EUROSAI. Magazine N26 - 2021

Magazine No. 26 - 2021 125 Studies and other articles Different systems should be comparable As tracking climate finance becomes more common, the uniformity and comparability of different systems – for example between the EU Member States – will become important. Ideally, one level of governance could rely on information from other levels of reporting. Moreover, different approaches taken in the public and the private sector pose their own challenges, including in situations where public sector investment acts as a catalyst for private investments. For example, the EU taxonomy for sustainable economic activity regulates private investors and contains the principle of doing no harm, according to which climate actions should not hamper the achievement of other environmental objectives. National Audit Office of Finland commissioned the study to support the European cooperation project focusing on long-term risks and climate finance. The report helps auditors and researchers to verify how climate finance is realised and to better assess its effectiveness, while also providing decision-makers and the wider public with important information on the appropriate use of budget funding. This increases transparency on whether climate expenditure is focused on those areas capable of addressing climate challenges most effectively. The report is available on the website: Review of approaches to tracking climate expenditure ( More information: Vivi Niemenmaa