COP22 guidance to GCF stresses progress made and steps needed to implement Paris AgreementMarrakech / Songdo,
The Conference of Parties (COP) has issued its latest guidance to the Green Climate Fund (GCF) at its 22nd meeting in Marrakech, Morocco. The decision of the COP sets out the requests from the governments that are Parties to the United Nations Framework Convention on Climate Change (UNFCCC), and that will guide the Fund over the coming year.
The COP decision welcomes the progress of the Fund over the past 12 months, notably the approval of USD 1.17 billion for 27 projects and programmes in 39 countries, and the approval of funding under the GCF’s Readiness and Preparatory Support Programme for 57 countries, totaling USD 16 million.
The COP also noted the steps taken to enhance direct access by launching a USD 200 million programme, as well as a USD 100 million programme to support micro-, small-, and medium-sized enterprises.
Several other markers of the Fund’s rapid progress during 2016 are also noted, including the accreditation of 41 entities, including 18 direct access entities, the approval of up to USD 3 million per country in funding for the preparation of national adaptation plans, and the operationalization of the Fund’s Project Preparation Facility (PPF) with an initial allocation of USD 40 million.
The COP decision then sets out guidance to GCF for 2017. The recommendations to the GCF Board include the following key focus areas:
- Increasing the amount of direct access proposals in the Fund’s pipeline;
- developing simplified and efficient project application and approval procedures;
- moving quickly to the implementation of projects by concluding Accreditation Master Agreements (AMA) and Funded Activity Agreements (FAA);
- concluding bilateral Privileges and Immunities (P&I) agreements;
- supporting activities to promote private sector involvement in Least Developed Countries (LDCs) and Small Island Developing States (SIDS), and for private sector engagement in adaptation action;
- agreeing the arrangements for the first formal replenishment process for the Fund; and
- finalizing its work on financing for forests.
Responding to the COP decision, GCF Executive Director ad interim Javier Manzanares stated: “We welcome the positive evaluation from the Conference of the Parties, and the recognition of the rapid progress made by GCF over the past twelve months. The COP is determined to make the Fund truly transformative, and the guidance from the COP will help the Board to achieve this goal.”
The COP22 guidance to GCF is available here.
As an operating entity of the UNFCCC’s Financial Mechanism, the GCF receives its guidance from the COP. The next GCF Board meeting (B.15) will take place from 13 to 15 December in Apia, Independent State of Samoa.