METHODOLOGICAL APPROACH TO COLLECTING CLIMATE FINANCE DATA- THE EXAMPLE OF BOSNIA AND HERZEGOVINA

Abstract:This study examines climate finance context, policy context in Bosnia and Herzegovina and creating recommendations regarding national Monitoring, Reporting and Verification (MRV) system to track climate finance inflows and public expenditure. This research was prepared to answer the question, what is the best methodological approach for recording climate finance in Bosnia and Herzegovina, considering the best foreign practices as well as the specifics of the political system of Bosnia and Herzegovina. The subject of the research was the financial flows of investments in climate change, mitigation and adaptation, and the recommendation of the best way to establish a system for monitoring, reporting and verifying the relevant financial indicators. During the research, the main hypothesis was tested: H1: The existing monitoring of flows of public finances in Bosnia and Herzegovina give a clear picture of investment in climate change. The findings underscore the necessity for a robust MRV system that not only enhances transparency but also fosters accountability in the allocation of climate finance. It becomes evident that tailored strategies must be deployed to integrate these practices within the existing governance frameworks, ensuring that financial flows align with national climate objectives. Ultimately, this study seeks to contribute valuable insights and actionable recommendations toward advancing climate finance management in Bosnia and Herzegovina, advocating for a sustainable and resilient future in the face of climate change impacts.

 

Keywords: public finance, sustainability, management, financial management and control, fiscal economy