Project approval process - Project cycle - 2. Targeted project generation
Project approval process
- Overview
- 1. Country engagement
- 2. Targeted project generation
- 3. Concept note submission and screening
- 4. Funding proposal development
- 5. Funding proposal appraisal
- 6. Board approval
- 7. Legal arrangements
- 8. Monitoring for performance and compliance
- 9. Adaptive management
- 10. Evaluation, learning and project closure
Stage 2. Targeted project generation
Actors: NDA, AE, GCF Secretariat
Stage 2 supports complementary origination channels for project ideas to be developed by National Designated Authorities (NDAs) and Accredited Entities (AEs). This stage fosters additional funding proposals that meet the criteria of the GCF investment framework through two activities:
Issuance of targeted requests for proposal (RFPs)
The Board approves the terms of reference for each RFP, which usually sets aside a dedicated funding envelope and describes the eligibility and project selection criteria and the project approval processes. After Board approval, the Secretariat publishes the RFP on the GCF website and other communication channels. The Secretariat then invites organizations to submit a funding proposal under a specific RFP.
Generation of bankable project ideas through dedicated platforms and innovative partnerships between the Secretariat and other non-accredited organizations
GCF cooperates as a partner with project preparation platforms to de-risk and demonstrate the scaling-up potential of climate investments. This provides longer-term visibility and certainty for projects that are otherwise considered as "non-bankable" by investors and financiers.
As project ideas that align with country priorities materialise, the AEs submit them to the GCF through the regular proposal approval process.