 7 The key issues of MRV system of international climate finance

Table 8 The key issues of MRV system of China's climate finance

Appendix Abbreviation

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