Tracking the Financing of Climate Action: How Colombia Developed and Implemented a Comprehensive National MRV Framework for Climate Finance
Colombia is one of the first countries in the world to have developed a comprehensive Monitoring, eporting and Verification (MRV) framework to track climate finance (Climate Finance MRV) from ublic, private and international sources. The development of the MRV framework has followed everal steps, including: The establishment of a tailored methodology, the development of an online latform and the implementation of an ownership strategy of the MRV framework at different overnance levels and with the public and private sector.
The online platform is a key element of the MRV framework, providing information in several forms – nter alia through maps that georeference climate finance information; summaries of project information; raphics and tables that present an information analysis; and infographics with Aggregate ata. All this aims to facilitate access, understanding, and use of the climate finance information. he National Planning Department of Colombia leads the process and has also promoted the framework nationwide to be used as a planning tool.
Colombia´s Climate Finance MRV framework constitutes a good practice as it follows a multi-Level overnance approach, has been characterised by a high level of stakeholder engagement and is ransparent in nature.