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This report surveys the monitoring and evaluation (M&E) systems of eight multilateral and bilateral financial institutions to determine how they measure the effectiveness of public climate finance. It finds that while most institutions have general results-based frameworks, there is a critical lack of specialized, consistent procedures to measure actual greenhouse gas (GHG) impacts upon project completion. The report highlights the potential of the UNFCCC reporting framework to become a global standard and recommends the adoption of core indicators, real-time evaluations, and more rigorous project selection processes to ensure maximum value for public investment.