Several national and international development banks adopted common norms for tracking projects for the mitigation of climate change effects. Similar principles for tracking adaptation finance and leverage are being developed.
The document was published on the Paris Climate Finance Forum.
These institutions have been tracking climate finance for only a few years, and their methods have varied, making global public finance numbers difficult to compare. Some methods left out segments; others led to double counting of resources, the World Bank said.
The principles were developed by the joint group of multilateral development banks (MDBs), including European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), International Finance Corporation and the World Bank, and the International Development Finance Club (IDFC), including KfW Bankengruppe, Croatian Bank for Reconstruction and Development, Industrial Development Bank of Turkey and the Black Sea Trade and Development Bank.