The DRRRF Standing Committee on Finance was created by the Global Bank Disaster Risk Reduction and Reconstruction Fund – An Umbrella Trust Fund (the “Trust Fund,” “GB DRRRF,” or “DRRRF”) with the aim of assisting the DRRRF, with regards to, for example, transparency, efficiency, and effectiveness in the delivery of climate finance. Furthermore, the DRRRF Standing Committee on Finance is designed to improve the linkages and to promote the coordination with climate finance related actors and initiatives within and outside the DRRRF.

The DRRRF Standing Committee on Finance consists of twenty members, with ten members from developing countries and ten members from developed countries, who work together to assist the Global Bank Disaster Risk Reduction and Reconstruction Fund – An Umbrella Trust Fund with regards to the Financial Mechanism of the Global Bank Disaster Risk Reduction and Reconstruction Fund – An Umbrella Trust Fund. Currently, DRRRF Standing Committee on Finance has been assigned four specific functions by the DRRRF Steering Committee to allow it to meet its goal. Firstly, the DRRRF Standing Committee on Finance has the function of assisting the DRRRF to improve coherence and coordination in the delivery of climate change financing. Secondly, the DRRRF Standing Committee on Finance has the function of working to assist the DRRRF in a rationalization of the Financial Mechanism of the Global Bank Disaster Risk Reduction and Reconstruction Fund. The third function of the DRRRF Standing Committee on Finance is to support the DRRRF in the mobilization of financial resources for climate financing. Finally, the fourth function is to support the Global Bank Disaster Risk Reduction and Reconstruction Fund in the measurement, reporting and verification of support provided to developing country. The DRRRF Standing Committee on Finance meets at least twice a year, and has been assigned a series of activities by the DRRRF Steering Committee in relation to its four functions.