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Co-Chairs’ expectations for the 13th meeting of the GCF Board

Songdo,

The thirteenth meeting of the Board of the Green Climate Fund (B.13) will be held in Songdo, Republic of Korea, from 28 to 30 June 2016.

B.13 shifts the focus from operational essentials to the GCF's core business of funding proposals and strengthening its partner network.

According to GCF Board Co-Chairs, Zaheer Fakir (South Africa) and Ewen McDonald (Australia), the Board’s main priorities will be the approval of project proposals, accreditation of entities to partner with the Fund, the establishment of important risk guidelines for credit and investment, assessment of the proposal pipeline and the programmatic approach to funding proposals.

“B.12 laid a strong foundation for progress in 2016, with resolution of key administrative and policy gaps,” said McDonald. “We are a learning institution and we will continue to evolve, but B.13 is the time to show that the GCF is ready to deliver.”

The Fund’s proposal pipeline has now grown to USD 2.4 billion.

“However, more proposals are needed for the Fund to be within reach of its aspirational USD 2.5 billion approvals target this year,” said Fakir.

“But, as GCF gains momentum, the rate and ambition of proposals being submitted will steadily increase and we’ll be trending in the right direction.”

Also high on the Board’s agenda will be progressing selection of a new Executive Director of the Secretariat of the Fund with the term of the inaugural Executive Director, Hela Cheikhrouhou, set to expire in September.

The Co-Chairs thank Board Members, Alternate Members, advisers and the Secretariat for their hard work in the lead up to this Board meeting.

“Thanks to their commitment, we are confident of achieving a strong outcome at B.13,” said McDonald.