Title page 1

Contents 3

Foreword 5

Executive summary 6

Context 7

About this report 8

Key findings 9

Recommendations 9

CHAPTER 1. Introduction 11

CHAPTER 2. Methodology 14

Limitations 15

CHAPTER 3. Key Principles: Transparency, Participation, Accountability 17

Transparency 18

Participation 18

Accountability 19

Defining the open governance climate finance system 19

CHAPTER 4. Transparency 21

Transparency in domestic governance systems 22

CHAPTER 5. Participation 34

Participation in domestic governance systems 35

CHAPTER 6. Accountability 45

Accountability in domestic governance systems 46

Accountability in private governance systems 51

Challenges to accountability 51

CHAPTER 7. Conclusions 53

Appendix A. Interview List 56

Appendix B. Interview Questions 56

Abbreviations 58

References 59

About WRI 68

TABLE 1. Overview of principles and key elements 18

TABLE 2. Transparency at key international climate finance institutions (nonexhaustive) 27

TABLE 3. Accredited entities as of June 2025 41

TABLE 4. Potential oversight actors 47

TABLE 5. Sources of climate finance and their grievance mechanisms (nonexhaustive) 49

FIGURE 1. Open civic space and climate finance per capita 12

FIGURE 2. Open governance climate finance ecosystem 20

FIGURE 3. Overview of green taxonomies, CBT approaches, and reporting format 23

FIGURE 4. Countries with corporate climate disclosure mandates 30

FIGURE 5. Overview of the Equator Principles 31

FIGURE 6. Entry points for civil society engagement on climate finance with domestic budget cycles 37

FIGURE 7. Elements of a public participation engagement plan 39

Boxes 15

BOX 1. Green Accountability Platform 15

BOX 2. How CSOs in Mexico are strengthening the climate finance open governance principle 24

BOX 3. France's holistic reporting of its green budget 25

BOX 4. Bangladesh adaptation data to strengthen participation 36

BOX 5. Senegalese CSO empowers citizen participation in climate finance tracking 38

BOX 6. Financing Locally Led Climate Action 40

BOX 7. CIF's DGM: Decentralizing climate funds in practice 42

BOX 8. CSO and citizen participation in governance of carbon markets: The case of Brazil 43

BOX 9. Accountability Console database of climate finance complaints 50