WHAT IS MRV
The term MRV originally came from the Bali Action Plan, the negotiating text of the United Nations Framework Convention on Climate Change (UNFCCC) in Bali, Indonesia at the end of 2007. The basic understanding of the Bali Action Plan is that climate change mitigation actions – mainly Greenhouse Gas (GHG) emissions reduction – shall be implemented in a “measurable, reportable and verifiable” manner, and this idea has brought significant implications for international negotiations since then. In parallel, the term of “MRV” has often been used without a common understanding of its definition, objective and content, leading to confusion and misunderstanding.
The key function of MRV is enhancing transparency through the tracking of national GHG emission levels, the tracking of climate finance flows received or the impact of mitigation actions. MRV facilitates sharing information and lessons learnt and allows assessing whether set targets have been achieved. This creates transparency and shows the continuity of a country's actions, which internationally strengthens trust of climate finance donors and other investors. Transparent MRV approaches can improve comparability at national and international level thus supporting coherence between domestic and international MRV systems. Where detailed reporting on MRV approaches takes place, as in National Inventory Reports under the UNFCCC, this enhances the identification of best practice examples.
You can check the Elements and Options for National MRV Systems document for further details about MRV: