Boardroom

The Board, having considered document GCF/BM-2025/04 titled “Appointment of members to Board committees”:

1. Appoints Rebecca Lawlor as member of the Ethics and Audit Committee, replacing Kevin Adams; and
2. Also appoints Nino Tandilashvili as member of the Performance Oversight Committee of the Executive Director and Heads of the Independent Units, replacing Pacifica Ogola.

The Board, having considered document GCF/BM-2025/03 titled “Appointment of members to Board committees”:

1. Appoints Gisella Berardi as member of the Accreditation Committee;
2. Also appoints Jaime Tramon as member of the Risk Management Committee; and
3. Further appoints Alejandro Solano as member of the Budget Committee.

The Board, having considered document GCF/B.41/03/Rev.01 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 documents for the following applicants for accreditation:
   1. Applicant 144 (APL144), the “ARMSWISSBANK” Closed Joint Stock Company (ArmSwissBank), based in Armenia, as contained in document GCF/B.41/03/Add.01;
   2. Applicant 145 (APL145), the Development Bank of Rwanda (B.R.D) Plc (DBR), based in Rwanda, as contained in document GCF/B.41/03/Add.02/Rev.01;
   3. Applicant 146 (APL146), the Fonds d’Intervention pour l’Environnement (FIE), based in Burkina Faso, as contained in document GCF/B.41/03/Add.03;
   4. Applicant 147 (APL147), the Eastern and Southern African Trade and Development Bank (ESATDB), based in Burundi and Mauritius, as contained in document GCF/B.41/03/Add.04;
   5. Applicant 148 (APL148), the ECOWAS Bank of Investment and Development (EBID), based in Togo, as contained in document GCF/B.41/03/Add.05; and
   6. Applicant 149 (APL149), ACTED (ACTED), based in France, as contained in document GCF/B.41/03/Add.06;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessment by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL144, the “ARMSWISSBANK” Closed Joint Stock Company (ArmSwissBank), based in Armenia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.01, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL145, the Development Bank of Rwanda (B.R.D) Plc (DBR), based in Rwanda, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.02/Rev.01, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL146, the Fonds d’Intervention pour l’Environnement (FIE), based in Burkina Faso, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL147, the Eastern and Southern African Trade and Development Bank (ESATDB), based in Burundi and Mauritius, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL148, the ECOWAS Bank of Investment and Development (EBID), based in Togo, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL149, ACTED (ACTED), based in France, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.06 and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
8. Recalls that the scope of review for assessment of accreditation is set out in the updates to the accreditation framework adopted by the Board in decision B.31/06, annex IV;
9. Recognizes that information included by the Accreditation Panel in the assessment of entities that goes beyond the scope of review recalled in paragraph (h) is informative in nature and does not imply or impose additional requirements on applicants for accreditation;
10. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel and summarized in document GCF/B.41/Inf.13 titled “Status of the GCF resources, pipeline and portfolio”; and
11. Decides that those entities referred to in annex III are also eligible to apply under the fast track accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund.

The Board, having considered document GCF/B.41/08 titled “Guidance from the twenty-ninth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change: Co-Chairs’ proposal”:

1. Takes note of this report, including the actions to be undertaken by the Board and Secretariat in 2025 in response to guidance received from the Parties during the twenty-ninth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, as contained in annex IV;
2. Approves the modifications to the arrangements between the Conference of the Parties and the Green Climate Fund, as outlined in the annex to United Nations Framework Convention on Climate Change decision XX/CP.29, thereby making the revised arrangements effective;
3. Confirms, in this regard, its understanding that the Conference of the Parties will communicate guidance to GCF:
   1. Annually after each of its sessions, until the end of 2026, and biennially thereafter, after every other session;
   2. After each of its sessions immediately preceding the final year of each replenishment of GCF;
   3. Where applicable, after any of its sessions not referred to in subparagraphs (i) and (ii) above, should the Conference of the Parties decide to do so; and
4. Requests the Co-Chairs, with the support of the Secretariat, to include an overview of progress in response to the guidance referred to in paragraph (a) above in the fourteenth report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change.

The Board, having considered document GCF/B.41/14 titled “Proposal for establishing GCF regional presence”:

1. Decides to establish a GCF regional presence, without prejudice to the geographic locations and their respective configuration(s) across all regions;
2. Also decides that a GCF regional presence shall:
   1. Be equitably and geographically balanced among developing countries, taking into account the needs of those developing countries that are particularly vulnerable to the adverse effects of climate change;
   2. Be cost-effective, cost-efficient, and within the approved multiannual budgeting process;
   3. Increase the efficiency and effectiveness of Secretariat operations, including with respect to programming and delivery support and Secretariat staffing; and
   4. Be operationally feasible, taking into account relevant risks and mitigants;

   that the process to establish a GCF regional presence shall be conducted in an open, inclusive, consultative, transparent and non-discriminatory manner;

3. Recognizes that the regional groups are comprised of Asia-Pacific, Africa, Eastern Europe, and Latin America and the Caribbean, and acknowledges that further consideration may be required with regard to the arrangements within the regional groups, including in the context of multilingualism;
4. Requests the Secretariat, following consultation with the Budget Committee and Risk Management Committee on matters relevant to their mandates, to present for the Board’s consideration no later than its forty-third meeting a proposal for operationalizing paragraphs (a), (b) and (c) above, including proposed configuration(s), a selection process and an implementation plan, for a GCF regional presence, taking into account the views expressed by Board members at its forty-first meeting; and
5. Takes note that further Board deliberation may be required prior to its forty-second meeting in order to inform the proposal referred to in paragraph (d) above, and welcomes the offer from Germany to host a workshop.

The Board, having considered document GCF/B.41/06 titled “Independent Evaluation of the GCF’s Approach to Indigenous Peoples: Final Report”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s Approach to Indigenous Peoples undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.41/06/Add.01; and
3. Requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the adoption of this decision.

The Board, having considered document GCF/B.41/07 titled “Independent Evaluation of the GCF’s ‘Health and Well-being, and Food and Water Security’ Result Area: Final Report”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s ‘Health and Well-being, and Food and Water Security’ Result Area undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.41/07/Add.01; and
3. Requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the adoption of this decision.

The Board, having considered document GCF/B.41/13 titled “Dates and venues of upcoming meetings of the Board”:

Recalls and confirms that the forty-second meeting of the Board will take place from Monday, 30 June to Thursday, 3 July 2025, in Port Moresby, Papua New Guinea.

The Board, having considered document GCF/B.41/04 titled “Appointment of members to committees of the Board”:

1. Appoints as members of the Accreditation Committee:
   1. Amjad Abdulla;
   2. Antwi-Boasiako Amoah;
   3. Gisella Berardi;
   4. Lucretia Landmann;
   5. Mohammad Ayoub; and
   6. Jakob Tvede;
2. Also appoints as members of the Budget Committee:
   1. José Delgado;
   2. Pierre Marc;
   3. Mohammad Ayoub;
   4. Jisung Moon;
   5. Alejandro Solano Ortiz; and
   6. Annette Windmeisser;
3. Further appoints as members of the Ethics and Audit Committee:
   1. Kevin Adams;
   2. Henrik Bergquist; 
   3. Nauman Bashir Bhatti;
   4. Stéphane Cieniewski;
   5. Balisi Gopolang; and
   6. Nino Tandilashvili;
4. Appoints as members of the Investment Committee:
   1. Philipp Aepler;
   2. Richard Bontjer;
   3. Isatou F. Camara;
   4. Manuela Galan;
   5. Seyni Nafo; and
   6. Yingzhi Liu;
5. Also appoints as members of the Performance Oversight Committee of the Executive Director and Heads of Independent Units, in addition to the current Co-Chairs of the Board:
   1. Sarah Metcalf; and
   2. Pacifica F. Ogola.
6. Further appoints as members of the Risk Management Committee:
   1. Andrew Hurst;
   2. Ramon Lopez;
   3. Alexandra (Sandra) Louiszoon;
   4. Bob Natifu;
   5. Sindhu Prasad Dhungana; and
   6. Jaime Tramon

The Board, having considered document GCF/B.41/12 titled “Co-Chairs proposal on modifications to the initial no-objection procedure”:

1. Decides to:
   1. Delete paragraphs 9(c) and 11 of the initial no-objection procedure approved by the Board in decision B.08/10, paragraph (b), annex XII (the “No-Objection Procedure”);
   2. Insert a new paragraph 10 into the No-Objection Procedure, to read as follows:
      
      “10. Notwithstanding any no-objection communicated by the NDA or focal point, the accredited entity shall take the necessary measures to ensure that the relevant project, programme and, where applicable, any subprojects under a programme, are implemented in a manner consistent with applicable national laws.”; and       
   3. Renumber the remaining paragraphs of the No-Objection Procedure accordingly; and
2. Requests the Secretariat to consider the broader issues raised by Board members concerning the initial no-objection procedure, as referred to in document GCF/B.41/12, in the context of the review and update of the guidelines for enhanced country ownership and country drivenness in line with the Strategic Plan for the GCF 2024–2027.

The Board, having considered document GCF/B.41/05 titled “Individual performance review for reappointment of members of the independent Technical Advisory Panel”:

1. Decides that the performance review of the members of the independent Technical Advisory Panel shall be undertaken by an independent firm, with the aim of presenting the outcome of the performance review to the Board for consideration at its forty-third meeting, pursuant to the terms of reference included in annex I; and
2. Requests the Secretariat to procure the independent firm referred to in paragraph (a) above.

The Board, having considered document GCF/B.41/02/Rev.02 titled “Consideration of funding proposals”:

1.  Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 048 titled “Strengthening the resilience of vulnerable communities within high climatic and disaster risk areas in Togo” by Banque Ouest Africaine de Développement, as contained in document GCF/B.41/02/Add.01;
   2. Simplified approval process funding proposal 049 titled “Sustainable Communities for Climate Action in the Yucatán Peninsula (ACCIÓN)” by Fondo Mexicano para la Conservación de la Naturaleza A.C., as contained in document GCF/B.41/02/Add.02;
   3. Funding proposal 255 titled “Transforming Livelihoods through Climate Resilient, Low Carbon, Sustainable Agricultural Value Chains in the Lake Region Economic Bloc, Kenya” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.41/02/Add.03;
   4. Funding proposal 256 titled “Intensification of Agriculture and Agroforestry Techniques (IAAT) for Climate Resilient Food and Nutrition Security: Tombouctou, Gao, Mopti, Koulikoro and Segou regions of Mali” by Save the Children Australia, as contained in document GCF/B.41/02/Add.04;
   5. Funding proposal 257 titled “RE-GAIN: Scaling solutions for food loss in Africa” by AGRA, as contained in document GCF/B.41/02/Add.05, including the assessment conducted by the Secretariat of AGRA as contained in the Secretariat’s assessment within that document;
   6. Funding proposal 258 titled “Multi-country Project Advancing Early Warnings for All (EW4All)” by the United Nations Development Programme, as contained in document GCF/B.41/02/Add.06;
   7. Funding proposal 259 titled “Adapting tuna-dependent Pacific Island communities and economies to climate change” by Conservation International Foundation, as contained in document GCF/B.41/02/Add.07;
   8. Funding proposal 260 titled “Enhancing the resilience of Serbian forests to ensure energy security of the most vulnerable while contributing to their livelihoods and carbon sequestration (FOREST Invest)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.41/02/Add.08;
   9. Funding proposal 261 titled “Improving Climate Resilience by Increasing Water Security in the Amazon Basin” by the Inter-American Development Bank, as contained in document GCF/B.41/02/Add.09/Rev.01;
   10. Funding proposal 262 titled “Green Climate Finance Facility for Fostering ClimateSmart Agriculture in Senegal” by La Banque Agricole, as contained in document GCF/B.41/02/Add.10 and 13/Rev.01; and
   11. Funding proposal 263 titled “Mirova Sustainable Land Fund 2” by MIROVA, as contained in document GCF/B.41/02/Add.11 and 14, including the assessment conducted by the Secretariat of MIROVA as contained in the Secretariat’s assessment within document GCF/B.41/02/Add.11;
2. Approves simplified approval process funding proposal 048, submitted by Banque Ouest Africaine de Développement (BOAD), for the amount of USD 24,987,000, in accordance with the term sheet agreed between the Secretariat and BOAD and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
3. Also approves simplified approval process funding proposal 049, submitted by Fondo Mexicano para la Conservación de la Naturaleza A.C. (FMCN), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and FMCN and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
4. Further approves funding proposal 255, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 29,215,309, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
5. Approves funding proposal 256, submitted by Save the Children Australia (SCA), for the amount of USD 33,717,918, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
6. Also approves funding proposal 257, submitted by AGRA, for the amount of USD 75,623,754, in accordance with the term sheet agreed between the Secretariat and AGRA and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II; (g)
7. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, AGRA shall be deemed accredited only for the purposes of funding proposal 257;
8. Approves funding proposal 258, submitted by the United Nations Development Programme (UNDP), for the amount of USD 103,246,722, in accordance with the term sheet agreed between the Secretariat and UNDP and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
9. Also approves funding proposal 259, submitted by Conservation International Foundation (CI), for the amount of USD 107,449,716, in accordance with the term sheet agreed between the Secretariat and CI and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
10. Further approves funding proposal 260, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
11. Approves funding proposal 261, submitted by the Inter-American Development Bank (IDB), for the amount of USD 162,152,791, in accordance with the term sheet agreed between the Secretariat and IDB and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
12. Also approves funding proposal 262, submitted by La Banque Agricole (LBA), for the amount of EUR 23,425,000, in accordance with the term sheet agreed between the Secretariat and LBA and set out in document GCF/B.41/02/Add.13/Rev.01, and subject to the conditions set out in annex II;
13. Further approves funding proposal 263, submitted by MIROVA, for the amount of EUR 75,000,000, in accordance with the term sheet agreed between the Secretariat and MIROVA and set out in document GCF/B.41/02/Add.14, and subject to the conditions set out in annex II;
14. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, MIROVA shall be deemed accredited only for the purposes of funding proposal 263;
15. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her designee is authorized to negotiate and enter into legal agreements on behalf of 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
16. 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 limited distribution document GCF/B.41/11 titled “Consideration of funding proposals: Consideration of a request for changes in the scope and financial structure of funded activity FP083 (“Indonesia Geothermal Resource Risk Mitigation Project”)”:

1. Approves the Major Changes with respect to funded activity FP083 titled “Indonesia Geothermal Resource Risk Mitigation Project” as described in limited distribution document GCF/B.41/11; and
2. Authorizes the Secretariat to negotiate and execute relevant amendments to the funded activity agreement for FP083 to reflect the changes hereby approved.

The Board, having considered limited distribution document GCF/B.41/10 titled “Consideration of funding proposals: Consideration of a request for changes in the scope of funded activity and extension of deadline in respect of FP166 (“Light Rail Transit for the Greater Metropolitan Area (GAM)”):

1. Approves the Major Changes with respect to funded activity FP166 titled “Light Rail Transit for the Greater Metropolitan Area (GAM)” as described in limited distribution document GCF/B.41/10; and
2. Decides to extend the deadline until 22 October 2026 for the execution of the funded activity agreement for FP166.

The Board, having considered limited distribution document GCF/B.41/09 titled “Consideration of funding proposals: extension of the deadline in respect of FP220: “Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) for East Africa Region”:

Decides to extend until the day which is one day after the last day of the forty-fourth meeting of the Board the deadline for the execution of the funded activity agreement for the following approved funding proposal:

1. FP220 titled “Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) for East Africa Region”.

The Board, having considered document GCF/BM-2025/02 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:

Botswana Climate Change Network (BCCN)

Centre Chrétien pour le Développement des Paysans en milieu Rural / Christian Center for the Development of Peasants in Rural Areas (CCDPR)

Community Advocacy and Awareness Trust (CRAWN Trust)

Community Links and Human Empowerment Initiative (CLHEI)

Family Health International (FHI 360)

Fundación Terra / Terra Foundation (FTerra)

Power Shift Africa (PSA)

Raise Your Voice Saint Lucia Inc (RYVSLU)

Women Environmental Programme (WEP)

Private sector organizations:

None

International entities:

None

The Board, having considered document GCF/BM-2025/01 titled “Appointment of members to the ad hoc Committee on Human Resources Matters”:

Appoints as members of the ad hoc Committee on Human Resources Matters, for the remainder of the term of the committee:
(i) Nino Tandilashvili; and
(ii) Seyni Nafo.

The Board, having reviewed document GCF/BM-2024/06 titled “Appointment of a member to the Accreditation Committee”:

Appoints Ms. Tanne Nørgaard Jensen to the Accreditation Committee, replacing Ms. Alexandra Louiszoon, for the remainder of the current term for members of the Accreditation Committee, starting on the date of adoption of this decision.

The Board, having considered document GCF/B.40/20 titled “Implementation of the updated structure of the Secretariat”:

1. Endorses the implementation of the updated structure of the Secretariat referred to by the Executive Director at the thirty-eighth meeting of Board and as described in document GCF/B.39/Inf.08 and annex III to document GCF/B.40/Inf.13;
2. Decides that approval of the Board is required in order for new positions at the level of Chief (or other positions at the equivalent salary level) to be established in addition to those existing as at the date of this decision; and
3. Requests the Secretariat, in the event that the percentage of staff at the level of Director (or other positions at the equivalent salary level) exceeds 7 per cent of total Secretariat staff headcount, to seek the endorsement of the Board on the matter.

The Board, having considered the proposal to extend the mandate of the ad hoc Committee on Human Resource Matters:

Decides to extend the functioning of the ad hoc Committee on Human Resource Matters established pursuant to decision B.37/04 until the earlier of:

1. The conclusion of its mandate as referred to in paragraph 1 of its terms of reference; and
2. The close of the forty-third meeting of the Board.

The Board, having considered document GCF/B.40/13 titled “Co-Chairs proposal on increasing the efficiency and effectiveness of Board Committees”:

1. Adopts the updated “General guidelines for the operation of Board committees”, as set out in annex I;
2. Requests the incoming Co-Chairs, with the support of the Secretariat, to continue to consult with the Board and present proposals to increase the efficiency and effectiveness of Board committees, including through consideration of issues related to committee structure; and
3. Also requests the Secretariat to update the terms of reference of Board committees as may be necessary to reflect the updated guidelines referred to in paragraph (a).

The Board, having considered document GCF/B.40/16 titled “Terms of Reference: Consultancy Services to support the Review of the GCF’s Independent Technical Advisory Panel”:

1. Adopts the terms of reference for a broader review of the function, governance and role of the independent Technical Advisory Panel in supporting GCF business and Board decisionmaking, as contained in annex III; and
2. Requests the Investment Committee to present its recommendations based on the findings of the review of the independent Technical Advisory Panel for consideration by the Board no later than the forty-fourth meeting of the Board.

The Board, having considered document GCF/B.40/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 044 titled “Empowering Women Groups to Build Resilience to Climate Impacts in the Province of Cunene in South West Angola (CREW Angola)” by the Sahara and Sahel Observatory, as contained in document GCF/B.40/02/Add.01;
   2. Simplified approval process funding proposal 045 titled “Scaling up Climate Resilience Solutions for Burundian Smallholders” by One Acre Fund, as contained in document GCF/B.40/02/Add.02, including the assessment conducted by the Secretariat of One Acre Fund as contained in the Secretariat Assessment within that document;
   3. Simplified approval process funding proposal 046 titled “Strengthening Climate Information and Multi-Hazard Early Warning Systems for Increased Resilience in Azerbaijan” by the United Nations Environment Programme, as contained in document GCF/B.40/02/Add.03;
   4. Simplified approval process funding proposal 047 titled “Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan” by the National Rural Support Programme, as contained in document GCF/B.40/02/Add.04 and Add.17;
   5. Funding proposal 243 titled “Climate-resilient community access to safe water powered by renewable energy in drought-vulnerable regions of Ethiopia” by the Federal Democratic Republic of Ethiopia, acting through the Ministry of Finance, as contained in document GCF/B.40/02/Add.05;
   6. Funding proposal 244 titled “Climate Resilient Health and Well-Being for Rural Communities in southern Malawi (CHWBRC)” by Save the Children Australia, as contained in document GCF/B.40/02/Add.06;
   7. Funding proposal 245 titled “Green City Kigali: a new model for urban development in Rwanda” by the Government of Rwanda, acting through the Ministry of Environment, as contained in document GCF/B.40/02/Add.07/Rev.01;
   8. Funding proposal 246 titled “Climate Resilient Agriculture in Somalia (Ugbaad)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.40/02/Add.08;
   9. Funding proposal 247 titled “Local Climate Adaptive Living Facility Plus (LoCAL+) – West Africa (Burkina Faso, Ivory Coast, Mali and Niger)” by Banque Ouest Africaine de Développement, as contained in document GCF/B.40/02/Add.09;
   10. Funding proposal 248 titled “Land-based Mitigation and Adaptation through a Jurisdictional Approach in West Kalimantan” by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.40/02/Add.10/Rev.01;
   11. Funding proposal 249 titled “Strengthening climate Resilience of Vulnerable Agriculture Livelihoods in Iraq (SRVALI)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.40/02/Add.11;
   12. Funding proposal 250 titled “Achieving emission reduction in the Central Highlands and South Central Coast of Viet Nam to support National REDD+ Action Programme goals (RECAF)” by the International Fund for Agricultural Development, as contained in document GCF/B.40/02/Add.12;
   13. Funding proposal 251 titled “Barbados Climate Resilient South Coast Water Reclamation Project (SCWRP)” by the Inter-American Development Bank, as contained in document GCF/B.40/02/Add.13;
   14. Funding proposal 252 titled “Acumen Resilient Agriculture Fund II” by Acumen Fund, Inc., as contained in document GCF/B.40/02/Add.14/Rev.01 and 18/Rev.01;
   15. Funding proposal 253 titled “Greening Financial Systems: Delivering Climate Finance for All” by the European Bank for Reconstruction and Development, as contained in documents GCF/B.40/02/Add.15 and 19; and
   16. Funding proposal 254 titled “GCF-IFC Scaling Resilient Water Infrastructure (RWI) Facility” by the International Finance Corporation, as contained in documents GCF/B.40/02/Add.16/Rev.01 and 20/Rev.01;
2. Approves simplified approval process funding proposal 044, submitted by the Sahara and Sahel Observatory (OSS), for the amount of USD 9,616,032, in accordance with the term sheet agreed between the Secretariat and OSS and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
3. Also approves simplified approval process funding proposal 045, submitted by One Acre Fund (OAF), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and OAF and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
4. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, OAF shall be deemed accredited only for the purposes of simplified approval process funding proposal 045;
5. Approves simplified approval process funding proposal 046, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 24,994,797.30, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II; GCF/B.40/23 Page 7
6. Also approves simplified approval process funding proposal 047, submitted by the National Rural Support Programme (NRSP), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and NRSP and set out in document GCF/B.40/02/Add.17, and subject to the conditions set out in annex II;
7. Further approves funding proposal 243, submitted by the Federal Democratic Republic of Ethiopia, acting through the Ministry of Finance (MOF Ethiopia), for the amount of USD 44,994,677, in accordance with the term sheet agreed between the Secretariat and MOF Ethiopia and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
8. Approves, pursuant to a vote in which 22 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which 1 of the Board members present abstained from the vote, funding proposal 244, submitted by Save the Children Australia (SCA), for the amount of USD 33,000,000, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
9. Also approves funding proposal 245, submitted by the Government of Rwanda, acting through the Ministry of Environment (MOE Rwanda), for the amount of USD 27,995,786, in accordance with the term sheet agreed between the Secretariat and MOE Rwanda and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
10. Further approves funding proposal 246, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 79,707,268, in accordance with the term sheet agreed between the Secretariat and the FAO and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
11. Approves, pursuant to a vote in which 20 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which 3 of the Board members present abstained from the vote, funding proposal 247, submitted by Banque Ouest Africaine de Développement (BOAD), for the amount of EUR 44,383,307, in accordance with the term sheet agreed between the Secretariat and BOAD and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
12. Also approves funding proposal 248, submitted by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 59,484,751, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
13. Further approves funding proposal 249, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 29,252,000, in accordance with the term sheet agreed between the Secretariat and the FAO and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
14. Approves funding proposal 250, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 35,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
15. Also approves funding proposal 251, submitted by the Inter-American Development Bank (IDB), for the amount of USD 70,000,000, in accordance with the term sheet agreed between the Secretariat and the IDB and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
16. Further approves funding proposal 252, submitted by Acumen Fund, Inc. (Acumen), for the amount of USD 34,000,000, in accordance with the term sheet agreed between the Secretariat and Acumen and set out in document GCF/B.40/02/Add.18/Rev.01, and subject to the conditions set out in annex II;
17. Approves funding proposal 253 submitted by the European Bank for Reconstruction and Development (EBRD), for the amount of USD 200,000,000 in accordance with the term sheet agreed between the Secretariat and the EBRD and set out in document GCF/B.40/02/Add.19, and subject to the conditions set out in annex II;
18. Also approves funding proposal 254, submitted by the International Finance Corporation (IFC), for the amount of USD 258,000,000, in accordance with the term sheet agreed between the Secretariat and the IFC and set out in document GCF/B.40/02/Add.20/Rev.01, and subject to the conditions set out in annex II;
19. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her designee is authorized to negotiate and enter into legal agreements on behalf of 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
20. 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.40/10 titled “Consideration of funding proposals: Consideration of a request for changes in the scope of funded activity FP077 (‘Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project (AHURP)’)”:

Approves, with respect to funded activity FP077 titled “Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project (AHURP)”:

1. The changes to the scope of Outputs 1 and 2 as set out in table 1 of document GCF/B.40/10.

The Board, having considered document GCF/B.40/22 titled “Consideration of proposed change included in the change request for FP173: The Amazon Bioeconomy Fund: Unlocking GCF/B.40/23 Page 9 private capital by valuing bioeconomy products and services with climate mitigation and adaptation results in the Amazon” and its limited distribution addendum Add.01:

1. Takes note of the no-objection letter for FP173 submitted by the national designated authority of the Plurinational State of Bolivia;
2. Approves the inclusion of the Plurinational State of Bolivia as a host country for FP173; and
3. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (b) above.

The Board, having considered limited distribution document GCF/B.40/06 titled “Consideration of funding proposals: Extension of deadline in respect of FP219 (Staple Crops Processing Zones (SCPZ): Promoting Sustainable Value Chains)”:

Decides to confirm the extension until the day which is one day after the last day of the fortieth meeting of the Board, of the deadline for the submission by the accredited entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed programme, for the following approved funding proposal:

1. FP219, titled “Staple Crops Processing Zones (SCPZ): Promoting Sustainable Value Chains”.

The Board, having considered limited distribution document GCF/B.40/08 titled “Consideration of funding proposals: extension of the deadline in respect of FP223 (Project GAIA)”:

Decides to extend until the day which is one day after the last day of the forty-second meeting of the Board the deadline for the execution of the funded activity agreement for the following approved funding proposal:

1. FP223, titled “Project GAIA”.

The Board, having considered document GCF/B.40/03/Rev.01 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 documents for the following applicants for accreditation:
   1. Applicant 139 (APL139), the Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP-S.A.M.), based in the Plurinational State of Bolivia, as contained in document GCF/B.40/03/Add.03;
   2. Applicant 140 (APL140), the Bank of the Cook Islands Limited (BCI), based in the Cook Islands, as contained in document GCF/B.40/03/Add.04;
   3. Applicant 141 (APL141), the Banque Nationale de Développement Agricole (BNDA), based in Mali, as contained in document GCF/B.40/03/Add.05;
   4. Applicant 142 (APL142), the Asian Infrastructure Investment Bank (AIIB), based in China, as contained in document GCF/B.40/03/Add.06; and
   5. Applicant 143 (APL143), the United Nations Children’s Fund (UNICEF), based in the United States of America, as contained in document GCF/B.40/03/Add.07;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessment by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL139, the Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP-S.A.M.), based in the Plurinational State of Bolivia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11.
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL140, the Bank of the Cook Islands Limited (BCI), based in the Cook Islands, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL141, the Banque Nationale de Développement Agricole (BNDA), based in Mali, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.05, and subject to the completion of Stage III of GCF/B.40/23 Page 11 the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL142, the Asian Infrastructure Investment Bank (AIIB), based in China, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.06, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL143, the United Nations Children’s Fund (UNICEF), based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.07, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
7. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant document for the following applicant seeking to upgrade its accreditation type:
   1. Caribbean Development Bank (CDB), based in Barbados, as contained in document GCF/B.40/03/Add.08;
8. Agrees to upgrade the accreditation type of the Caribbean Development Bank (CDB), based in Barbados, as contained in decision B.14/10, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.08;
9. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel contained in document GCF/B.40/03/Add.01; and (j) Decides that those entities referred to in annex IV are also eligible to apply under the fasttrack accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate-General for International Partnerships of the European Commission, respectively.
10. Decides that those entities referred to in annex IV are also eligible to apply under the fasttrack accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate-General for International Partnerships of the European Commission, respectively.

The Board, having considered document GCF/B.40/17/Rev.01 titled “2025-2027 work programme of the Secretariat and annual administrative budget of the GCF Secretariat, Board and Trustee”:

1. Decides, in accordance with paragraph 20(e)(i) of the Strategic Plan for the GCF 2024– 2027 to set the following Fund-level programming and disbursement targets for 2025:
   1. Annual programming target of USD 2.3 to 2.5 billion in funding proposals approved by the Board; and
   2. Annual disbursement target of USD 990 to 1,490 million;
2. Approves the 2025 to 2027 Secretariat work programme set out in annex V, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
3. Notes that GCF has conducted a staff salary scale review;
4. Approves the following administrative budgets for 2025:
   1. USD 110,502,291 for the GCF Secretariat, as set out in table 6 of annex V, which includes USD 37,113,085 in new funding, as well as the USD 73,389,206 for 2025 staff salaries and emoluments that was approved by the Board in decision B.34/05, paragraph (h);
   2. USD 4,934,641 for the Board, as set out in table 5 of annex V; and
   3. USD 4,750,000 for the Trustee, as set out in table 7 of annex V;
5. Also approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2026:
   1. USD 120,566,804 for the GCF Secretariat, as set out in table 6 of annex V, which includes USD 48,466,804 in new funding, as well as the USD 72,100,000 for 2026 staff salaries and emoluments that was approved by the Board in decision B.37/08, paragraph (e);
   2. USD 5,017,759 for the Board, as set out in table 5 of annex V; and
   3. USD 4,895,000 for the Trustee, as set out in table 7 of annex V;
6. Further approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2027:
   1. USD 128,227,818 for the GCF Secretariat, as set out in table 6 of annex V;
   2. USD 5,094,230 for the Board, as set out in table 5 of annex V; and
   3. USD 4,538,000 for the Trustee, as set out in table 7 of annex V; 
7. Approves an emergency contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework approved by decision B.38/07 to support all units of GCF in the amount of USD 2,496,914 for 2025;
8. Also approves provisional emergency contingency budgets pursuant to paragraph 26 of the Administrative Budget and Accounting Framework approved by decision B.38/07 to support all units of GCF in the amount of USD 2,718,307 for 2026, and USD 2,872,135 for 2027;
9. Further approves a Board contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework approved by decision B.38/07 to support all units of GCF in the amount of USD 1,872,685 for 2025; and
10. Requests the Secretariat to start developing benchmarks, efficiency ratios and other effective analytical tools to enhance the budgetary information provided to the Board, with the objective of supporting the decision-making process for the administrative budgets, to utilize these in the context of the budgeting process for 2026, and to update the Board on the progress made in their development at the forty-second meeting of the Board.

The Board, having considered document GCF/B.40/18 titled “Work Programme and Budget of the Independent Integrity Unit for 2025 – 2027”:

1. Approves the work programme and administrative budget of the Independent Integrity Unit for 2025 in the amount of USD 3,958,600, as set out in annexes II and III, respectively, to document GCF/B.40/18;
2. Takes note of the provisional work programme of the Independent Integrity Unit for 2026 and 2027, as set out in annex II to document GCF/B.40/18;
3. Approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the provisional administrative budgets for the Independent Integrity Unit, as set out in annex III to document GCF/B.40/18, in the amounts of USD 4,458,700 for 2026 and USD 4,449,700 for 2027; and
4. Notes that the costs of unanticipated investigation-related work will be budgeted as needed from the Board contingency budget in consultation with the Budget Committee.

The Board, having considered document GCF/B.40/21 titled “Independent Redress Mechanism Work Plan and Budget for 2025-2027”:

1. Approves the work plan and administrative budget of the Independent Redress Mechanism for 2025 in the amount of USD 2,712,824, as set out in annexes II and III, respectively, to document GCF/B.40/21;
2. Takes note of the provisional work plans of the Independent Redress Mechanism for 2026 and 2027, as set out in annex II to document GCF/B.40/21;
3. Approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the provisional administrative budgets for the Independent Redress Mechanism, as set out in annex III to document GCF/B.40/21, in the amounts of USD 3,044,773 for 2026 and USD 3,141,376 for 2027;
4. Notes that the costs of unanticipated case work will be budgeted as needed from the Board contingency budget in consultation with the Budget Committee; and
5. Also notes that, should the Board decide to embark on the Independent Redress Mechanism review, the budget will need to be drawn from the Board contingency budget in consultation with the Ethics and Audit Committee and the Budget Committee.

The Board, having considered document GCF/B.40/14 titled “Independent Evaluation Unit 2025 work plan and budget and update of its three-year rolling objectives”:

1. Decides to launch the Third Performance Review of the Green Climate Fund;
2. Approves the workplan and administrative budget for the Independent Evaluation Unit as set out in table 3 of annex VI for 2025 in the amount of USD 7,672,039;
3. Also approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the provisional administrative budgets for the Independent Evaluation Unit as set out in table 5 of annex VI in the amount of USD 7,845,067 for 2026 and USD 7,787,792 for 2027;
4. Notes the update on the Independent Evaluation Unit’s three-year rolling objectives outlined in annex VII as requested by the Board to ensure flexibility, learning and predictability for the Independent Evaluation Unit;
5. Requests the Independent Evaluation Unit, starting in 2025, to seek the endorsement of the Risk Management Committee, in consultation with the Budget Committee as appropriate, with respect to its three-year rolling workplans and annual work programme prior to their consideration by the Board; and
6. Also requests the Co-Chairs to undertake consultations with the Secretariat and the Independent Evaluation Unit on the evaluation and learning functions of GCF and to recommend for the Board’s consideration, no later than the forty-second meeting of the Board, an optimized approach to monitoring, evaluation and learning, and related policies, that clearly delineates the roles of the Secretariat and the Independent Evaluation Unit and avoids duplication of efforts and resources.

The Board, having considered document GCF/B.40/15 titled “Accreditation Framework”:

1. Decides that the current accreditation process is not as effective as it should be and revisions to the accreditation framework are necessary and a priority for the Fund with a view to enhancing transparency, responsiveness, efficiency, fairness, country ownership, the capacity of direct access entities, and accredited entity accountability, while maintaining the standards in the initial fiduciary principles and standards adopted by decision B.07/02, paragraph (b), the interim environmental and social safeguards of the Fund adopted by decision B.07/02, paragraph (c), and the gender policy adopted by decision B.24/12, paragraph (e);
2. Requests the Secretariat, in consultation with the Accreditation Committee for subparagraphs (i), (ii), and (iv), to present for the Board’s consideration and approval at its forty-second meeting the following:
   1. A revised accreditation framework;
   2. The related screening requirements for accreditation;
   3. An analysis of policies that will be impacted by the revised accreditation framework;
   4. An updated policy on fees for accreditation;
   5. Updates to the monitoring and accountability framework; and
   6. A proposal for a fit-for-purpose approach to legal arrangements with all current and future accredited entities;
3. Also requests the Secretariat to undertake extensive, open, inclusive and transparent consultations with Board members and other relevant stakeholders on the items set out in paragraph (b) above, in order to inform their development; and
4. Further requests the Secretariat to present to the Board for its further guidance an update on the development of the items set out in paragraph (b) at its forty-first meeting.

The Board, having considered document GCF/B.40/11 titled “Policy for results-based payments for REDD+”:

1. Decides to approve the Policy for results-based payments for REDD+ (the “Policy”), as contained in annex VIII;
2. Also decides that for each GCF programming period, GCF will accept for consideration REDD+ results achieved within a five-year period that commences six years prior to the GCF programming period during which the relevant funding proposal is submitted;
3. Further decides that, for the GCF programming period of 2024–2027 (the second replenishment period of GCF), a carbon price for REDD+ results paid under the Policy shall be set at USD 8.00 per tonne of carbon dioxide equivalent of reduced emissions or enhanced removals;
4. Encourages countries that wish to submit REDD+ results-based payment funding proposals to request financing under the GCF Readiness and Preparatory Support Programme to support eligibility under the Policy; and
5. Requests the Secretariat to prepare relevant guidance and templates, building on the guidance and templates of the 2017–2022 REDD+ Results-Based Payments Pilot Programme, to operationalize the Policy.

The Board, having considered document GCF/B.40/09 titled “Risk appetite statement”:

1. Adopts the risk appetite statement, as contained in annex IX;
2. Agrees that the risk appetite statement referred to in paragraph (a) above replaces the risk appetite statement adopted through decision B.17/11, effective on the date of this decision; and
3. Requests, notwithstanding decision B.24/04, paragraph (h), the Secretariat, in consultation with the Risk Management Committee, to review the other components of the risk management framework, ensuring alignment with the risk appetite statement referred to in paragraph (a).

The Board, having considered document GCF/B.40/04 titled “Independent Evaluation of the Relevance and Effectiveness of GCF’s Investments in the Latin American and Caribbean States: Final Report”:

1. Takes note of the findings and recommendations in the “Independent Evaluation of the Relevance and Effectiveness of GCF’s Investments in the Latin American and Caribbean States” undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.40/04/Add.01;
3. Decides to further consider the Independent Evaluation Unit’s findings and recommendations in the Board’s ongoing strategic and policy deliberations and requests the Secretariat to continue to consider the Independent Evaluation Unit’s findings and recommendations in its efforts to make GCF’s operations more efficient and responsive to the needs of developing countries; and
4. Requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the adoption of this decision.

The Board, having considered document GCF/B.40/05 titled “Independent Evaluation of the Green Climate Fund’s Approach to and Protection of Whistleblowers and Witnesses: Final Report”:

1. Takes note of the findings and recommendations in the “Independent Evaluation of the Green Climate Fund’s Approach to and Protection of Whistleblowers and Witnesses” undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.40/05/Add.01;
3. Requests the Ethics and Audit Committee to further consider the findings and recommendations in the “Independent Evaluation of the Green Climate Fund’s Approach to and Protection of Whistleblowers and Witnesses”, the Secretariat’s management response, as well as the Independent Integrity Unit’s review of the Policy, and submit its recommendations to the Board for consideration; and
4. Also requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the Board’s consideration of the recommendations made by the Ethics and Audit Committee.

The Board, having considered document GCF/B.40/12 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the forty-first meeting of the Board will take place from Monday, 17 to Thursday, 20 February 2025, in the Republic of Korea;
2. Decides that the forty-second meeting of the Board will take place from Monday, 30 June to Thursday, 3 July 2025, in Port Moresby, Papua New Guinea; and
3. Also decides that the forty-third meeting of the Board will take place from Monday, 27 to Thursday, 30 October 2025, in the Republic of Korea.

The Board:

Elects Mr. Seyni Nafo and Mr. Leif Holmberg as the Co-Chairs of the Board for 2025 from 1 January to 31 December 2025.

The Board, having considered document GCF/BM-2024/05 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:

Anchalik Jana Seva Anusthan

International Climate Change Development Initiative – Africa

National Integrated Human and Industrial Development Agency

Private sector organizations:

None

International entities:

Islamic Organization for Food Security

The Board, having considered document GCF/B.39/08 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2023”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2023 as contained in annex I.

The Board, having reviewed document GCF/B.39/04 titled “Appointment of External Auditors for the Green Climate Fund for the years 2024 through 2026”:

Decides to appoint Deloitte & Touche LLP as the External Auditor of the Fund to conduct the audit of the financial statements for the years 2024 through 2026.

The Board:

1. Recalls decision B.36/16, which requested the Secretariat to develop, under the guidance of the Investment Committee, a framework that specifically addresses the scope and criteria for local currency financing pilot projects, with particular attention to, inter alia, additionality, direct access entity eligibility, implications to the GCF balance sheet and commitment authority, and cost of all-in concessionality for each project/programme utilizing local currency financing;
2. Takes note of the progress made by the Investment Committee and the Secretariat in developing a framework addressing the scope and criteria for local currency financing, particularly the focus of the Investment Committee on understanding the GCF’s existing GCF/B.39/19 Page 4 foreign exchange exposure and the range of foreign exchange risk mitigation instruments including hedged and unhedged options;
3. Also takes note of the need to strengthen the risk management capacity and internal treasury function of the GCF in order to implement a Foreign Exchange Management Framework for its financing to developing countries;
4. Requests the Secretariat to undertake further analysis and report to the Investment Committee on:
   1. The GCF’s existing foreign exchange exposure in its financing to developing countries;
   2. The risks and costs of different foreign exchange risk mitigation instruments and their likely implications on the design of such instruments, taking into account potential impacts on end beneficiaries of GCF financing, including hedged and unhedged options; and
   3. The progress of strengthening GCF’s risk management regarding foreign exchange exposure; and
5. Also requests the Secretariat, under the guidance of the Investment Committee, to develop a Foreign Exchange Management Framework for its financing to developing countries, cognizant of the work of the Risk Management Committee on foreign exchange risk and the need to ensure impactful investment across different regions, for consideration by the Board at its forty-first meeting.

The Board, having considered document GCF/B.39/Inf.11 titled “Reports from committees, panels and groups of the Board of the Green Climate Fund”;

(a) Notes the discussions to date of the Investment Committee regarding the “Review of the structure and effectiveness of the independent Technical Advisory Panel” and recognizes the evolving context of GCF work since the previous report was commissioned in 2023 such as the adoption of the Strategic Plan for the GCF 2024–2027;

(b) Requests the Secretariat under the guidance of the Investment Committee to commission a broader review of the function, governance and role of the independent Technical Advisory Panel in supporting GCF business and Board decision-making; and

(c) Also requests the Investment Committee to prepare terms of reference for such review of the independent Technical Advisory Panel for consideration and approval by the Board no later than the fortieth meeting of the Board, with a particular focus on ensuring an inclusive stakeholder engagement process

The Board, having considered document GCF/B.39/05/Rev.01 titled “Updated terms of reference of the Accreditation Panel”:

Approves the terms of reference of the Accreditation Panel contained in annex II to document GCF/B.39/05/Rev.01.

The Board, having considered document GCF/B.39/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 038 titled “Climate Adaptation, Resilience and Engagement in Local Governments (CARE-LG)” by the Bhutan Trust Fund for Environmental Conservation, as contained in document GCF/B.39/02/Add.01;
   2. Simplified approval process funding proposal 039 titled “Integrated climate risk management for strengthened resilience to climate change in Buner and Shangla Districts of Khyber Pakhtunkhwa Province, Pakistan” by the World Food Programme, as contained in document GCF/B.39/02/Add.02;
   3. Simplified approval process funding proposal 040 titled “Climate Adaptation and Resilience in Thua Thien Hue Province Vietnam (CARe Hue)” by Agence luxembourgeoise pour la Coopération au Développement S.A. (Luxembourg Agency for Development Cooperation), as contained in document GCF/B.39/02/Add.03;
   4. Simplified approval process funding proposal 041 titled “ALBAdapt – Climate Services for a Resilient Albania” by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.39/02/Add.04;
   5. Simplified approval process funding proposal 042 titled “Building climate resilience by linking climate adaptation and social protection through decentralised planning in Mozambique (LINK)” by Save the Children Australia, as contained in document GCF/B.39/02/Add.05;
   6. Simplified approval process funding proposal 043 titled “Upscaling “Naatangué” integrated family and village farms for a resilient agriculture in Senegal” by Centre de Suivi Ecologique, as contained in document GCF/B.39/02/Add.06/Rev.01;
   7. Funding proposal 232 titled “Jordan Integrated Landscape Management Initiative (JILMI)” by the United Nations Environment Programme, as contained in document GCF/B.39/02/Add.07;
   8. Funding proposal 233 titled “Community-based Agriculture Support Programme ‘plus’ (CASP+)” by the International Fund for Agricultural Development, as contained in document GCF/B.39/02/Add.08;
   9. Funding proposal 234 titled “Tonga Coastal Resilience” by the United Nations Development Programme, as contained in document GCF/B.39/02/Add.09/Rev.01;
   10. Funding proposal 235 titled “Mangroves for climate: Public, Private and Community Partnerships for Mitigation and Adaptation in Ecuador” by Conservation International Foundation, as contained in document GCF/B.39/02/Add.10;
   11. Funding proposal 236 titled “Basin Approach for Livelihood Sustainability through Adaptation Strategies (BALSAS)” by the International Fund for Agricultural Development, as contained in document GCF/B.39/02/Add.11;
   12. Funding proposal 237 titled “E-Motion: E-Mobility and Low Carbon Transportation” by Agence Française de Développement, as contained in document GCF/B.39/02/Add.12/Rev.01;
   13. Funding proposal 238 titled “Ecosystems-based Adaptation for resilient Watersheds and Communities in Malawi (EbAM)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.39/02/Add.13;
   14. Funding proposal 239 titled “Building Climate Resilience for Food and Livelihoods in the Horn of Africa (BREFOL)” by the African Development Bank, as contained in document GCF/B.39/02/Add.14;
   15. Funding proposal 240 titled “Collaborative R&DB Programme for Promoting the Innovation of Climate Technopreneurship” by Korea Development Bank, as contained in documents GCF/B.39/02/Add.15/Rev.01 and 18;
   16. Funding proposal 241 titled “Financing Mitigation and Adaptation Projects (FMAP) in Indian MSMEs” by the Small Industries Development Bank of India, as contained in documents GCF/B.39/02/Add.16/Rev.01 and 19/Rev.02; and
   17. Funding proposal 242 titled “Caribbean Net-Zero and Resilient Private Sector” by the Inter-American Investment Corporation, as contained in documents GCF/B.39/02/Add.17 and 20;
2. Approves simplified approval process funding proposal 038, submitted by the Bhutan Trust Fund for Environmental Conservation (BTFEC), for the amount of USD 10,000,000, in accordance with the term sheet agreed between the Secretariat and BTFEC and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
3. Also approves simplified approval process funding proposal 039, submitted by the World Food Programme (WFP), for the amount of USD 8,777,141, in accordance with the term sheet agreed between the Secretariat and WFP and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
4. Further approves simplified approval process funding proposal 040, submitted by Agence luxembourgeoise pour la Coopération au Développement S.A. (Luxembourg Agency for Development Cooperation), for the amount of USD 8,650,000, in accordance with the term sheet agreed between the Secretariat and the Luxembourg Agency for Development Cooperation and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
5. Approves simplified approval process funding proposal 041, submitted by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 23,070,000, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
6. Also approves simplified approval process funding proposal 042, submitted by Save the Children Australia (SCA), for the amount of USD 23,500,000, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
7. Further approves simplified approval process funding proposal 043, submitted by Centre de Suivi Ecologique (CSE), for the amount of EUR 9,050,089, in accordance with the term sheet agreed between the Secretariat and CSE and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
8. Approves funding proposal 232, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 44,904,203, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
9. Also approves funding proposal 233, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 39,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
10. Further approves funding proposal 234, submitted by the United Nations Development Programme (UNDP), for the amount of USD 22,656,409, in accordance with the term sheet agreed between the Secretariat and the UNDP and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
11. Approves funding proposal 235, submitted by Conservation International Foundation (CI), for the amount of USD 36,404,391, in accordance with the term sheet agreed between the Secretariat and CI and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
12. Also approves funding proposal 236, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 39,500,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
13. Further approves funding proposal 237, submitted by Agence Française de Développement (AFD), for the amount of EUR 78,333,415 and USD 40,264,000, in accordance with the term sheet agreed between the Secretariat and AFD and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
14. Approves funding proposal 238, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 42,808,151, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
15. Also approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 239, submitted by the African Development Bank (AfDB), for the amount of USD 151,000,000, in accordance with the term sheet agreed between the Secretariat and AfDB and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
16. Further approves funding proposal 240, submitted by Korea Development Bank (KDB), for the amount of USD 104,471,000, in accordance with the term sheet agreed between the Secretariat and KDB and set out in document GCF/B.39/02/Add.18, and subject to the conditions set out in annex II;
17. Approves funding proposal 241, submitted by the Small Industries Development Bank of India (SIDBI), for the amount of USD 215,600,000, in accordance with the term sheet agreed between the Secretariat and SIDBI and set out in document GCF/B.39/02/Add.19/Rev.02, and subject to the conditions set out in annex II;
18. Also approves funding proposal 242, submitted by the Inter-American Investment Corporation (IDB Invest), for the amount of USD 118,975,948, in accordance with the term sheet agreed between the Secretariat and IDB Invest and set out in document GCF/B.39/02/Add.20, and subject to the conditions set out in annex II;
19. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her designee is authorized to negotiate and enter into legal agreements on behalf of 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
20. 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.39/07 titled “Consideration of funding proposals: Consideration of a request for changes in the scope of funded activity FP037 (“Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment in Samoa”)”:

Approves, with respect to funded activity FP037 titled “Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment in Samoa”:

1. The cancellation of the construction of flood walls along segments 2 and 3 of the Vaisigano River (activity 2.1), except for penstock protection walls that have already been financed and carried out under the funded activity;
2. The cancellation of the construction of flood wall extensions at Leone and Lelata bridges (activity 2.4), except for the flood wall extension to Leone bridge downstream that has already been financed and carried out under the funded activity; and
3. The cancellation of Lelata bridge upgrade (activity 2.3), including a cancellation of GCF proceeds in the amount of USD 15,282,008 that were allocated to activities 2.1, 2.3 and 2.4 of the funded activity.

The Board, having considered limited distribution document GCF/B.39/12 titled “Consideration of funding proposals: Consideration of a request for a change in the environmental and social risk category in respect of FP224 Renewstable Barbados Project”:

Approves the change of environmental and social risk category of FP224 from Category B to Category A as described in limited distribution document GCF/B.39/12.

The Board, having considered limited distribution document GCF/B.39/13 titled “Consideration of funding proposals: Extension of deadline in respect of SAP033 (Enhancing Climate Information Systems for Resilient Development in Sierra Leone)”:

Decides to extend until one (1) day after the last day of the forty-first meeting of the Board (B.41) the deadline for the submission by the accredited entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed project, for the following approved funding proposal:

1. SAP033, titled “Enhancing Climate Information Systems for Resilient Development in Sierra Leone”.

The Board, having considered document GCF/B.39/03 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 documents for the following applicants for accreditation:
   1. Applicant 133 (APL133) is the Center for Implementation of Investment Projects within the Committee for Environmental Protection (CIIP) under the government of the Republic of Tajikistan, based in Tajikistan, as contained in document GCF/B.39/03/Add.02;
   2. Applicant 134 (APL134) is the Development Bank of Nigeria Plc (DBN), based in Nigeria, as contained in document GCF/B.39/03/Add.03;
   3. Applicant 135 (APL135) is the Fonds Interprofessionnel pour la Recherche et le Conseil Agricoles (FIRCA), based in Côte d’Ivoire, as contained in document GCF/B.39/03/Add.04;
   4. Applicant 136 (APL136) is the Indian Ocean Commission (IOC), based in Mauritius, as contained in document GCF/B.39/03/Add.05;
   5. Applicant 137 (APL137) is the Islamic Development Bank (IsDB), based in Saudi Arabia, as contained in document GCF/B.39/03/Add.06;
   6. Applicant 138 (APL138) is Meridiam SAS (Meridiam), based in France, as contained in document GCF/B.39/03/Add.07;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessment by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL133, the Center for Implementation of Investment Projects within the Committee for Environmental Protection (CIIP) under the government of the Republic of Tajikistan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.02, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL134, Development Bank of Nigeria Plc (DBN), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL35, the Fonds Interprofessionnel pour la Recherche et le Conseil Agricoles (FIRCA), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL136, the Indian Ocean Commission (IOC), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL137, the Islamic Development Bank (IsDB), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.06, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL138, Meridiam SAS (Meridiam), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.07, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
8. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants seeking to upgrade their respective accreditation types:
   1. Department of Environment under the Ministry of Health and the Environment of the Government of Antigua and Barbuda (DOE), based in Antigua and Barbuda, as contained in document GCF/B.39/03/Add.08;
   2. Fondo Mexicano para la Conservación de la Naturaleza A.C. (FMCN), based in Mexico, as contained in document GCF/B.39/03/Add.09;
   3. Ministry of Finance of the Federal Democratic Republic of Ethiopia (MOF Ethiopia), based in Ethiopia, as contained in document GCF/B.39/03/Add.10; and
   4. Palli Karma-Sahayak Foundation (PKSF), based in Bangladesh, as contained in document GCF/B.39/03/Add.11;
9. Agrees to upgrade the accreditation type of the Department of Environment under the Ministry of Health and the Environment of the Government of Antigua and Barbuda (DOE) as contained in decision B.18/05, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.08;
10. Also agrees to upgrade the accreditation type of Fondo Mexicano para la Conservación de la Naturaleza A.C. (FMCN) as contained in decision B.22/09, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.09;
11. Further agrees to upgrade the accreditation type of the Ministry of Finance of the Federal Democratic Republic of Ethiopia (MOF Ethiopia) as contained in decision B.12/30, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.10;
12. Agrees to upgrade the accreditation type of Palli Karma-Sahayak Foundation (PKSF) as contained in decision B.18/05, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.11;
13. Recalls that the scope of review for assessment of accreditation is set out in the updates to the accreditation framework adopted by the Board in decision B.31/06, annex IV;
14. Recognizes that information included by the Accreditation Panel in the assessment of entities that goes beyond the scope of review recalled in paragraph (m) is informative in nature and does not imply or impose additional requirements on applicants for accreditation;
15. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel contained in document GCF/B.39/03/Add.01; and
16. Decides that those entities referred to in annex III to document GCF/B.39/03 are also eligible to apply under the fast-track accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund.