The UNFCCC Standing Committee on Finance, tasked with enhancing transparency and clarity on climate finance flows, released a report titled “The 2014 Biennial Assessment and Overview of Climate Finance Flows” on December 3 at the Lima summit. This first-of-its-kind assessment report compiled data on the flow of finance for emission reductions and adaptation, within countries and via international support.
| Key findings of the report
- $650 billion of total climate finance was estimated to be in global circulation in 2011-12.
- $35 to 50 billion of support flowed annually from developed to developing countries.
- In developed countries, 80 per cent of climate finance in 2011-12 was raised domestically.
- In developing countries, 71 per cent of climate finance in 2011-12 was raised from national sources.
- Around 95 per cent of total global climate finance is spent on mitigation or cutting emissions and only five per cent is spent on adaptation.
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Other highlights of the discussions on climate finance