According to the projection of the OECD, global climate finance from public sources have already reached 66.8 billion USD. Its utilization in developing countries increased and it mobilized projects to address climate change and its impacts. It is crucial that the needs of developing countries are recognized in order to understand how climate finance can be mobilized. Continued commitment to advance climate finance is essential but recipients must be able to maximize the finance at hand and use it effectively. However, there is a necessity to effectively track climate finance from the global perspective to the local level to ensure transparency in the project details. Improving transparency in tracking available finance also increases accountability, ensuring that climate commitments are met with the help of climate finance.
The Climate Finance Adaptation Study Report: Philippines is part of an international pilot project on adaptation finance tracking. The intent of the report is to evaluate the accuracy and reliability of multilateral and bilateral donors’ reporting of climate finance. Earlier studies of international climate finance have indicated that donors tend to report higher amounts spent on adaptation activities than what is in fact the case on the ground. The project builds on civil society assessments of international support for climate adaptation to six developing countries: Ghana, Uganda, Ethiopia, Nepal, Vietnam, and the Philippines. The report is limited to adaptation finance going to the Philippines, however results from all six (6) countries are summarized in a global report.