Earlier this week, the European Court of Auditors released its findings of an audit of European financial support to help developing countries cope with climate impacts.
The report reveals the overall EU coordination with member states, who provide the large majority of European climate finance, is inadequate. Auditors highlight how the lack of a robust monitoring, reporting and verification system makes climate finance reporting by the EU as a bloc meaningless.
David Hall-Matthews, Director of Publish What You Fund, said:
“The report says the European Commission and member states are in a mess on climate finance because they have failed to agree standards. They should simplify the process by using a ready-made standard that works: the International Aid Transparency Initiative (IATI). A number of climate finance providers, such as the Adaptation Fund, Climate Investment Funds and Global Environment Facility, have already committed to IATI.
“Alternatively, if the Commission wants to develop an international standard specifically on climate finance, we’d be happy to show how the IATI model can help. It is the only functioning global open data standard and has led to smarter, more ambitious decision-making.”
EU governments use different accounting methodologies, and no agreement has yet been made to scale up climate finance by 2020. Auditors urge the Commission to step up leadership, such as agreeing common reporting standards and proposing a roadmap to increase climate finance to European Governments