Board decisions

The Board, having considered document GCF/B.33/11 titled “Review of the financial terms and conditions of the Green Climate Fund financial instruments”:

1. Takes note of the review of the financial terms and conditions of the Green Climate Fund financial instruments led by the Investment Committee as contained in document GCF/B.33/11;
2. Requests the Secretariat to take up the recommendations from the review of the financial terms and conditions relating to concessionality, in the context of ongoing work to develop the policy on concessionality as mandated under decision B.19/06;
3. Also requests the Secretariat to develop a local currency financing pilot programme that addresses current barriers and risks associated with currency fluctuations at the programme/project level, including an analysis of the requirements for operationalization and impact assessment of a programme, with a view for the Investment Committee to review and make a recommendation to the Board no later than the thirty-sixth meeting of the Board;
4. Further requests the Secretariat to present an approach in which GCF can more efficiently deploy its current financial instruments, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-sixth meeting of the Board;
5. Requests the Secretariat to review the financial terms and conditions of the Green Climate Fund financial instruments in accordance with the terms of reference set out in annex I to decision B.BM-2019/08, as may be amended pursuant to decision B.BM-2019/08, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-seventh meeting of the Board; and in the third year of every four-year policy cycle thereafter prior to commencement of the new replenishment programming period; and
6. Approves an additional administrative budget for the Secretariat in the amount of USD 200,000 to conduct the further reviews and analyses referred to in paragraphs (c), (d) and (e) above. This approval is in addition to the 2022 administrative budget for the Secretariat as approved via decision B.30/07, it being understood that amounts not utilized in 2022 shall be carried forward into the administrative budget for the Secretariat for 2023.

The Board, having considered limited distribution document GCF/B.33/16 titled “Matters related to the Heads of Independent Units”:

1. Takes note of and accepts the resignation of Mr. Lalanath de Silva as Head of the Independent Redress Mechanism effective from 31 August 2022;
2. Requests the Ethics and Audit Committee to consider appropriate candidates for the role of Head of the Independent Redress Mechanism ad interim, and to make a recommendation to the Board, no later than 15 August 2022, on a final candidate for appointment by the Board by a decision without a Board meeting;
3. Takes note of the updated timeline for the Head of the Independent Evaluation Unit recruitment process set out in annex IX;
4. Also takes note of the updated timeline for the Head of the Independent Redress Mechanism and the Head of the Independent Integrity Unit recruitment process set out in annex X; and
5. Decides to consider the appointment of the Head of the Independent Evaluation Unit at the thirty-fourth meeting of the Board and the appointments of the Head of the Independent Integrity Unit and the Head of the Independent Redress Mechanism at the thirty-fifth meeting of the Board, according to the updated timelines.

The Board, having considered limited distribution document GCF/B.33/17 titled “Selection of the Executive Director”:

1. Adopts the terms of reference of the Executive Director of the Green Climate Fund Secretariat as set out in annex XI;
2. Requests the Co-Chairs to conduct a comprehensive assessment of the mandates and responsibilities delegated by the Board to the Executive Director of the Secretariat, and to report to the Board for consideration of their potential impact on the terms of reference of the position;
3. Adopts the selection process for the Executive Director of the Green Climate Fund Secretariat as set out in annex XII;
4. Takes note of the indicative timeline of the entire process for the selection and appointment of the Executive Director of the Green Climate Fund Secretariat as set out in annex XIII;
5. Establishes the Executive Director Selection Committee as an ad hoc committee of the Board in accordance with paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
6. Adopts the terms of reference of the Executive Director Selection Committee as set out in annex XIV;
7. Appoints as members of the Executive Director Selection Committee:
   1. Nadia Spencer-Henry
   2. Karma Tshering
   3. Nauman Bashir Bhatti
   4. Tlou Emmanuel Ramaru
   5. Hans Olav Ibrekk
   6. Sarah Metcalf
   7. Jean-Christophe Donnellier
   8. Victoria Gunderson
8. Decides to engage the services of an independent executive search firm to support the Executive Director Selection Committee;
9. Authorizes the Secretariat, notwithstanding the Administrative Guidelines on Procurement, to issue the request for proposal for the independent executive search firm in accordance with the deadlines set out in annex XIII;
10. Endorses the terms of reference of the independent executive search firm as set out in annex XV;
11. Approves a budget increment of USD 65,000 for the selection of the Executive Director of the Green Climate Fund Secretariat, including the costs of the independent executive search firm; and
12. Authorizes the Executive Director Selection Committee to engage the services of the independent executive search firm, with due observance of applicable procurement rules.

The Board, having considered document GCF/B.33/13 and its Add.01 titled “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”:

1. Requests the Co‐Chairs, assisted by the Secretariat, to finalize the “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annexes XVI, XVII, and XVIII, taking into consideration the comments made and decisions taken at the thirty-third meeting of the Board, and submit the revised report to the United Nations Framework Convention on Climate Change secretariat, no later than 12 weeks prior to the twenty-seventh session of the Conference of the Parties, in accordance with decision 7/CP.20, paragraph 23; and
2. Also requests the Co‐Chairs, assisted by the Secretariat, to develop an addendum to the “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change” capturing the progress and decisions to be made during the thirty-fourth meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board considered document GCF/B.33/12 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the thirty-fourth meeting of the Board will take place from Monday, 17 October to Thursday, 20 October 2022, in the Republic of Korea;
2. Decides that the thirty-fifth meeting of the Board will take place from Monday, 13 March to Thursday, 16 March 2023, in Kigali, Rwanda, with the dates and venue to be confirmed at the thirty-fourth meeting of the Board; and
3. Requests the Secretariat to initiate consultations with the host country with the aim of finalizing the memorandum of understanding for the hosting of a Board meeting at least four weeks before the commencement of the meeting of the Board.

The Board, having considered document GCF/BM-2022/04 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

Approves the accreditation of the following organizations as observer organizations to the GCF:

Civil society organizations:
Accountability Counsel (AC)
Youth Foundation of Bangladesh (YFB)
Youth Partnership for Peace and Development (YPPD)

Private sector organizations:
Ricardo-AEA Ltd (Ricardo Energy & Environment)

International entities:
Economic Community of West African States (ECOWAS)

The Board, having considered document GCF/B.32/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 184 titled “Vanuatu community-based climate resilience project (VCCRP)" by Save the Children Australia, as contained in document GCF/B.32/02/Add.01 and 08;
   2. Funding proposal 185 titled “Climate Change: The New Evolutionary Challenge for the Galapagos" by Corporación Andina de Fomento, as contained in document GCF/B.32/02/Add.02 and 08;
   3. Funding proposal 186 titled “India E-Mobility Financing Program" by Macquarie Alternative Assets Management Limited, as contained in document GCF/B.32/02/Add.05; and (iv) Simplified funding proposal 024 titled “Pakistan Distributed Solar Project" by JS Bank Limited, as contained in document GCF/B.32/02/Add.06;
2. Approves funding proposal 184 for the amount of USD 26,182,878, submitted by Save the Children Australia, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.08;
3. Also approves funding proposal 185 for the amount of USD 65,271,299, submitted by Corporación Andina de Fomento, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.08;
4. Further approves funding proposal 186 for the amount of USD 200,000,000 submitted by Macquarie Alternative Assets Management Limited, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.05;
5. Approves simplified funding proposal 024 for the amount of USD 10,000,000, submitted by JS Bank Limited, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.06;
6. Reaffirms that pursuant to annex IV to decision B.17/09, the Executive Director or his designee is authorized to negotiate and enter into legal agreements on behalf of the GCF with accredited entities and other parties involved in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
7. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered document GCF/B.32/03 titled “Status of approved funding proposals: Request for Tranche 2 for FP103 - Promotion of Climate-Friendly Cooking: Kenya and Senegal”:

1. Recalls decision B.22/07, paragraph (h), pursuant to which the Board decided that the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH may seek further approval of the Board of commitment of further funding in an amount when aggregated with amounts previously approved by the Board, no greater than EUR 38,360,000, subject to the conditions set by the Board in annex III to that decision;
2. Takes note of the Tranche 2 Proposal in respect of funding proposal 103 titled “Promotion of Climate-Friendly Cooking: Kenya and Senegal”, by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in annex III to document GCF/B.32/03;
3. Approves the Tranche 2 Proposal in respect of funding proposal 103 for the amount of EUR 21,851,000, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH;
4. Authorizes the Secretariat to negotiate the necessary amendments to the funded activity agreement for funding proposal 103 to give effect to the approval of the Tranche 2 Proposal in paragraph (c) above; and
5. Also authorizes the Secretariat to disburse fees in respect of Tranche 2 of funding proposal 103 approved by the Board as per the disbursement schedule to be agreed in the amendments to the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered document GCF/B.32/04 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant annexes for the following applicants for re-accreditation:
   1. Applicant R044 (RAPL044) is the Korea Development Bank (KDB), based in the Republic of Korea, as contained in annex II to this document; and
   2. Applicant R016 (RAPL016) is the Conservation International Foundation (CI), based in the United States of America, as contained in annex III to this document;
   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant annexes for each of the applicants, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Also takes note of the efforts of KDB to advance the purpose of the GCF, including through KDB’s climate finance framework and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
3. Approves the re-accreditation of applicant R044 (RAPL044), the Korea Development Bank (KDB), based in the Republic of Korea, as contained in annex II to this document; and
4. Also approves the re-accreditation of applicant R016 (RAPL016), the Conservation International Foundation (CI), based in the United States of America, as contained in annex III to this document.

The Board, having considered document GCF/B.32/09 titled “Co-Chairs’ note on strategic planning and programming matters”:

1. Recalls decision B.24/02, decision B.24/04, by which the Board endorsed the policy cycle for 2020–2023, and decision B.27/06, by which the Board adopted the updated Strategic Plan for 2020–2023;
2. Requests the Secretariat to present the findings of the Secretariat-led review of the GCF policy frameworks at the thirty-third meeting of the Board, as per paragraph 38 of the updated Strategic Plan for 2020–2023;
3. Decides to conduct an open, inclusive, transparent consultation process engaging Board members and alternate Board members, national designated authorities, accredited entities, active observers, observer organizations and parties to the United Nations Framework Convention on Climate Change and the Paris Agreement, members of GCF panels and groups including the Indigenous Peoples Advisory Group, and other stakeholders to inform the review and update of the Strategic Plan;
4. Requests the Secretariat to facilitate the open, inclusive, transparent consultation process through, inter alia:
   1. Calls for submissions;
   2. Engagement with national designated authorities and accredited entities on programming needs and opportunities; and
   3. Producing summaries of inputs and publishing inputs on the GCF website;
5. Also requests the Secretariat, under the guidance of the Co-Chairs, to present to the Board the review of the updated Strategic Plan at the thirty-fourth meeting of the Board and a zero draft of the updated Strategic Plan for its consideration at the thirty-fourth meeting of the Board, taking into account the summary findings of the second performance review, the findings of the policy review and inputs received through the consultation process described in paragraph (c) above;
6. Decides to have an informal day at the thirty-third and thirty-fourth meetings of the Board to exchange views on the GCF strategic vision, objectives and priorities for the coming replenishment cycle, taking into account evolving priorities including guidance of the Conference of the Parties to the United Nations Framework Convention on Climate Change, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement, and relevant reports from the Independent Evaluation Unit, and to assess opportunities for GCF strategic programming in the second replenishment period; and requests the Secretariat to incorporate the views into the revised updated Strategic Plan referred to in paragraph (e);
7. Decides to conclude its consideration of the update of the GCF strategic plan no later than the thirty-sixth meeting of the Board;
8. Confirms that, as part of the strategic programming exercise, it will consider the evidence and findings of the second performance review, delivered in accordance with the 2022 Independent Evaluation Unit workplan and the schedule noted by paragraph (f) of decision B.BM-2021/11; and
9. Requests the Co-Chairs to prepare a draft decision for the consideration of the Board at its thirty-third meeting in order to launch the replenishment process, and that the process will be conducted in an open, transparent, and inclusive manner

The Board, having considered document GCF/B.32/05 titled “Update of the simplified approval process”, and with reference to decision B.18/06, which mandated the review of the simplified approval process Pilot Scheme:

1. Approves the update of the simplified approval process as set out in annex IV;
2. Requests the Secretariat in close consultation with the independent Technical Advisory Panel and considering the rolling review procedure outlined in decision B.28/03, to simplify the process and reduce the information required for the review of the simplified approval process proposals in a manner that takes into account their smaller size and minimal or no adverse environmental and/or social risks and/or impacts;
3. Also requests the Secretariat to include, starting from the 2023 work programme, granular and progressively ambitious key performance indicators for the simplified approval process (including for the post-approval stage) taking into account, among other things, the recommendations provided in the Independent Assessment of the Simplified Approval Process Pilot Scheme (GCF/B.30/07) and the Secretariat’s management response thereto (GCF/B.30/07/Add.01);
4. Further requests the Secretariat to ensure the continued provision of readiness support for simplified approval process funding proposal preparation and access as part of the current readiness and preparatory support programme and for more comprehensive simplified approval process support to be addressed in the 2023 update to the readiness and preparatory support programme;
5. Confirms that the scale of simplified approval process projects will be increased to a total GCF contribution of USD 25 million per funding proposal as per paragraph 4(a) of annex IV;
6. Also confirms that the scope of activities under the simplified approval process projects remains with no to minimal adverse environmental and/or social risks and/or impacts, as per paragraph 4(b) of annex IV;
7. Further confirms that the simplified approval process strategy will be addressed as part of the Board’s 2022–2023 strategic programming activities;
8. Agrees to review the update of the simplified approval process policy as part of the overall policy cycle for the next programming period;
9. Confirms that matters related to a principle for the presumed existence of climate rationale for the review of adaptation funding proposals under the simplified approval process, based on the existence of unequivocal evidence and science from the Intergovernmental Panel on Climate Change, and local and traditional knowledge will be taken up, and integrated into, the ”Steps to enhance climate rationale” paper to be considered in an upcoming meeting of the Board; and
10. Requests the Secretariat to continue to identify areas for further simplifications within the GCF processes, to inform the review of the simplified approval process and its implementation as noted in paragraph (h) above.

The Board, having considered document GCF/B.32/06 titled “Review of the initial private sector facility modalities and the private sector strategy”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s Approach to the Private Sector undertaken by the Independent Evaluation Unit, the Secretariat’s management response, and the Board’s consideration of these pursuant to decision B.30/11;
2. Requests the Independent Evaluation Unit to present a management action report to the Board no later than one year following the adoption of this decision in line with the Evaluation Policy of GCF;
3. Recognizes that meeting the parameters and guidelines for the allocation of resources during the GCF first replenishment programming period, as agreed under decision B.27/06, paragraph (i), requires a significant increase over 2022 and 2023 in Private Sector Facility programming overall, and in particular an increase in direct access and in adaptation programming through the Private Sector Facility;
4. Adopts the private sector strategy as set out in annex V, which builds on the updated Strategic Plan for the GCF 2020–2023 and its strategic priority of catalysing private sector finance at scale;
5. Requests the Secretariat to engage with national designated authorities and accredited entities to urgently promote the participation of private sector actors in developing countries, including small and medium-sized enterprises and local financial intermediaries, and to enable private sector involvement in least developed countries and small island developing States;
6. Takes note of the proposed non-exhaustive list of priority areas for GCF private sector programming:
   1. Submission by direct access entities;
   2. Focus on adaptation;
   3. Engagement of local private sector actors, including micro, small and mediumsized enterprises;
   4. Support for climate technology incubators and accelerators in developing countries;
   5. Utilization of the diverse financial instruments of GCF, including exploring options to facilitate increased access to equity, guarantees and insurance products, and design and deployment of other innovative instruments; and
   6. Demonstration of significant potential to catalyse private sector finance at scale;
7. Reconfirms GCF’s overall risk appetite statement that in order to realize significant impact and promote paradigm shift to meet the Fund’s strategic objectives, the Fund is willing to accept considerable uncertainties around investment risks in return for impact potential,¹ which in the context of the private sector strategy means the Fund will promote enhanced support to the domestic private sector in developing countries, including through direct access entities, by providing early-stage financing to new, pre-commercially viable technologies or business models and climate initiatives, and deploy first-loss anchor investments as well as support financial innovations to catalyse investments in adaptation and mitigation projects;
8. Requests the Secretariat to encourage and facilitate the use of the Readiness and Preparatory Support Programme and Project Preparation Facility to support countrydriven private sector engagement, through the national designated authorities, enhancing the role of the private sector in implementing nationally determined contributions, national adaptation plans and long-term climate strategies, and to accelerate the development of the private sector pipeline;
9. Welcomes the private sector outreach plan, as contained in annex VI, noting that this is a living document that will be operationalized to promote the implementation of the private sector strategy in conjunction with delivery of the Secretariat’s annual work programmes;
10. Takes note that the Secretariat, in implementing the private sector outreach plan, will engage with leading experts in and representatives of the private sector on a period and structured basis to advise the Private Sector Facility on global trends and opportunities for GCF in catalysing private sector financial flows for mitigation and adaptation in developing countries, and on enhancing GCF private sector engagement and programming; and
11. Requests the Secretariat to report to the Board at its thirty-fourth meeting on the operationalization and implementation of the strategy, including a set of actions and accompanying timetable, and annually thereafter on progress in implementing the strategy and outreach plan.

¹Risk appetite statement as adopted by the Board in annex VI to decision B.17/11.

The Board, having considered document GCF/B.32/08 titled “Matters related to accreditation: report on the analysis of the accredited entity portfolio”:

Takes note of the analysis of the accredited entity portfolio as at 31 March 2022 presented by the Secretariat in annex VII to this document.

The Board, having considered document GCF/B.32/10 titled “Guidance from the twentysixth session of the Conference of the Parties”:

1. Takes note of this report, including the actions to be undertaken by the Board and Secretariat in 2022 in response to guidance received from the Parties during the twentysixth session of the Conference of the Parties, as contained in annex VIII;
2. Requests the Co-Chairs, with the support of the Secretariat, to include an overview of progress on the updated four-year workplan of the Board in the eleventh report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change;
3. Agrees to clarify the use of data and information from, inter alia, the Intergovernmental Panel on Climate Change, and traditional, local and indigenous knowledge and practices in the assessment of concept notes, project preparation funding applications and funding proposals; and to provide this clarification, with the support of the Secretariat, in the consideration of relevant policies as part of its workplan;
4. Requests the Secretariat to present by the thirty-fourth meeting of the Board an information paper for the consideration of the Board for diversifying its selection of financial instruments for addressing climate risk, including parametric insurance for climatic events; and
5. Also requests the Secretariat to prepare by the thirty-third meeting of the Board an information paper outlining the current approach on financing for forests and alternative approaches

The Board, having considered the document GCF/B.32/11 titled “Guidelines for the operation of Board committees: Co-Chairs’ proposal”:

1. Adopts the General guidelines for the operation of Board committees, as set out in annex IX to this document;
2. Amends the terms of reference of standing committees of the Board to reflect these guidelines, as appropriate; and
3. Decides to consider the review of committees, panels and groups, mandated pursuant to decision B.25/03, paragraph (c), at the thirty-fourth meeting of the Board.

The Board, having considered document GCF/B.32/12 titled “Next steps in the event that a Board member is unable to join consensus regarding the outcome of the balloting procedure”:

1. Recalls decision B.23/03, paragraph (d);
2. Decides that in the event that at least one Board member expresses the view that they are unable to join the consensus regarding the outcome of the procedure for confidential balloting (“Balloting Procedure”) set out in section VI of the Procedures for adopting decisions in the event that all efforts at reaching consensus have been exhausted adopted pursuant to decision B.23/03 (“Decision-Making Procedures”):
   1. The Co-Chairs will first further consult with the Board member(s) who has expressed the view that they are unable to join consensus regarding the outcome of the Balloting Procedure;
   2. If after such consultations, the Board member(s) continues to express the view that they are unable to join the consensus, the Board member(s) may make use of the options set out in section II, paragraphs 7(b)—(e) of the Decision-Making Procedures in order to allow the relevant decision to be adopted; and
   3. If the Board member(s) does not wish to make use of any such option, section V of the Decision-Making Procedures shall apply mutatis mutandis to the decision appointing the relevant Board-appointed official; and
3. Requests the Co-Chairs to update annex I to decision B.23/03 to reflect paragraph (b) above.

The Board, having considered document GCF/B.32/13 titled “Draft Co-Chairs’ proposals on the guidelines to determine in which cases decisions without a Board meeting may be requested”:

1. Adopts the guidelines to determine in which cases decisions without a Board meeting may be requested as set out in annex X; and
2. Also adopts the guidance in respect of the implementation of paragraph 43 of the Rules of Procedure of the Board and in respect of other related matters as set out in annex XI.

The Board, having considered document GCF/B.32/14, titled “Dates and venues of upcoming meetings of the Board”:

1. Decides and confirms that the thirty-third meeting of the Board will take place from Sunday, 17 July to Wednesday, 20 July 2022 as an in-person meeting in the Republic of Korea;
2. Also decides that the thirty-fourth meeting of the Board will take place from Monday, 17 October to Thursday, 20 October 2022, as an in-person meeting in the Republic of Korea;
3. Further decides that the thirty-fifth meeting of the Board will take place from Monday, 13 March to Thursday, 16 March 2023;
4. Decides that the thirty-sixth meeting of the Board will take place from Monday, 10 July to Thursday, 13 July 2023;
5. Also decides that the thirty-seventh meeting of the Board will take place from Monday, 23 October to Thursday, 26 October 2023; and
6. Requests the Co-Chairs to continue to monitor the impact of the coronavirus disease 2019 (COVID-19) pandemic on the operations of GCF, and to report to the Board appropriately.

The Board:

1. Recognizes the current extraordinary circumstances resulting from the outbreak of the Omicron variant of coronavirus disease 19 (COVID-19)in the Republic of Korea;
2. Takes note that the Co-Chairs, guided by the best interests of the Fund pursuant to paragraph 10 of the Rules of Procedure of the Board, and on an exceptional basis and in the light of such current extraordinary circumstances, decided to change the modality of the thirty-first meeting of the Board to a net-meeting;
3. Confirms that the invocation by the Co-Chairs of paragraph 10 of the Rules of Procedure of the Board was warranted on an exceptional basis and in the light of the current extraordinary circumstances; and
4. Ratifies the decision of the Co-Chairs to change the modality of the thirty-first meeting ofthe Board to a net-meeting.

The Board, having considered the document GCF/B.31/09 titled “Appointment of members to the committees of the Board”:

1. Appoints as members of the Accreditation Committee, for a term starting on 1 January 2022:
   1. Mr. Antwi Boasiako Amoah;
   2. Ms. Gisella Berardi;
   3. Ms. Ornela Çuçi;
   4. Ms. Jennifer De Nijs; and
   5. Mr. Jan Wahlberg;
2. Also appoints as members of the Budget Committee, for a term starting on 1 January 2022;
   1. Ms. Katrijn Coppens;
   2. Mr. José Delgado;
   3. Ms. Kyunghee Kim;
   4. Ms. Marta Mulas Alcantara; and
   5. Mr. Karma Tshering;
3. Further appoints as members of the Ethics and Audit Committee, for a term starting on 1 January 2022:
   1. Mr. Wael Ahmed Kamal Aboul-Magd;
   2. Mr. Nauman Bashir Bhatti;
   3. Mr. Stéphane Cieniewski;
   4. Mr. Mathew Haarsager;
   5. Ms. Fiona Ralph; and
   6. Mr. Albara Tawfiq;
4. Appoints as members of the Investment Committee, for a term starting on 1 January 2022;
   1. Ms. Isatou F. Camara;
   2. Mr. Toshihiro Kitamura;
   3. Ms. Annette Windmeisser;
   4. Ms. Eliette Riera;
   5. Mr. Tlou Emmanuel Ramaru; and
   6. Ms. Yan Ren;
5. Also appoints as members of the Performance Oversight Committee of the Executive Director and Heads of Independent Units, for a term starting on 1 January 2022:
   1. Mr. Nauman Bashir Bhatti;
   2. Mr. Jean-Christophe Donnellier;
   3. Mr. Mathew Haarsager; and
   4. Mr. Tlou Emmanuel Ramaru.

The Board, having considered document GCF/BM-2021/27 titled “Revised terms of reference for the Head of the Independent Evaluation Unit”:

Adopts the revised terms of reference for the Head of the Independent Evaluation Unit as contained in annex I of this document.

The Board, having considered document GCF/B.31/13 titled “Selection process of the Heads of the Independent Units”:

1. Decides to amend the terms of referenceof theAd Hoc Selection Committee and the EAC selection process to include the selection process for the Heads of the Independent Integrity Unit and Independent redress Mechanism, as set out in annex II;
2. Decides that the Ethics and Audit Committee, in accordance with its ToR approved by Decision B.10/05, to make a recommendation to the Board on a candidate for the head of the IIU;
3. Also decides that the Ethics and Audit Committee, will make a recommendation to the Board on a candidate for the Head of the IRM;
4. Appoints as members of the Ad Selection Committee for the IEU:
   1. Ms. Nadia-Spencer Henry;
   2. Ms. Pacific Ogola;
   3. Mr. Karma Tshering;
   4. Mr. Lars Roth;
   5. Ms. Marta Mulas Alcantara; and
   6. Mr. Hans Olav Ibrekk;
5. Takes note of Board decision B.31/03 on the revised Terms of Reference of the Head of the Independent Evaluation Unit;
6. Decides to expand the scope of work of the procured selection firm to as set out in Annex II and request the Budget Committee to allocate the resources required to for this purpose;
7. Authorizes the Secretariat to amend the contract with the independent executive search firm, with due observance of applicable rules; and
8. Further requests the Selection Committee and the EAC to present their reports containing the recommendations regarding the outcome of the recruitment process in order for the Board to select the Head of the Independent Evaluation Unit, the Head of IIU and the Head of IRM no later than the thirtieth-fourth meeting.

The Board:

1. Takes note that the current four-year term of the Trustee expires on [11 April 2023];
2. Requests the Secretariat to undertake a review of the performance of the Trustee and the value for money of the services provided by the Trustee;
3. Also requests the Secretariat to notify the Board promptly upon the completion of the review in order for the Board to approve the renewal ofthe Trustee arrangements;
4. Confirms that once the Board renews the Trustee’s appointment, the Executive Director shall finalize the renewal of the term of the Trustee for a further four-year period, including by executing the necessary legal and administrative arrangements with the International Bank for Reconstruction and Developmentby the end of 2022, in a manner which ensures there is no discontinuity in trustee services;
5. Decides that, in respect of subsequent renewals of the term of the Trustee, the Secretariat is authorized to review the performance of the Trustee over the relevant period and, unless considered unsatisfactory by the Secretariat, to further renew the term of the Trustee; and
6. Also decides that in the event that:
   1. The Secretariat considers the outcome any of the reviews referred to in paragraph (e) above to be unsatisfactory;
   2. The Trustee wishes to materially deviate from the terms of reference of the Trustee as part of the renewal of term;
   3. The Trustee does not have an interest in continuing to provide trustee services to GCF; or
   4. The Secretariat and the Trustee are not able to conclude the necessary legal and administrative arrangements in a timely manner;
   The Secretariat shall promptly notify the Board and the Board shall take such action as is necessary to ensure there is no discontinuity in trustee services.

The Board, having considered document GCF/B.31/12 titled “Matters related to accreditation: Co-Chairs’ proposal on the updates to the accreditation framework”:

1. Takes note of the findings and recommendations in the Independent Synthesis of the GCF’s Accreditation Function undertaken by the Independent Evaluation Unit (see document GCF/B.26/Inf.05), as well as other related Independent Evaluation Unit evaluations that covered matters related to the GCF’s accreditation systems, the Secretariat’s management responses, and views from the Board in accordance with decision B.30/11;
2. Requests the Independent Evaluation Unit to present a management action report to the Board no later than one year following the adoption of this decision;
3. Agrees to the revised definitions of the size categories as contained in annex III to this document regarding the “scale of intended activities” and that these definitions shall apply to projects and programmes approved at or after the first Board meeting in 2024;
4. Adopts the updates to the accreditation framework set out in annex IV to this document to replace the initial guiding framework for the accreditation process adopted by the Board pursuant to decision B.07/02, paragraph (a), as of the date of effectiveness set out in annex IV;
5. Requests, pursuant to paragraph (d) above, the Accreditation Panel, with the support of the Secretariat, to establish a roster of competent external consultants and/or consultancy firms in accordance with the Administrative Guidelines on Procurement, and approves an additional budget of USD 700,000 under the administrative budget of the Board to be executed during the years 2022 and 2023 for the use of such external consultants and/or consultancy firms;
6. Also requests the Accreditation Committee, in consultation with the Secretariat and Accreditation Panel, to update the draft working modalities of the Accreditation Panel set out in annex I to document GCF/B.21/Inf.10 titled “Reports from committees, panels and groups of the Board of the Green Climate Fund” to reflect the use of external consultants and/or consultancy firms in the context of reviews of entities in Stage II (Step I), with a view to presenting such working modalities to the Board for its consideration no later than at its first meeting in 2023;
7. Decides, pursuant to decision B.23/11, to implement, on a pilot basis, a project-specific assessment approach that combines assessments undertaken during the existing accreditation and proposal approval processes in a fit-for-purpose manner, in accordance with the parameters set out in annex IV and taking into account decision B.19/13, paragraph (d);
8. Also decides, pursuant to paragraph (g) above, to request the Secretariat and the independent Technical Advisory Panel to prioritize, during the first year of project-specific assessment approach implementation, project-specific assessment approach proposals (with respect to the Secretariat) and accompanying funding proposals (with respect to the Secretariat and the independent Technical Advisory Panel) from (i) subnational, national and regional entities based in developing countries, particularly those from developing countries that have yet to have an approved GCF-funded activity at the time of the launch of the project-specific assessment approach; and (ii) entities responding to requests for proposal issued by GCF.¹ After the first year, unless otherwise decided by the Board, the approach for the review of project-specific assessment approach proposals shall default to a first-come-first-complete basis;
9. Approves an additional budget of USD 600,000 under the administrative budget of the Secretariat to be executed during the years 2022 and 2023, including for the procurement of the external consultants and/or consulting firms mentioned in paragraph (g), to cover the assessments of approximately 10 funding proposals submitted by entities under the project-specific assessment approach and the related legal arrangements for those project-specific assessment approach entities and related funding proposals approved by the Board;
10. Decides that entities with funding proposals approved within the scope of the project-specific assessment approach set out in paragraph (g) above shall be deemed accredited for the purposes of such approved funding proposals only;
11. Also decides that the Project Preparation Facility can also support project and programme preparation requests from entities not yet accredited to GCF, in particular subnational, national and regional entities, which have submitted a complete application for the project-specific assessment approach detailed in paragraph (g) above, and that the provisions of decision B.13/21 shall apply mutatis mutandis to such entities;
12. Requests the Secretariat to report to the Board on an annual basis on the operationalization and implementation of the approach referred to in paragraph (g) above, and decides to review the pilot framework for the project-specific assessment approach referred to in paragraph (g) above three years after its operationalization;
13. Decides to launch the process to review the accreditation framework in accordance with decision B.27/06, which, inter alia, mandates the Board to present a revised accreditation framework to address matters outlined in paragraph 26 (a)(i)–(v) of annex VI to that decision;
14. Requests the Secretariat, pursuant to the updated Strategic Plan for the GCF 2020–2023 adopted in decision B.27/06, to present an analysis of the accredited entity portfolio to identify strengths and gaps in coverage and capabilities no later than the thirty-second meeting of the Board;
15. Decides to develop a strategy on accreditation, as recommended by the Independent Evaluation Unit, that clarifies the role of accreditation in the GCF, building on the strategic approach to accreditation as outlined in the updated Strategic Plan for the GCF 2020–2023. In particular, the accreditation strategy should focus on:
    1. Improving the efficiency of the accreditation process, including the consideration of portfolio targets, performance indicators and milestones;
    2. Seeking to increase the share of direct access entities above the initial resource mobilization level, including by prioritizing accreditation of and capacity support for direct access entities of countries which do not yet have a national or regional direct access accredited entity, including by promoting the participation and accreditation of micro, small and medium-sized enterprises in GCF activities in all developing countries, including least developed countries, small island developing States and African States;
    3. Incentivizing capacity-building and alignment with the GCF mandate within the accreditation function and further strengthening the Accreditation Panel;
    4. Improving monitoring and reporting by accredited entities in terms of performance, results and alignment with the GCF mandate;
    5. Informing re-accreditation decisions with (i) an examination of accredited entities’ performance in contributing to GCF programming results, considering international access entities’ contribution to building capacities of direct access entities; and (ii) an assessment of the extent to which accredited entities’ overall portfolio of activities beyond those funded by GCF has evolved towards low-emission and climate-resilient development pathways;
    6. Ensuring that the re-accreditation assessments of accredited entities’ portfolios are based on clear, transparent and predictable criteria that are communicated to applicants;
    7. Providing guidance to international access entities to support the building of capacities of direct access entities;
    8. Improving the accreditation component of the GCF’s request for proposal modality; and
    9. Enhancing the provision of pre-accreditation and post-accreditation support, in particular for direct access entities, to strengthen capacity-building for candidate entities; and
16. Requests the Secretariat, under the guidance of the Co-Chairs, to prepare the accreditation strategy in an open, inclusive and transparent manner in accordance with the relevant provisions of decision B.23/03, including engaging in consultations with the Board, accredited entities, observers and national designated authorities, for consideration by the Board no later than its thirty-third meeting.

¹ The requests for proposal may include those for the pilot phase for enhancing direct access (decision B.10/04), the pilot programme to support micro, small, and medium-sized enterprises (decision B.10/11), and the pilot programme to mobilize funds at scale in order to address adaptation and mitigation (decision B.16/03).