This paper describes the opportunities and costs associated with the development of monitoring approaches for national climate change public finance. It describes a leading example of climate change budget tracking, summarises five tools that can support climate change financial monitoring, and identifies key enabling conditions for its effective application. The opportunity to apply these tools in non-Annex I countries is briefly described, along with a closer look at Costa Rica as a country with strong potential for effective tracking. The paper concludes by emphasising that the prioritisation, sequencing and frequency of monitoring efforts will influence the overall effectiveness of monitoring climate change public finance.