The point of departure for this study is the available data in Norway on climate finance for developing countries. The bottleneck in tracking mobilized private climate finance is availability and quality of data. The main challenge is that Norwegian public institutions sourcing public support for climate finance have not yet implemented sufficient systems for measurement, reporting and verification of mobilized private climate finance. In addition, climate finance tracking is constrained by methodological difficulties and lacking international standard definitions and methods. Despite these limitations, we have estimated that Norwegian public climate finance support to developing countries via bilateral and multi-bilateral support amounted to 1,019 MUSD in 2014, split into bilateral flows at 578 MUSD and multi-bilateral flows at 441 MUSD. The main public institutions sourcing this money, ranked according to the size of their money flows, are: Ministry of Foreign Affairs (MFA) - embassies, Norad, MFA, KLD, and Norfund. We examined public support for projects summing up to 692 MUSD, which we could link to an estimated 202 MUSD of mobilized private co-finance. Based on our analysis, Norfund is the primary institution that has mobilized private climate finance. These climate finance flows are likely to be low estimates. In addition, Norway provided another 123 MUSD as climate-related core support to multilateral organizations. Although a number of uncertainties are attached to the data, they cover the largest flows and most available project data. One learning from this process is not to aim for a “perfect” standardized and complete tracking system, but for an international tracking standard that is simple and transparent, and with built-in flexibility to handle different contexts in terms of actors and sources at international and national levels.
- Year: 2015
- Language: English
- Series/Report: CICERO Report;2015:04