The Paris Agreement commits nations in Article 2(1) to “Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” However there is an absence of internationally agreed accounting rules that would permit overall assessments of progress to this goal and any meaningful comparisons of performance between countries. This is true also for the quantitative Copenhagen/Cancún promise by developed nations to jointly mobilize US$100 billion by 2020. Our goal is to provoke discussion about the depth of the problems this lack of a functional definition and accounting system have created and perpetuated. We do so by describing the fragmented system of national reporting of climate finance and how the OECD’s Rio Marker system is serving neither contributors nor recipients. More than a trust issue between developed and developing countries, we argue that the lack of modalities to account for climate finance also considerably impedes the effective functioning of the bottom-up approach that now prevails under the UNFCCC. The deadline to propose "modalities of accounting climate finance" by 2018 is a crucial window in which to address this chronic issue in international climate policy.
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