Assessments of climate ﬁnance governance carried out by Transparency International in 2013 in Bangladesh, Dominican Republic, Kenya, Mexico and the Maldives revealed a complex and fragmentary funding landscape that is complicating efforts to track ﬁnancial ﬂows, and to ascertain who should be held accountable for decisions and results. Apart from that, TIB research identified that there are challenges to ensure clear and consistent system of budget classiﬁcation, shortage of better accountability metrics, state audits and evaluation system to monitor performance, track climate ﬁnance volumes, target sectors and projects. There are also challenges to ensure effective consultation through a formalised space for citizen participation at all stages of adaptation project’s cycle – from design, to procurement, to monitoring and evaluation, to complaints management.
To improve the governance in adaptation finance, taking into consideration of the above-mentioned challenges, this research identified that there are readily available solutions to improve the governance and help ensure the efﬁciency of adaptation ﬁnance. To find the solutions, the study went through the existing climate finance governance landscape in Bangladesh to identify the minimum adaptation standards needed to achieve good governance. Against this backdrop, this study brought together the key climate finance stakeholders in Bangladesh to agree on baseline standards of adaptation finance governance and outline steps that need to be taken by each stakeholder group in order to strengthen and improve adaptation finance governance. This study gives an overall synopsis to portray the existing fiduciary standards, strengths and weaknesses that need to be addressed to raise the bar to establish inclusive governance standards in adaptation finance projects. The research also successfully convened the key stakeholders working on climate finance at the national level in Bangladesh and facilitated an open discussion on some of the most contentious problems relating to adaptation finance transparency, accountability, integrity and coherence.