Co-chair: SCF's financial resources surge by 60%

Ambassador Diann Black Layne, co-chair of the Standing Committee on Finance (SCF) under the United Nations Framework Convention on Climate Change (UNFCCC), has revealed a remarkable 60% increase in financial resources since the committee's last meeting, Report informs.

Black Layne made the announcement during a high-level roundtable discussion on "Children, Youth, and Climate Action," held as a part of the COP29 conference."

“Our main objective is to gather information, finance initiatives that consider the needs of children and youth, and allocate funds for the implementation of work under the Paris Agreement," she emphasized. "Additionally, we contribute to the creation and application of informational products."

The SCF provides financial assistance especially to developing countries:

"For example, this year, Tanzania received financial support," noted the co-chair. "We examine how these funds are spent and evaluate the specific outcomes of these measures. Based on this information, we support the financing of initiatives, especially in developing countries."

She also pointed out that the committee works in close collaboration with governments, reviewing draft documents prepared at the national level.

The co-chair noted that although there is no separate budget line for youth-related activities, the SCF considers financing opportunities in areas such as education and sports based on the information provided by countries during budget formulation.

Black Layne stressed that the committee's goal is both to provide financial assistance and to support effective measures based on information. "Transparent and effective financial mechanisms for sustainable climate action are among our top priorities," she concluded.