In 2010, the Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC) invited the World Bank to serve as interim trustee of the Green Climate Fund. Its functions in this capacity include the receipt, holding and investment of financial contributions from contributors, transfer of financial resources pursuant to instruction by GCF, and preparation of summary financial reports.
On 12 April 2019, the World Bank and the Fund entered into an Amended and Restated Agreement for the Administration of the Green Climate Fund Trust Fund to provide Trustee services for an additional period of 4 years. Effective 12 April 2019, the World Bank became GCF’s permanent Trustee.
After the 4-year period, on 7 February 2023, the World Bank and the Fund entered into an Amended and Restated Agreement for the Administration of the Green Climate Fund Trust Fund to reflect the renewal of the Bank’s role as Trustee, subject to performance reviews every four years.