Boardroom

The Board, having considered document GCF/B.42/08/Rev.01 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2024”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2024 as contained in annex II to document GCF/B.42/08/Rev.01.

The Board, having considered document GCF/B.42/14 titled “Co-Chairs’ proposal on a new structure for Board committees: Proposal for discussion” and its addendum Add.01:

1. Requests the Co-Chairs, with the support of the Secretariat, to continue to consult with the Board and present proposal(s) to increase the efficiency and effectiveness of Board governance and committees; and
2. Also requests the Co-Chairs, with the support of the Secretariat, to present for consideration by the Board at its forty-third meeting a proposal for a new committee structure on the basis of the comments expressed by the Board at its forty-second meeting.

The Board, having considered document GCF/B.42/16 titled “Optimized approach to monitoring, evaluation, and learning: Co-Chairs’ proposal”:

1. Takes note of the progress made by the Secretariat in operationalizing an optimized approach to monitoring, evaluation and learning and of the clarified delineation of the complementary roles between the Secretariat and the Independent Evaluation Unit;
2. Requests the Budget Committee to consider the optimized approach to monitoring, evaluation and learning and the continued need to strengthen the Secretariat’s monitoring, evaluation and learning capacity ‒ including digital monitoring, evaluation and learning infrastructure, data interoperability, and partner capacity development ‒ when reviewing the Secretariat’s budget and workplan for 2026 and beyond;
3. Also requests the Risk Management Committee to consider the optimized approach to monitoring, evaluation and learning when guiding the development of the Independent Evaluation Unit workplans for 2026 and beyond, and further requests the Budget Committee to ensure that the Independent Evaluation Unit’s resource needs are addressed in a streamlined manner and aligned with the scale of the programming envelope; and
4. Encourages the Secretariat and the Independent Evaluation Unit to continue enhancing coordination mechanisms and data-sharing arrangements, with full respect for the Independent Evaluation Unit’s operational independence, to promote learning synergies and avoid duplication, including feedback loops where appropriate.

The Board, having considered confidential document GCF/B.42/17 titled “Allegations of misconduct against a Board-appointed official” and the documents referenced in it:

1. Takes note of the Ethics and Audit Committee’s strictly confidential memorandum, and the Executive Summary of the independent investigation report;
2. Also takes note of:
   1. The decision of the Ethics and Audit Committee on the closure of the investigation;
   2. The recommendation of the Ethics and Audit Committee to the Board; and
   3. The views of the aforementioned Board-appointed official on the investigation report, which were submitted to the Board on 25 June 2025;
3. Decides to close the matter with immediate effect; and
4. Requests the Chair of the Ethics and Audit Committee to inform all the concerned individuals, as appropriate.

The Board, having considered confidential distribution document GCF/B.42/10 titled “Matters related to the selection of the Head of the Independent Evaluation Unit”:

1. Decides to appoint Andreas Reumann for a second term of three years as Head of the Independent Evaluation Unit, beginning at the end of his current appointment; and
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, the contract between the Head of the Independent Evaluation Unit and GCF.

The Board, having considered document GCF/B.42/02/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 050 titled “Toward Risk-Aware and Climate-resilienT communities (TRACT) - Strengthening climate services and impact-based multi-hazard early warning in Maldives” by the United Nations Environment Programme, as contained in document GCF/B.42/02/Add.01;
   2. Simplified approval process funding proposal 051 titled “Increasing resilience to the health risks of climate change in the Federated States of Micronesia” by the Pacific Community, as contained in document GCF/B.42/02/Add.02;
   3. Simplified approval process funding proposal 052 titled “Strengthen the National Multi-Hazard Early Warning System in the Sultanate of Oman” by the United Nations Industrial Development Organization, as contained in document GCF/B.42/02/Add.03;
   4. Simplified approval process funding proposal 053 titled “FISH-ADAPT: Transforming climate resilience and sustainability in Saint Lucia’s fisheries communities” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.42/02/Add.04;
   5. Simplified approval process funding proposal 054 titled “SOURCE Pacific Drinking Water Projects” by the Asian Development Bank, as contained in document GCF/B.42/02/Add.05 and 20;
   6. Funding proposal 265 titled “Climate-resilient landscapes for sustainable livelihoods in northern Ghana” by the United Nations Environment Programme, as contained in document GCF/B.42/02/Add.07;
   7. Funding proposal 266 titled “Strengthening the resilience of ecosystems and populations in four regional hubs in northern Mauritania” by the United Nations Environment Programme, as contained in document GCF/B.42/02/Add.08;
   8. Funding proposal 267 titled “Scaling up ecosystem-based approaches to managing climate-intensified disaster risks in vulnerable regions of South Africa (“Eco-DRR”)” by the South African National Biodiversity Institute, as contained in document GCF/B.42/02/Add.09;
   9. Funding proposal 268 titled “Scaling-Up Resilience in Africa’s Great Green Wall (SURAGGWA)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.42/02/Add.10;
   10. Funding proposal 269 titled “Dairy Interventions for Mitigation and Adaptation (DaIMA)” by the International Fund for Agricultural Development, as contained in document GCF/B.42/02/Add.11;
   11. Funding proposal 270 titled “Climate Adaptive Irrigation and Sustainable Agriculture for Resilience (CAISAR) in Cambodia” by the International Fund for Agricultural Development, as contained in document GCF/B.42/02/Add.12;
   12. Funding proposal 271 titled “India Green Finance Facility (IGFF)” by the Asian Development Bank, as contained in document GCF/B.42/02/Add.13;
   13. Funding proposal 272 titled “Protecting livelihoods and assets at risk from Glacial Lake Outburst Floods (GLOFs) and climate change-induced flooding in glacial river basins of Nepal” by the United Nations Development Programme, as contained in document GCF/B.42/02/Add.14;
   14. Funding proposal 273 titled “Papua New Guinea REDD-plus RBP for results period 2014-2016” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.42/02/Add.15;
   15. Funding proposal 274 titled “Building the Climate Resilience of Children and Communities through the Education Sector (BRACE)” by Save the Children Australia, as contained in document GCF/B.42/02/Add.16;
   16. Funding proposal 275 titled “Scaling up the Deployment of Integrated Utility Services (IUS) to Support Energy Sector Transformation in the Caribbean (Phase 1) Programme” by the Caribbean Development Bank, as contained in document GCF/B.42/02/Add.17 and 22;
   17. Funding proposal 276 titled “GCF’s investment into the Global Green Bond Initiative (GGBI) (previously known as Green and Resilience Debt Platform (GRDP))” by the European Investment Bank, as contained in document GCF/B.42/02/Add.18 and 23; and
   18. Funding proposal 277 titled “ATOME Villeta Green Fertilizer (AVGF) Project” by the International Finance Corporation, as contained in document GCF/B.42/02/Add.19 and 24;
2. Approves simplified approval process funding proposal 050, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
3. Also approves simplified approval process funding proposal 051, submitted by the Pacific Community (SPC), for the amount of USD 17,893,309, in accordance with the term sheet agreed between the Secretariat and SPC and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
4. Further approves simplified approval process funding proposal 053, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 14,750,000, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
5. Approves simplified approval process funding proposal 054, submitted by the Asian Development Bank (ADB), for the amount of USD 9,000,000, in accordance with the term sheet agreed between the Secretariat and ADB and set out in document GCF/B.42/02/Add.20, and subject to the conditions set out in annex I;
6. Also approves funding proposal 265, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 63,211,141, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
7. Further approves funding proposal 266, submitted by United Nations Environment Programme (UNEP), for the amount of USD 30,902,775, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
8. Approves funding proposal 267, submitted by the South African National Biodiversity Institute (SANBI), for the amount of USD 40,104,179, in accordance with the term sheet agreed between the Secretariat and SANBI and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
9. Also approves funding proposal 268, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 150,000,000, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
10. Further approves funding proposal 269, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 150,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
11. Approves funding proposal 270, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 80,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
12. Also approves funding proposal 271, submitted by the Asian Development Bank (ADB), for the amount of USD 200,000,000, in accordance with the term sheet agreed between the Secretariat and ADB and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
13. Further approves funding proposal 272, submitted by United Nations Development Programme (UNDP), for the amount of USD 36,158,230, in accordance with the term sheet agreed between the Secretariat and UNDP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
14. Approves funding proposal 273, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 63,413,756, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
15. Also 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 none of the Board members present abstained from the vote, funding proposal 274, submitted by Save the Children Australia (SCA), for the amount of USD 40,751,264, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
16. Further approves funding proposal 275, submitted by the Caribbean Development Bank (CDB), for the amount of USD 26,736,295, in accordance with the term sheet agreed between the Secretariat and CDB and set out in document GCF/B.42/02/Add.22, and subject to the conditions set out in annex I;
17. Approves funding proposal 276, submitted by the European Investment Bank (EIB), for the amount of EUR 200,000,000, in accordance with the term sheet agreed between the Secretariat and EIB and set out in document GCF/B.42/02/Add.23, and subject to the conditions set out in annex I;
18. Also approves funding proposal 277, submitted by the International Finance Corporation (IFC), for the amount of USD 50,000,000, in accordance with the term sheet agreed between the Secretariat and IFC and set out in document GCF/B.42/02/Add.24, and subject to the conditions set out in annex I;
19. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her delegate(s) is authorized to negotiate and enter into legal agreements on behalf of GCF 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.42/06 titled “Status of approved funding proposals: adding host countries in respect of FP205 (“Infrastructure Climate Resilient Fund”)”:

1. Approves the inclusion of Angola, Burkina Faso, Senegal and Uganda as host countries for FP205; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

The Board, having considered document GCF/B.42/07 titled “Status of approved funding proposals: adding a host country in respect of FP211 (“Hardest-to-Reach”)”:

1. Approves the inclusion of Liberia as a host country for FP211; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (a) above.

The Board, having considered document GCF/B.42/05 titled “Consideration of funding proposals: extension of the deadline in respect of FP153 (Mongolia Green Finance Corporation)”:

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. FP153, titled “Mongolia Green Finance Corporation”.

The Board, having considered document GCF/B.42/11 titled “Consideration of funding proposals: extension of deadline in respect of FP221 (Rwanda Green Investment Facility (RGIF))”:

Decides to extend, until the day which is one day after the last day of the forty-third meeting of the Board, the deadline for the execution of the funded activity agreement, in a form and substance satisfactory to the GCF Secretariat, for the following approved funding proposal:

1. FP221, titled “Rwanda Green Investment Facility (RGIF)”.

The Board, having considered document GCF/B.42/03 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 150 (APL150), the Banco Promerica de Costa Rica, Sociedad Anónima (Banco Promerica), based in Costa Rica, as contained in document GCF/B.42/03/Add.01;
   2. Applicant 151 (APL151), the Banque Nationale d’Investissement (BNI), based in Côte d’Ivoire, as contained in document GCF/B.42/03/Add.02;
   3. Applicant 152 (APL152), Development Bank of Namibia Limited (DBN), based in Namibia, as contained in document GCF/B.42/03/Add.03;
   4. Applicant 153 (APL153), the Development Finance Corporation (DFC), based in Belize, as contained in document GCF/B.42/03/Add.04;
   5. Applicant 154 (APL154), the Environment Protection Fund (EPF), based in the Lao People’s Democratic Republic, as contained in document GCF/B.42/03/Add.05;
   6. Applicant 155 (APL155), the JSC Georgian Energy Development Fund (GEDF), based in Georgia, as contained in document GCF/B.42/03/Add.06;
   7. Applicant 156 (APL156), the Saint Lucia Development Bank (SLDB), based in Saint Lucia, as contained in document GCF/B.42/03/Add.07; and
   8. Applicant 157 (APL157), the International Land and Forest Tenure Facility (Tenure Facility), based in Sweden, as contained in document GCF/B.42/03/Add.08;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the recommendation of 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 APL150, the Banco Promerica de Costa Rica, Sociedad Anónima (Banco Promerica), based in Costa Rica, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/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 APL151, the Banque Nationale d’Investissement (BNI), based in Côte d’Ivoire, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/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;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL152, the Development Bank of Namibia Limited (DBN), based in Namibia, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/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 APL153, the Development Finance Corporation (DFC), based in Belize, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/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 APL154, the Environment Protection Fund (EPF), based in the Lao People’s Democratic Republic, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/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 APL155, the JSC Georgian Energy Development Fund (GEDF), based in Georgia, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/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. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL156, the Saint Lucia Development Bank (SLDB), based in Saint Lucia, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/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;
9. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL157, the International Land and Forest Tenure Facility (Tenure Facility), based in Sweden, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.08, 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;
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.42/Inf.09 titled “Status of the GCF Resources, Portfolio and Pipeline”; and
11. Decides that those entities referred to in annex II 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.

The Board, having considered document GCF/B.42/09 titled “Fourteenth 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 “Fourteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annex II to document GCF/B.42/09, taking into consideration the comments made and decisions taken at the forty-second 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 thirtieth 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 “Fourteenth 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 forty-third meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board, having considered documents GCF/B.42/04 titled “Accreditation matters”, GCF/B.42/04/Add.01 titled “Accreditation Framework”, GCF/B.42/04/Add.02 titled “Policy on fees for accreditation”, GCF/B.42/04/Add.03 titled “Updated monitoring and accountability framework for accredited entities”, GCF/B.42/04/Add.04 titled “Revised approach to legal arrangements with accredited entities” and document GCF/B.42/04/Add.05 titled “Policy coherence analysis for the proposed revised accreditation framework”:

1. Adopts the accreditation framework contained in annex III to this decision (“Accreditation Framework”);
2. Recalls that, pursuant to paragraph 47 of the Governing Instrument for the GCF, the Board will consider additional modalities that further enhance direct access and decides that:
   1. The additional modality for non-governmental direct access applicants to self-nominate for accreditation, as set out in the Accreditation Framework, shall be implemented in a manner which is consistent with the principle of country ownership;
   2. Self-nominating direct access applicants shall (1) consult with the relevant national designated authority prior to submitting their accreditation application; and (2) provide information with respect to such consultation to the Secretariat during the accreditation process; and
   3. The national designated authority may submit any relevant information with respect to self-nominating direct access applicants, which shall be duly considered by the Secretariat during the accreditation process;
3. Adopts the policy on fees for accreditation contained in annex IV to this decision (“Policy on Fees for Accreditation”);
4. Also adopts the updated monitoring and accountability framework contained in annex V to this decision (“Monitoring and Accountability Framework”);
5. Further adopts the revised approach to legal arrangements with accredited entities set out in section 5.2 of document GCF/B.42/04/Add.04 (“Approach to Legal Arrangements”);
6. Takes note of the screening requirements for accreditation against which applicants will be assessed, as contained in part I of annex II to document GCF/B.42/04/Add.01 (“Screening Requirements”);
7. Requests the Secretariat to consult with the Accreditation Committee prior to implementing any material changes to the Screening Requirements;
8. Takes note of the assessment and gap analysis of:
   1. The fiduciary standards and environmental and social standards of the Adaptation Fund, Global Environment Facility, and the Directorate-General for International Partnerships of the European Commission (formerly the Directorate-General for International Cooperation and Development); and
   2. The due diligence processes, fiduciary standards and environmental and social standards of the International Bank for Reconstruction and Development and the International Development Association (World Bank) and the African Development Bank,

   in each case, against the Screening Requirements, as presented in annex III to document GCF/B.42/04/Add.01;

9. Agrees that the fast-track accreditation process adopted in paragraphs (c)–(h) of decision B.08/03 shall (i) apply with respect to the Screening Requirements against which eligible applicants for accreditation under the Accreditation Framework are assessed; and (ii) in relation to the fiduciary standards and environmental and social standards not assessed at the time of an eligible accredited entity’s accreditation, be relied upon by the Secretariat in its assessment of funding proposals submitted by the accredited entity;
10. Decides to extend the fast-track accreditation process referred to in paragraph (i) above as set out in section 2.3 of annex III to document GCF/B.42/04/Add.01;
11. Takes note of the policy coherence analysis for the proposed revised accreditation framework contained in document GCF/B.42/04/Add.05;
12. Decides that the Accreditation Framework, the Policy on Fees for Accreditation, the Monitoring and Accountability Framework, and the Approach to Legal Arrangements will become effective on the day after the closing of the forty-third meeting of the Board (“Effective Date”);
13. Also decides that, from the date of this decision, the transitional arrangements in respect of the Accreditation Framework, the Monitoring and Accountability Framework, and the Approach to Legal Arrangements set out in annex VI to this decision shall apply;
14. Agrees that, on the Effective Date, the policies and decisions listed in annex VII to this decision shall, subject to (i) the transitional arrangements adopted in paragraph (m) above; and (ii) paragraph (t) below, be repealed;
15. Decides that the accreditation term extension granted through decision B.37/18, paragraph (q), shall be extended until the Effective Date;
16. Requests the Secretariat to (i) determine the submission windows for applications for accreditation; (ii) develop, adopt and publish accreditation service standards; (iii) revise and/or develop templates, forms, guidance notes, and supporting materials for the implementation of the Accreditation Framework; (iv) update the Digital Accreditation Platform; and (v) undertake a comprehensive communications campaign for relevant stakeholders in connection with the implementation of the Accreditation Framework;
17. Also requests the Secretariat, under the guidance of the Accreditation Committee, to commission a broad review of the objectives, role, structure, governance and operational modalities of the Accreditation Panel in supporting Board decision-making under the revised Accreditation Framework and to prepare terms of reference for such review of the Accreditation Panel for consideration and approval by the Board no later than the forty-fourth meeting of the Board;
18. Decides that any direct access entity accredited under the Accreditation Framework which has not been nominated by a national designated authority shall, prior to being entitled to access the direct access entity support modality under the Readiness Strategy 2024–2027 adopted in decision B.37/21, paragraph (b), be required to provide evidence of its coordination with the respective national designated authority in line with the country’s priorities and deliver to GCF a written confirmation of the relevant national designated authority’s support for that entity’s access to the direct access entity support modality;
19. Confirms that, upon the Effective Date, all decisions, Board-approved policies and operational guidelines that reference “accreditation”, “re-accreditation”, “accreditation term” (and associated processes linked to a fixed accreditation term), “accreditation master agreement” or “AMA” shall be interpreted and applied in a manner consistent with the Accreditation Framework, the Monitoring and Accountability Framework, the Policy on Fees for Accreditation, and the Approach to Legal Arrangements; and
20. Also confirms that the implementation, on a pilot basis, of the project-specific assessment approach, pursuant to decision B.31/06, shall continue and be unaffected by the adoption of the Accreditation Framework, and, notwithstanding paragraph (n) above, the pilot framework for the GCF project-specific assessment approach set out in section VII of the accreditation framework adopted in decision B.31/06 and the policy on fees for accreditation of the Green Climate Fund adopted by decision B.08/04 as it relates to the calculation of fees under the project-specific assessment approach, shall continue to apply in respect of the project-specific assessment approach.

The Board, having considered document GCF/B.42/12 titled “Operationalizing GCF regional presence: selection process and criteria”:

1. Adopts the terms of reference for the selection of the host countries for GCF regional presence, as contained in annex VIII;
2. Requests the Secretariat to launch a call for proposals to host GCF regional presence, based on the adopted terms of reference, with a deadline of 19 September 2025 for submission of proposals; and
3. Also requests the Secretariat to prepare a comprehensive analysis and recommendation for host countries of regional offices and an outpost, as defined in document GCF/B.42/12, consistent with decision B.41/10 for the Board’s consideration.

The Board, having considered document GCF/B.42/15 titled “Staff Regulations” and its addendum Add.01:

1. Recalls decision B.38/06, in which the Board adopted the GCF Compensation Philosophy;
2. Decides to continue upholding the international character of the Fund, striving to ensure geographical balance and diversity among its staff, while leveraging local labour markets, as appropriate;
3. Takes note that standards of conduct will be developed reflecting the values and character of GCF to apply to both staff members and non-staff contracted personnel, such as consultants and interns;
4. Decides that until the standards of conduct are adopted by the Board, the Code of Conduct, currently set out in the Administrative Guidelines on Human Resources, will continue to apply to staff;
5. Recalls decision B.11/01, providing the appointment level range for the Heads of the independent units, which remains in effect;
6. Requests the Performance Oversight Committee of the Executive Director and the Heads of the independent units to:
   1. Conduct a review of the salary levels of all Board-appointed officials; and
   2. Develop, for the Board’s consideration no later than at its forty-third meeting, a proposed salary scale for Board-appointed officials;
7. Adopts the Staff Regulations, as contained in annex IX;
8. Also adopts the Staff Rules, as contained in annex X, to implement the Staff Regulations, hereinafter to be supplemented, amended, revoked or replaced by the Executive Director in a manner consistent with the Staff Regulations; and
9. Decides that the Staff Regulations and the Staff Rules will enter into force no later than 1 January 2026 and together will replace the Administrative Guidelines on Human Resources adopted through decision B.08/17 and subsequently amended by decisions B.34/20, B.34/21 and B.37/08.

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).