Recommendation 62

We believe that the current level of ICF is fundamentally over-reported, reducing the credibility of declarations and scope for achieving climate adaptation and resilience. We are calling for full transparency in the reporting of climate finance to enhance the ability of third parties to track funding from start to finish. To reach the UK-backed goal of channelling 70% of climate finance directly to local communities, we urge the FCDO to report in full transparency how much climate finance is reaching the local level through its main reporting channels—such as the UK’s Development Tracker and the Development Assistance Committee (DAC) of the Organisation for Economic Co-operation and Development (OECD)—and to encourage other donors to do the same. Further, the UK Government should host regular meetings between fund- recipient institutions from LDCs and SIDS, bilateral and multilateral donors during its COP presidency to devise a functional definition of climate finance as well as a clearer definition of the term ‘new and additional’ for use by donors. The Government should provide a progress report by 31 March 2022 . 130 International Institute for Environment and Development (IIED) (CDC0048) 131 E3G, 2021 Climate and Development Agenda Stocktake, pp.5–6, 17 September 2021 132 CARE International, Hollow Commitments: An Analysis of developed countries’ climate finance plans, p.15, 1 June 2021 133 Foreign, Commonwealth and Development Office (CDC0016) 134 Foreign, Commonwealth and Development Office (CDC0016) 24 Global Britain in demand: UK climate action and international development around COP26 4 Reinforcing policy coherence across UK climate action Fossil fuel policy The best thing you can do for us is to cut your emissions […]. H.E. Ms Diann Black-Layne, Lead Negotiator on Climate Change, Alliance of Small Island States135