This paper discusses critical information that needs to be monitored and regularly tracked in order to establish a broad system for measuring, reporting, and verifying (MRV) climate finance. Improvements to current mechanisms of reporting and tracking, in addition to novel reporting approaches, are suggested for a more comprehensive MRV system. It is noted that any such system should work towards internationally acceptable definitions and approaches to quantify support, through a process of open discussion with specific intergovernmental organisations dealing with climate finance. The key recommendation of the paper is that information from other intergovernmental organisations should be used in conjunction with existing reporting mechanisms under the UNFCCC in order to ensure that the MRV process is less cumbersome and does not replicate existing mechanisms. The authors suggest a multi-dimensional and dynamic framework for tracking climate finance. It is asserted that lack of a standard format for collection of data on climate finance impedes the process of defining both private and public financial flows for climate action. The authors call for an integrated framework to combine the information from a variety of information sources from the country Parties as well as reporting systems outside of the UNFCCC.