Development banks agree on common reporting method for adaptation finance

AllAfrica.com's sponsor wire: After months of collaboration and research, the African Development Bank (AfDB) and five other multilateral development banks (MDBs) have come to various agreements on a protocol and process for adaptation finance reporting. This is a move considered critical to the MDBs' efforts to monitor and evaluate financial resources for climate change.

This progress came at the MDB Adaptation Finance Tracking Workshop, led by the AfDB on 22 May on the sidelines of the Climate Change Conference of the UN Framework Convention on Climate Change (UNFCC), held from14 to 25 May in Bonn, Germany. The MDBs agreed on the adaptation concept that they will adopt, as well as the high level principles of the joint methodology, and a roadmap to test and disclose the methodology by the 2012 UN Climate Change Conference (COP18) in late November.

"Having a joint MDB methodology for tracking aid spending that contributes to climate change adaptation means the MDBs and development partners can engage in substantive analysis of climate finance. We will be better able to measure, report and verify climate financial flows and the results they support," stated Mafalda Duarte, AfDB Chief Climate Change Specialist...

A Burroughs Accounting Machine, shot by Chris Kennedy, Wikimedia Commons via Flickr, under the Creative Commons Attribution 2.0 Generic license