Boardroom

This matter was considered by the Board in an executive session.

A limited distribution decision was adopted under this agenda item: 

DECISION B.36/01 on accreditation master agreements

The Board, having considered document GCF/B.36/18 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2022”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2022 as contained in annex II.

The Board, having considered limited distribution document GCF/B.36/08 titled “Performance review of the members of the Accreditation Panel”:

1. Decides that, pursuant to decision B.BM-2017/03 and in line with the guiding principles and methodology for the performance review of members of the Accreditation Panel of the Green Climate Fund set out in annex II to the same decision, the performance review of the members of the Accreditation Panel shall be undertaken by an independent consultant or firm, with the aim of presenting the outcome of such performance review to the Board for its consideration at its thirty-seventh meeting;
2. Requests the Secretariat to promptly procure the independent consultant or firm referred to in paragraph (a); and
3. Also requests the Secretariat to promptly launch the call for experts to the Accreditation Panel and the Accreditation Committee to nominate members of the Accreditation Panel for consideration by the Board at its thirty-seventh meeting.

The Board, having considered document GCF/B.36/19 titled “Appointment of members of the independent Technical Advisory Panel”:

1. Recalls the updated terms of reference of the independent Technical Advisory Panel as noted in decision B.BM-2018/09; and
2. Endorses the nomination by the Investment Committee of the following experts to the independent Technical Advisory Panel for one three-year term starting on 1 August 2023:
   1. Debbie Menezes (Female, Portugal); and
   2. Marianne Kjellén (Female, Sweden).

The Board, having considered document GCF/B.36/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 206 titled “Resilient Homestead and Livelihood support to the vulnerable coastal people of Bangladesh (RHL)” by the Palli Karma-Sahayak Foundation (PKSF), as contained in document GCF/B.36/02/Add.01;
   2. Funding proposal 207 titled “Recharge Pakistan: Building Pakistan’s resilience to climate change through Ecosystem-based Adaptation (EbA) and Green Infrastructure for integrated flood risk management” by the World Wildlife Fund, Inc. (WWF), as contained in document GCF/B.36/02/Add.02/Rev.01;
   3. Funding proposal 208 titled “Enhanced climate resilience in the Trois-Rivières region of Haiti through Integrated Flood Management” by the United Nations Development Programme (UNDP), as contained in document GCF/B.36/02/Add.03;
   4. Funding proposal 209 titled “Climate Change Resilience through South Africa’s Water Reuse Programme (“WRP”)” by the Development Bank of Southern Africa (DBSA), as contained in document GCF/B.36/02/Add.04;
   5. Funding proposal 210 titled “KawiSafi II” by Acumen Fund, Inc. (Acumen), as contained in document GCF/B.36/02/Add.05 and 09;
   6. Funding proposal 211 titled “Hardest-to-Reach” by Acumen Fund, Inc. (Acumen), as contained in document GCF/B.36/02/Add.06 and 10;
   7. Funding proposal 212 titled “&Green Fund: Investing in Inclusive Agriculture and Protecting Forests” by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), as contained in document GCF/B.36/02/Add.07 and 11;
   8. Funding proposal 213 titled “The Blue Green Bank (BGB)” by Pegasus Capital Advisors (PCA), as contained in document GCF/B.36/02/Add.08 and 12/Rev.01;
   9. Simplified approval process funding proposal 026 titled “Extended Community Climate Change Project-Drought (ECCCP-Drought)” by the Palli Karma-Sahayak Foundation (PKSF), as contained in document GCF/B.36/02/Add.13;
   10. Simplified approval process funding proposal 027 titled “Solomon Islands Knowledge-Action-Sustainability for Resilient Villages (SOLKAS) Project” by Save the Children Australia (SCA), as contained in document GCF/B.36/02/Add.14/Rev.01;
   11. Simplified approval process funding proposal 028 titled “Women-Adapt: Enhancing the climate change adaptive capacity of smallholder farmer communities in the Poro Region, focusing on vulnerable women and youth” by the World Food Programme (WFP), as contained in document GCF/B.36/02/Add.15; and
   12. Simplified approval process funding proposal 029 titled “Ecosystem-based Adaptation (EbA) for Reducing Community Vulnerability to Climate Change in Northern Pacific Small Island Developing States (SIDS)” by the Micronesia Conservation Trust (MCT), as contained in document GCF/B.36/02/Add.16; 
2. Approves funding proposal 206, submitted by the Palli Karma-Sahayak Foundation, for the amount of USD 42,201,200, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
3. Also approves funding proposal 207, submitted by the World Wildlife Fund, Inc., for the amount of USD 66,000,005, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
4. Further approves funding proposal 208, submitted by the United Nations Development Programme, for the amount of USD 22,427,206, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
5. Approves funding proposal 209, submitted by the Development Bank of Southern Africa, for the amount of USD 235,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
6. 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 210, submitted by Acumen Fund, Inc., for the amount of USD 52,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.09;
7. Further 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 211, submitted by Acumen Fund, Inc., for the amount of USD 65,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.10;
8. Approves funding proposal 212, submitted by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., for the amount of USD 189,350,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.11;
9. Also approves funding proposal 213, submitted by Pegasus Capital Advisors, for the amount of USD 15,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.12/Rev.01;
10. Further approves simplified approval process funding proposal 026, submitted by the Palli Karma-Sahayak Foundation, for the amount of USD 24,957,990, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
11. Approves simplified approval process funding proposal 027, submitted by Save the Children Australia, for the amount of USD 24,965,114, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18; 
12. Also approves simplified approval process funding proposal 028, submitted by the World Food Programme, for the amount of USD 8,999,880, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
13. Further approves simplified approval process funding proposal 029, submitted by the Micronesia Conservation Trust, for the amount of USD 8,896,275, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
14. 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
15. 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.36/13 titled “Independent evaluation of the relevance and effectiveness of the GCF’s investments in the African States”:

1. Takes note of the findings and recommendations in the independent evaluation of the relevance and effectiveness of the GCF’s investments in the African States undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.36/13/Add.01;
3. Also notes the common finding outlined in the Independent Evaluation Unit’s evaluations of the relevance and effectiveness of the GCF’s investments in the small island developing States, least developed countries, and African States (the “Evaluations”) in relation to language barriers as inhibiting access to GCF, and requests the Secretariat to develop an approach for multilingualism that addresses challenges related to language and access to the GCF for consideration by the Board no later than the thirty-ninth meeting of the Board;
4. Further notes the Independent Evaluation Unit’s recommendation regarding the GCF’s Policy on Fees and requests the Secretariat to present a revised policy on accredited entity fees for consideration by the Board no later than the thirty-ninth meeting of the Board;
5. Notes the common situation outlined in the Evaluations, in particular that GCF continues to be relevant to the needs of vulnerable countries;
6. Also notes the common findings that identified the urgency of climate action, the importance of adaptation, capacity constraints, high transaction/operational costs and the importance of enhancing access to climate finance for small island developing States, least developed countries and African States;
7. Further notes the common conclusion of the evaluations that many of GCF’s modalities and processes would benefit from further improvements, building on GCF’s progress to address the challenges of climate change and the urgency required for climate action;
8. Decides to further consider the Independent Evaluation Unit’s findings and recommendations in the Evaluations 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 the Evaluations in its efforts to make GCF’s operations more efficient and responsive to the needs of developing countries; and
9. 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 limited distribution document GCF/B.36/11 titled “Status of approved funding proposals: Fulfilment of Board conditions in respect of FP197 Green Guarantee Company (“GGC”)”: 

Approves the conditions to funded activity agreement execution set out in annex VII to decision B.34/10 that relate to funding proposal 197.

The Board, having considered limited distribution document GCF/B.36/07 titled “Consideration of funding proposals: Consideration of a request for changes of the design and pricing in respect of funded activity FP098 (“DBSA Climate Finance Facility”)

Approves, with respect to funded activity FP098 titled “DBSA Climate Finance Facility”:

1. A change to the financial instrument between GCF and the accredited entity from a trust arrangement to a credit line to be provided by GCF to the Development Bank of Southern Africa, with consequential changes to the terms and conditions for the utilization of the GCF reimbursable funds, as set out in the revised term sheet in annex III to document GCF/B.36/07; and
2. The changes to the pricing of GCF reimbursable funds, as set out in document GCF/B.36/07.

The Board, having considered document GCF/B.36/04 titled “Consideration of funding proposals: Consideration of a request for a change in the environmental and social risk category in respect of funded activity FP010 (“De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits”):

1. Approves the change of environmental and social risk category of funded activity FP010 from Category C to Category B as described in document GCF/B.36/04; 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.36/03 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 re-accreditation: pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
   1. Applicant R035 (RAPL035) is the Banque Ouest Africaine de Développement (West African Development Bank) (BOAD), based in Togo, as contained in document GCF/B.36/03/Add.02;
   2. Applicant R011 (RAPL011) is the Corporación Andina de Fomento (CAF), based in the Bolivarian Republic of Venezuela, as contained in document GCF/B.36/03/Add.03;
   3. Applicant R047 (RAPL047) is Fundación Avina, based in Panama, as contained in document GCF/B.36/03/Add.04; and
   4. Applicant R015 (RAPL015) is the Agence Française de Développement, based in France, as contained in document GCF/B.36/03/Add.05;
   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;

2. Also takes note of the efforts of the Banque Ouest Africaine de Développement to advance the purpose of GCF, including through Banque Ouest Africaine de Développement’s strategic plan Djoliba (2021–2025), its letter of 26 June 2018 from the Chief Executive Officer and Chairman of the Banque Ouest Africaine de Développement to the United Nations Framework Convention on Climate Change, and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
3. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation and upgrade of RAPL035, the Banque Ouest Africaine de Développement (West African Development Bank) (BOAD), based in Togo, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/Add.02, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
4. Takes note of the efforts of the Corporación Andina de Fomento to advance the purpose of GCF, including through Corporación Andina de Fomento’s Institutional Strategy 2022–2026, its statement on 9 July 2023,1 and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL011, the Corporación Andina de Fomento (CAF), based in the Bolivarian Republic of Venezuela, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL047, Fundación Avina, based in Panama, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
7. Takes note of the efforts of the Agence Française de Développement to advance the purpose of GCF, including through the Agence Française de Développement’s Climate and Development Strategy and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
8. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL015, the Agence Française de Développement, based in France, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
9. 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: 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.24/13;
   1. Applicant 118 (APL118) is Corporación Nacional para el Desarrollo (CND), based in Uruguay, as contained in document GCF/B.36/03/Add.06;
   2. Applicant 119 (APL119) is the Development Bank of Jamaica Limited (DBJ), based in Jamaica, as contained in document GCF/B.36/03/Add.07;
   3. Applicant 120 (APL120) is DFCC Bank PLC (DFCC Bank), based in Sri Lanka, as contained in document GCF/B.36/03/Add.08; and
   4. Applicant 121 (APL121) is responsAbility Investments AG (responsAbility), based in Switzerland, as contained in document GCF/B.36/03/Add.09;
   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.24/13;

10. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL118, Corporación Nacional para el Desarrollo (CND), based in Uruguay, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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.24/13;
11. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL119, Development Bank of Jamaica Limited (DBJ) based in Jamaica, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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.24/13;
12. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL120, DFCC Bank PLC (DFCC Bank), based in Sri Lanka, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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.24/13;
13. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL121, responsAbility Investments AG (responsAbility), based in Switzerland, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/Add.09, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.24/13; and
14. 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.36/03/Add.01.

The Board, having considered document GCF/B.36/12 titled “Matters related to the accreditation strategy: resourcing implications of the accreditation strategy”:

1. Takes note of the resourcing implications of the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII to that decision, including potential impact on the modalities and budget for the Readiness and Preparatory Support Programme, Project Preparation Facility, and the capacity of the Secretariat and independent Accreditation Panel;
2. Requests the Secretariat to integrate the budgetary impacts for the Readiness and Preparatory Support Programme and Project Preparation Facility into the relevant work programme and budgets when these are next presented for the Board;
3. Approves an additional administrative budget of USD 612,000 to be executed during the years 2023 and 2024 for professional services for the Secretariat to:
   1. Develop guidance on the various types of partnerships that can be built with GCF, and on the obligations and responsibilities of accredited entities, in line with the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII thereto;
   2. Develop guidance on programming directions in order to support accredited entities in their delivery of such programming, in line with the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII thereto;
   3. Update guidance on re-accreditation and accreditation for national designated authorities and entities, including reflecting GCF strategic priorities and programming directions, and the accreditation strategy, in line with the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII thereto; and
   4. Develop, in line with decision B.34/19, paragraph (i), a paper on:
      1. The climate change programming development and implementation competencies and capacities relevant to programming with GCF; and
      2. Options for building or strengthening such capacities of accredited entities, particularly direct access entities, including support provided through the Readiness and Preparatory Support Programme, such as through the provision of technical assistance; cooperation between international access accredited entities and direct access entities; and peer learning; and
4. Recalls decision B.34/19, paragraph (b), and notes that matters therein relevant to accreditation should be discussed at the earliest opportunity.

The Board, having considered document GCF/B.36/10 titled “Twelfth 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 “Twelfth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annex VI, taking into consideration the comments made and decisions taken at the thirty‐sixth meeting of the Board, and submit the revised report to the United Nations Framework Convention on Climate Change secretariat, no later than 12 weeks prior to the twenty-eighth 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 “Twelfth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change” capturing the progress and decisions to be made during the thirty‐seventh meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board, having considered document GCF/B.36/17/Rev.01 titled “Green Climate Fund – Strategic Plan 2024-2027. Co-Chairs Proposal”:

1. Approves the Strategic Plan for the GCF 2024–2027, as set out in annex III;
2. Requests the Secretariat to develop a detailed action plan to implement the Strategic Plan for the GCF 2024–2027, in particular the actions needed to implement and meet the programming targets, as an information document in order to inform the Board’s consideration of the workplan of the Board 2024–2027 at its thirty-eighth meeting; and
3. Also requests the Secretariat, under the guidance of the Co-Chairs, to update the allocation parameters and portfolio targets under the GCF initial investment framework to reflect the allocation parameters and portfolio targets for the second replenishment programming period set out in annex III and present them to the Board for consideration at its thirty-seventh meeting, and further requests the Secretariat to provide for the consideration of the Board a document on the criteria and planned allocations for the targeted results, in particular 10 and 11, in the box in paragraph 16 in annex III.

The Board, having considered document GCF/B.36/15/Rev.01 titled “Updated policy for contributions to the Green Climate Fund for the second replenishment”:

1. Expresses its appreciation to the group of potential contributors, Board and alternate members, and observers who actively engaged in the consultation process;
2. Approves the updated Policy for Contributions to the Green Climate Fund for the second replenishment, as contained in annex IV;
3. Requests the Secretariat to present a plan for the financial management of GCF’s commitment authority for the second replenishment programming period for consideration by the Board at its thirty-seventh meeting; and
4. Also requests the Secretariat, under the guidance of the Co-Chairs, to present to the Board at its thirty-seventh meeting a document with potential measures to manage non-confirmed pledges and non-payment of contributions.

The Board, having considered document GCF/B.36/06 titled “Terms of Reference for a Feasibility Study to further examine options for establishing a GCF regional presence”:

1. Decides to approve the terms of reference for the feasibility study in section II of document GCF/B.36/06 to further examine options for establishing a GCF regional presence in line with decision B.30/06, paragraph (k);
2. Approves an additional budget allocation of USD 100,000 to be made available for the feasibility study; and
3. Requests the Secretariat to submit the outcomes of the above-mentioned feasibility study for the Board’s consideration at its thirty-seventh meeting to facilitate a decision on the needs and feasibility of the establishment of a GCF regional presence.

The Board, having considered document GCF/B.36/16 titled “Consideration for a Local Currency Financing Pilot Program”:

1. Takes note of the ongoing work by the Secretariat and the Investment Committee, as well as comments by Board members at the thirty-sixth meeting of the Board, to develop a local currency financing pilot programme that addresses current barriers and risks associated with currency fluctuations at the programme/project level as mandated by decision B.33/14;
2. Also takes note of the approaches listed in annex V that can be used to support local currency financing;
3. Requests 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, and to provide the framework for consideration by the Board at its thirty-seventh meeting;
4. Also requests the Secretariat to continue to explore, under the guidance of the Investment Committee, financing approaches under “Approach B” for local currency financing as set out in annex V, taking into account the framework developed under paragraph (c), for consideration by the Board at its thirty-seventh meeting;
5. Reaffirms decision B.34/22, paragraph (e), pursuant to which the Secretariat is requested, in consultation with the Budget Committee with respect to any related budgetary implications, to explore the mitigation of the wider emerging financial risks outlined in section II of document GCF/B.34/13 and to present to the Board any recommended action for its consideration; and
6. Requests the Secretariat, in consultation with the Budget Committee with respect to any related budgetary implications, to explore the wider application of decision B.19/04, paragraph (a) (iii), on the foreign exchange commitment risk buffer to allow it to be used to support margin calls on the Fund in connection with the deployment of the local currency financing approaches set out in annex V, with a view to the Investment Committee and, if applicable, the Risk Management Committee, making a recommendation to the Board for its consideration no later than its thirty-ninth meeting.

The Board, having considered limited distribution document GCF/B.34/15 titled “Compliance Review Report: C-0006-Nicaragua: GCF Project FP146: Bio-CLIMA: Integrated climate action to reduce deforestation and strengthen resilience in BOSAWÁS and Rio San Juan Biospheres” (“Compliance Review Report”), limited distribution document GCF/B.35/Inf.13 titled “Management response to the Compliance Review Report: C-0006-Nicaragua: GCF Project FP146: Bio-CLIMA” (“Management Response”), and limited distribution document GCF/B.36/Inf.17 titled “Information note: Updates of the actions of the Secretariat on FP146 BioCLIMA since the thirty-fifth meeting of the Board”:

1. Underscores the seriousness, as reflected in the Indigenous Peoples Policy, of GCF’s role in fostering the full respect, promotion, and safeguarding of indigenous peoples;
2. Recalls decision B.34/23 in which, among other things, the Board took note of the Compliance Review Report and decision B.35/14 in which, among other things, the Board took note of the Management Response;
3. Takes note of the actions that the Secretariat has taken under the relevant legal agreements between GCF and the accredited entity to address the instances in which the development of the funding proposal for FP146 was determined not to be in compliance with the policies and procedures of GCF, as such non-compliance was determined in the Management Response, and affirms the right of the Secretariat to exercise the rights of GCF under the relevant legal agreements in the event that the policy non-compliance is not addressed to the satisfaction of the Secretariat;
4. Requests the Secretariat to update the Board on the status and outcomes of the actions taken by the Secretariat referred to in paragraph (c) above;
5. Decides, in light of the actions referred to in paragraph (c) above, to conclude its consideration of the Compliance Review Report and that this constitutes the Board’s final decision for the purposes of decision B.34/23, paragraph (f);
6. Requests the Secretariat to make publicly available the Management Response when the Compliance Review Report is published on the Independent Redress Mechanism website;
7. Also requests the Independent Redress Mechanism to ensure that, with respect to any future compliance review report submitted to the Board for consideration, when finalizing its final compliance review report pursuant to paragraph 61 of the Procedures and Guidelines of the Independent Redress Mechanism, if the Independent Redress Mechanism does not reflect the comments received from relevant stakeholders referred to in paragraph 60 of the Procedures and Guidelines of the Independent Redress Mechanism in the final compliance review report, it includes as an annex to the final compliance review report the relevant stakeholder comments, and the reasons that such comments were not reflected therein; and
8. Further requests the Secretariat, in view of the interlinkages with the actions referred to in paragraph (c) above, to continue to suspend its review of the monitoring framework provided by the accredited entity in connection with the Board conditions set out in decision B.27/01, annex I (List of conditions and recommendations), in respect of FP146, until the accredited entity has addressed the instances of policy non-compliance to the satisfaction of the Secretariat in a manner consistent with the relevant legal agreements.

The Board, having considered document GCF/B.36/20 titled “Dates and venues of upcoming meetings of the Board”:

1. Welcomes with appreciation the expressions of interest from Mongolia, Rwanda and Tajikistan to host a meeting of the Board and encourages the Secretariat to work to facilitate their potential hosting of future Board meetings;
2. Recalls and confirms that the thirty-seventh meeting of the Board will take place from Monday, 23 to Thursday, 26 October 2023, and decides that the meeting will take place in Georgia;
3. Decides that the thirty-eighth meeting of the Board will take place from Monday, 4 to Thursday, 7 March 2024;
4. Also decides that the thirty-ninth meeting of the Board will take place from Monday, 15 to Thursday, 18 July 2024; and
5. Further decides that the fortieth meeting of the Board will take place from Monday, 21 to Thursday, 24 October 2024.

The Board, having considered document GCF/BM-2023/04 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

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

Civil society organizations:
Elizka Relief Foundation (ELIZKA)
Forest Stewardship Council Indigenous Foundation (FSC IF)
Research Triangle Institute (RTI)
Transparentem Ltd

Private sector organizations:
None

International entities:
None

The Board, having considered document GCF/BM-2023/03 titled “Status of approved funding proposals: change of currency to FP178 (Desert to Power G5 Sahel Facility)”:

1. Approves the change in the currency of the GCF Private Sector Loans from USD 42 million to EUR 36.213140 million, and the change in currency of the GCF Guarantee from USD 20 million to EUR 17.244352 million as described in document GCF/BM-2023/03; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

This matter was considered by the Board in an executive session.

A limited distribution decision was adopted under this agenda item: 

DECISION B.35/01 on accreditation master agreements 

The Board, having considered document GCF/B.35/17 titled “Appointment of Members of the Independent Technical Advisory Panel”:

1. Recalling the updated terms of reference of the independent Technical Advisory Panel as noted in decision B.BM-2018/09;
2. Endorses the nomination by the Investment Committee of the following experts to the independent Technical Advisory Panel for one three-year term starting on 1 April 2023:
   1. Ina Hoxha (Female, Albania);
   2. Jan Martin Witte (Male, Germany);
   3. Jurg Grutter (Male, Switzerland); and
   4. Kenel Delusca (Male, Haiti).

The Board, having considered document GCF/B.35/18 titled “Individual Performance Evaluation 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 thirty-seventh meeting, pursuant to the terms of reference included in annex IV; and
2. Requests the Secretariat to procure the independent firm referred to in paragraph (a) above.

The Board:

1. Appoints as a member of the Accreditation Committee, Walter Schuldt;
2. Also appoints as a member of the Budget Committee, Jaime Tramon; 
3. Further appoints as a member of the Ethics and Audit Committee, Nino Tandilashvili, replacing Nadia Spencer-Henry;
4. Appoints as a member of the Ethics and Audit Committee, Hillary Clifford, replacing Victoria Gunderson;
5. Also appoints as a member of the Performance Oversight Committee of the Executive Director and Heads of Independent Units, Hussein Alfa Nafo, replacing Nauman Bashir Bhatti as the developing country representative; and
6. Further appoints as members of the Risk Management Committee, for the remainder of the fourth term of the Board ending 31 December 2024:
   1. Diann Black-Layne;
   2. Orlando Garner;
   3. Mark Dennis Y.C. Joven;
   4. Jaime de Bourbon de Parme;
   5. Malin Meyer; and
   6. Sarah Metcalf

The Board, having considered document GCF/B.35/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 199 titled “Public-Social-Private Partnerships for EcologicallySound Agriculture and Resilient Livelihood in Northern Tonle Sap Basin (PEARL)” by the Food and Agriculture Organization of the United Nations (FAO), as contained in document GCF/B.35/02/Add.01/Rev.01 and 10;
   2. Funding proposal 200 titled “Scaling up the implementation of the Lao PDR Emission Reductions Programme through improved governance and sustainable forest landscape management (Project 2)” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.35/02/Add.02/Rev.01 and 10;Annex
   3. Funding proposal 201 titled “Adapting Philippine Agriculture to Climate Change (APA)” by the Food and Agriculture Organization of the United Nations (FAO) as contained in document GCF/B.35/02/Add.03/Rev.01 and 10;
   4. Funding proposal 202 titled “Upscaling Ecosystem Based Climate Resilience of Vulnerable Rural Communities in the Valles Macro-region of the Plurinational State of Bolivia (RECEM-Valles)” by the Food and Agriculture Organization of the United Nations (FAO) as contained in document GCF/B.35/02/Add.04 and 10;
   5. Funding proposal 203 titled “Heritage Colombia (HECO): Maximizing the Contributions of Sustainably Managed Landscapes in Colombia for Achievement of Climate Goals” by the World Wildlife Fund, Inc. (WWF), as contained in document GCF/B.35/02/Add.05 and 10;
   6. Funding proposal 204 titled “Sustainable Renewables Risk Mitigation Initiative (SRMI) Facility (Phase 2 Resilience focus) [SRMI-Resilience]” by the World Bank, as contained in document GCF/B.35/02/Add.06 and 10; and 
   7. Funding proposal 205 titled “Infrastructure Climate Resilient Fund (ICRF)” by Africa Finance Corporation (AFC), as contained in document GCF/B.35/02/Add.08/Rev.01;
2. Approves funding proposal 199, submitted by the Food and Agriculture Organization of the United Nations, for the amount of USD 36,231,981, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.35/02/Add.10;
3.  Also approves funding proposal 200, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 32,823,444, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.35/02/Add.10;
4. Further approves funding proposal 201, submitted by the Food and Agriculture Organization of the United Nations, for the amount of USD 26,273,510, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.35/02/Add.10;
5. Approves funding proposal 202, submitted by the Food and Agriculture Organization of the United Nations, for the amount of USD 33,300,000, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.35/02/Add.10;
6. Also approves funding proposal 203, submitted by the World Wildlife Fund, Inc., for the amount of USD 42,974,559, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.35/02/Add.10;
7. Further approves funding proposal 204, submitted by the World Bank, for the amount of USD 160,000,000, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.35/02/Add.10;
8. Approves funding proposal 205, submitted by Africa Finance Corporation, for the amount of USD 253,755,000, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.35/02/Add.08/Rev.01;
9. Reaffirms that pursuant to annex IV to decision B.17/09, the Executive Director or his designee is authorized to negotiate and enter into legal agreements on behalf of 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
10. 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.35/03 titled “Status of approved funding proposals: Extension of deadline in respect of SAP016 (Fiji Agrophotovoltaic Project in Ovalau)”:

Decides to extend the deadline until 16 October 2023 for the execution of the funded activity agreement for the following approved funding proposal:

1. SAP016, titled “Fiji Agrophotovoltaic Project in Ovalau”.

The Board, having considered limited distribution document GCF/B.35/04/Rev.01 titled “Consideration of proposed change included in the restructuring proposal for FP152: Global Subnational Climate Fund (SnCF Global) - Equity”:

1. Approves the extension of the final fund closing date until 20 August 2023 (the “Initial Extension Period”);
2. Also approves the extension of the final fund closing date until 20 January 2024 (the “Final Extension Period”), subject to the accredited entity delivering evidence during the Initial Extension Period that Global Subnational Climate Fund has received legally binding commitments or admitted additional limited partners with aggregate capital commitments of not less than USD 190,000,000 (“Additional Capital Commitments”) on or before the expiration of the Initial Extension Period, with such evidence to be in form and substance satisfactory to the Secretariat;
3. Requests the Secretariat to work with the accredited entity to ensure that the FP152 pipeline related to investment made from any further GCF disbursement is suspended until the Additional Capital Commitments have been secured;
4. Notes that if the Additional Capital Commitments have not been so committed or received on or before the expiration of the Initial Extension Period, the Final Extension Period shall be cancelled and the final fund closing date shall be 20 August 2023;
5. Authorizes the Secretariat to first negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (a) above; and
6. Also authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (b) above following the delivery of the evidence required under paragraph (b) above.

The Board, having considered document GCF/B.35/05 and its limited distribution addendum Add.01 titled “Status of approved funding proposals: adding host countries in respect of FP198 (CATALI.5°T Initiative: Concerted Action To Accelerate Local I.5° Technologies – Latin America and West Africa)”:.

1. Takes note of the no-objection letters for FP198 submitted by the national designated authorities of Colombia, El Salvador and Peru;
2. Approves the inclusion of Colombia, El Salvador and Peru as host countries for FP198; and
3. Authorizes the Secretariat to negotiate the funded activity agreement for FP198, which shall reflect the changes hereby approved.

The Board, having considered limited distribution document GCF/B.35/10 titled “Status of approved funding proposals: adding a host country in respect of FP078 (Acumen Resilient Agriculture Fund (ARAF))”:

1. Takes note of the no-objection letter submitted by the national designated authority of the United Republic of Tanzania;
2. Approves the inclusion of the United Republic of Tanzania as a host country for FP078; and
3. Authorizes the Secretariat to take such steps as might be necessary pursuant to the funded activity agreements for FP078 to give effect to this decision.

The Board, having considered document GCF/B.35/06 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 re-accreditation:
   1. Applicant R012 (RAPL012) is the Caribbean Community Climate Change Centre, based in Belize, as contained in document GCF/B.35/06/Add.02; and
   2. Applicant R018 (RAPL018) is the Inter-American Development Bank, based in the United States of America, as contained in document GCF/B.35/06/Add.03
   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant annexes for each of the applicants, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL012, the Caribbean Community Climate Change Centre, based in Belize, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.35/06/Add.02, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
3. Takes note of the efforts of the Inter-American Development Bank to advance the purpose of GCF, including through the Inter-American Development Bank’s climate finance efforts in line with its Climate Change Action Plan 2021–2025 and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
4. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL018, the Inter-American Development Bank, based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.35/06/Add.03, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
5. Takes note of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicant for accreditation:
   1. Applicant 117 (APL117) is The Nature Conservancy based in the United States of America, as contained in document GCF/B.35/06/Add.04;
   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 annex for the applicant, and subject to the completion of Stage III of the accreditation by having an effective accreditation master agreement, in accordance with decision B.24/13;
6. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL117, The Nature Conservancy, based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.35/06/Add.04, and subject to the completion of Stage III of the accreditation by having an effective accreditation master agreement, in accordance with decision B.24/13;
7. 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.35/06/Add.01;
8. Also takes note that, pursuant to decision B.08/03, paragraph (k), the Secretariat, in consultation with the Accreditation Panel, is proposing that the eligibility to apply under the fast-track accreditation process be extended to those entities listed in annex VI; and
9. Decides that those entities referred to in annex VI 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.35/07 titled “Second Performance Review (SPR) of the Green Climate Fund: Final Report”:

1. Recalls paragraph 59 of the Governing Instrument for the GCF, which states that “there will be periodic independent evaluations of the performance of the Fund in order to provide an objective assessment of the results of the Fund, including its funded activities and its effectiveness and efficiency”;
2. Also recalls decision B.BM-2021/11 where it initiated the second performance review of the performance of GCF for the GCF-1 programming period, in a manner appropriate to the current stage of GCF operations, while recognizing that GCF will be a continuously learning institution guided by processes of monitoring and evaluation;
3. Takes note of the second review of the performance of GCF undertaken by the Independent Evaluation Unit;
4. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.35/07/Add.01; and
5. 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.35/11 titled “Guidance from the twenty-seventh session of the Conference of the Parties”:

1. Takes note of this report, including the actions to be undertaken by the Board and Secretariat in 2023 in response to guidance received from the Parties during the twenty-seventh session of the Conference of the Parties, as contained in annex VII, as amended;
2. Requests the Secretariat to prepare for the Board’s consideration and approval a proposal on the financing of results-based payments for REDD+, building on the outcomes of the pilot phase no later than the thirty-seventh meeting of the Board;
3. Also requests the Secretariat to undertake open, inclusive and transparent consultations on the development of the proposal on the financing of results-based payments for REDD+ and further requests the Secretariat to assess the cost implications of the consultations and submit to the Budget Committee a budget request for its consideration as required;
4. Requests the Secretariat to prepare an action plan and timetable focusing on GCF’s enhanced engagement with the local private sector as well as micro, small and medium-sized enterprises in developing countries, including by providing early-stage and grant-based financing to the local private sector and start-ups in developing countries, as part of the Secretariat’s annual reporting to the Board on progress in the implementation of the Private Sector Strategy for consideration at the thirty-seventh meeting of the Board;
5. Also requests the Secretariat to explore options for further enhancing coherence and complementarity with other relevant bilateral, regional and global funding mechanisms and institutions and present these to the Board for consideration no later than the thirty-seventh meeting of the Board; and
6. Further requests the Co-Chairs, with the support of the Secretariat, to include an overview of progress on the response to guidance received from the Parties during the twenty-seventh session of the Conference of the Parties in the twelfth 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.35/16 and its addendum Add.01 titled “Updated Strategic Plan for the GCF 2024-2027: Co-Chairs’ roadmap”:

1. Takes note of the Co-Chairs’ roadmap setting a process to facilitate the adoption of the updated Strategic Plan for the GCF: 2024-2027 no later than the thirty-sixth meeting of the Board;
2. Decides to hold an informal meeting of the Board, open to active observers, from 16 to 17 May 2023 in Berlin, Germany, with a view to developing a final draft of the updated Strategic Plan for the GCF: 2024-2027; and
3. Also decides that the cost of the informal meeting will be covered by the budget of the Board for 2023, as approved by decision B.34/05.

The Board, having considered limited distribution document GCF/B.34/15 titled “Compliance Review Report: C-0006-Nicaragua: GCF Project FP146: Bio-CLIMA: Integrated climate action to reduce deforestation and strengthen resilience in BOSAWÁS and Rio San Juan Biospheres” and limited distribution document GCF/B.35/Inf.13 titled “Management response to the Compliance Review Report: C-0006-Nicaragua: GCF Project FP146: Bio-CLIMA”:

1. Underscores the seriousness, as reflected in the Indigenous Peoples Policy, of GCF’s role in fostering the full respect, promotion, and safeguarding of indigenous peoples;
2. Recalls decision B.34/23;
3. Takes note of the management response in limited distribution document GCF/B.35/Inf.13;
4. Confirms that this decision is without prejudice to any and all rights of GCF under relevant legal agreements, all of which are specifically reserved; and
5. Decides that the Board will continue to consider this matter at its thirty-sixth meeting.

The Board, having considered document GCF/B.35/09 titled “Independent Synthesis of Direct Access in the Green Climate Fund: Final Report”:

1. Takes note of the findings and recommendations presented in the Independent Synthesis of Direct Access in the Green Climate Fund undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.35/09/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 limited distribution document GCF/B.35/13 titled “Report from the Executive Director Selection Committee”:

1. Recalls decision B.33/16 on the selection process for the Executive Director of the Secretariat;
2. Decides to select Mafalda Madeira Nunes Duarte for the post of the Executive Director of the Green Climate Fund Secretariat for a four-year term;
3. Requests the Co-Chairs, with support as needed from the executive search firm, to negotiate the terms of the contract in accordance with the terms of reference for the position set out in annex XI to decision B.33/16, taking into account the relevant performance management system and criteria for Board-appointed officials; and
4. Authorizes the Co‐Chairs to sign, on behalf of the Board, the contract between Mafalda Madeira Nunes Duarte and GCF

The Board, recalling the imminent end of term of the current Executive Director of the Green Climate Fund Secretariat:

1. Appoints Henry Gonzalez, current Deputy Executive Director, to act as Executive Director ad interim of the Secretariat effective 3 April 2023 and until such time that the incoming Executive Director appointed by the Board by decision B.35/16 has assumed office or the Board has decided otherwise; and
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, arrangements, as appropriate, with the Executive Director ad interim, including:
   1. By taking into account the relevant performance management system for Board-appointed officials; and
   2. By signing, on behalf of the Board, the contract between the Executive Director ad interim and GCF.

The Board, having considered limited distribution document GCF/B.35/14 titled “Appointment of the Head of the Independent Redress Mechanism Unit”:

1. Appoints Sonja Derkum as the Head of the Independent Redress Mechanism Unit, effective as of the date on which the necessary contractual arrangements have been concluded or as specified therein;
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, the necessary arrangements between the Head of the Independent Redress Mechanism Unit and GCF; and
3. Expresses its appreciation to the Ethics and Audit Committee and the Secretariat for their work in the process for the selection of the Head of the Independent Redress Mechanism Unit.

The Board, recalling the imminent end of term of the current Head of the Independent Redress Mechanism Unit ad interim:

1. Appoints Paco Gimenez-Salinas to act as Head of the Independent Redress Mechanism Unit ad interim effective 1 April 2023 and until such time that the incoming Head of the Independent Redress Mechanism Unit appointed by the Board by decision B.35/18 has assumed office or the Board has decided otherwise; and
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, arrangements, as appropriate, with the Head of the Independent Redress Mechanism Unit ad interim, including:
   1. By taking into account the relevant performance management system for Board-appointed officials; and
   2. By signing, on behalf of the Board, the contract between the Head of the Independent Redress Mechanism Unit ad interim and GCF.

The Board, having considered limited distribution document GCF/B.35/15 titled “Appointment of the Head of the Independent Integrity Unit”:

1. Appoints Karen Ernst as the Head of the Independent Integrity Unit, effective as of the date on which the necessary contractual arrangements have been concluded or as specified therein;
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, the necessary arrangements between the Head of the Independent Integrity Unit and GCF; and
3. Expresses its appreciation to the Ethics and Audit Committee and the Secretariat for their work in the process for the selection of the Head of the Independent Integrity Unit.

The Board, having considered document GCF/B.35/12 titled “Dates and venues of upcoming meetings of the Board”:
 

Recalls and confirms that the thirty-sixth meeting of the Board will take place from Monday, 10 to Thursday, 13 July 2023, in the Republic of Korea.

The Board, having considered document GCF/BM-2023/02 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:
Člověk v Tísni, o.p.s. (CvT)/People in Need (PIN)

Private sector organizations:
Chemonics International Inc. (CI)

International entities:
None
 

The Board, having considered document GCF/BM-2023/01 titled “Election of Co-Chairs of the Board for 2023”:

Elects Mr. Nauman Bhatti and Ms. Victoria Gunderson as the Co-Chairs of the Board for 2023 for the period until 31 December 2023.

The Board, having considered document GCF/BM-2022/11 titled “Status of approved funding proposals: extension of deadline in respect of FP185 (Climate Change: The New Evolutionary Challenge for the Galapagos)”:

Decides to extend the deadline until 11 October 2023 forthe 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/programme, for following approved funding proposal:

1. FP185, titled “Climate Change: The New Evolutionary Challenge for the Galapagos”.

The Board, having considered document GCF/B.34/06 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2021”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2021 as contained in annex I.

The Board, having reviewed document GCF/B.34/19 titled “Matters related to the Trustee”, and recalling decision B.31/05:

1. Takes note of the review of the performance of the Trustee and the value for money of the services provided by the Trustee;
2. Approves the renewal of the Trustee arrangements with the International Bank for Reconstruction and Development for a further four-year period, where the subsequent performance reviews and renewals of the terms of the Trustee are authorized to be decided and executed by the Secretariat;
3. Requests the Secretariat and the Trustee to prepare, for the Board’s consideration and approval, options for the sustainable and responsible investment of the funds held in the Green Climate Fund Trust Fund, based on the existing International Bank for Reconstruction and Development’s sustainable and responsible investment strategies for the management of other Financial Intermediary Funds; and
4. Authorizes the Executive Director to finalize the renewal of the terms of the Trustee and to execute the necessary legal and administrative arrangements with the International Bank for Reconstruction and Development before the end of 2022.

The Board, having considered limited distribution document GCF/B.34/26 titled “Appointment of the interim Head of the Independent Integrity Unit”:

1. Takes note of the expiration of the tenure of Mr. Ibrahim Pam as Head of the Independent Integrity Unit on 31 October 2022;
2. Appoints Mr. Albert Lihalakha as Head of the Independent Integrity Unit ad interim effective from the date on which the relevant contractual arrangements have been concluded;
3. Authorizes the Co-Chairs to agree and to conclude, on behalf of the Board, on these arrangements, as appropriate, with the Head of the Independent Integrity Unit ad interim, including:
   1. A performance agreement that will specify the outcome and behaviours expected for the duration of role; 
4. Decides that the Head of the Independent Integrity Unit ad interim shall assume the functions, and have the mandate, of the Head of the Independent Integrity Unit as provided for in relevant Board decisions; and
5. Also decides that the Head of the Independent Integrity Unit ad interim will not be precluded from applying for the Head of the Independent Integrity Unit position.

The Board, having considered document GCF/B.34/23 titled “Appointment of members of the independent Technical Advisory Panel”:

1. Recalling the updated terms of reference of the independent Technical Advisory Panel as noted in decision B.BM-2018/09;
2. Endorses the nomination by the Investment Committee of the following expert to the independent Technical Advisory Panel for one three-year term starting on 1 January 2023:
   1. Ms. Carmenza Robledo (Colombia).

The Board, having considered document GCF/B.34/14/Rev.01 titled “2023 work programme of the Secretariat and annual administrative budget of the GCF Secretariat, Board and Trustee”:

1. Recognizes that the work programme will help to guide the activities of the Secretariat during 2023;
2. Decides, in accordance with paragraph 32(b) of the updated Strategic Plan for the GCF 2020–2023, to set the following Fund-level annual programming and disbursement targets for 2023:
   
   1. Annual programming target of USD 1.2–1.7 billion in funding proposals approved by the Board;¹ and
   2. Annual disbursement target of USD 728 million to USD 1.063 billion;
3. Approves the 2023 work programme and the objectives set out in annex XV, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
4. Also approves the administrative budget for the GCF Secretariat found in table 7 in section 4.4 of document GCF/B.34/14/Rev.01 for the period 1 January 2023 to 31 December 2023 in the amount of USD 93,621,706, which includes USD 26,912,609 in new funding, as well as the USD 66,709,097 for 2023 staff salaries and emoluments that was approved by the Board in decisions B.27/07 and B.30/06;
5. Recognizes that the new funding of USD 26,912,609 includes a contingency budget of USD 1,835,720. The contingency budget will be used to support both the Secretariat and the independent units;
6. Requests the Budget Committee to review the budget execution during 2023 and acknowledges that the Secretariat may present an additional budgetary request to the Board for consideration at its thirty-sixth meeting;
7. Also requests the Executive Director to consult with the Budget Committee on the allocation of the contingency budget;
8. Approves USD 73,389,206 for projected staff salaries and emoluments for 2025;
9. Also approves a budget for the Board in the amount of USD 5,415,346 as found in table 6 in section 4.3 of document GCF/B.34/14/Rev.01;
10. Further approves a budget for the Trustee in the amount of USD 3,116,000 as included in table 20 in section 4.7 of document GCF/B.34/14/Rev.01;
11. Requests the Secretariat, following consultation with the independent units, and in consultation with the Budget Committee, to develop a proposal for updating the budgeting system for all GCF administrative budgets, including assessment of, inter alia:
    
    1. Establishing budgetary caps;
    2. Moving to a multiannual administrative budgeting framework aligned with GCF replenishment cycles; and
    3. Updating the relevant GCF rules, including administrative guidelines and terms of reference of the independent units, regarding the administrative budgeting, for consideration by the Board no later than its thirty-sixth meeting;
12. Also requests the Secretariat, in consultation with the Budget Committee, to further improve relevant documents for the preparation and implementation of the administrative budgets of the Fund, including by reporting on all revenues and expenses;
13. Approves an amount of up to an additional USD 75,000 in the 2023 administrative budget for the Secretariat to cover the additional costs associated with the implementation of decisions approved by the Board at its thirty-fourth meeting and requests the Secretariat, in consultation with the Budget Committee, to identify opportunities for reallocation to cover these additional costs within the Secretariat administrative budget; and
14. Requests the Secretariat to ensure full harmonization and coordination with the Independent Evaluation Unit while proposing all future annual evaluations, with a view to avoiding duplications, in compliance with the Evaluation Policy and meeting timelines established by the Board.

¹ This target aligns with the Secretariat key performance indicator of USD 1.6–2.1 billion submitted to the independent Technical Advisory Panel

The Board, having considered document GCF/B.34/16 titled “Independent Evaluation Unit 2023 Work plan and budget and Update of its three-year rolling work plan and objectives”:

1. Approves the work plan and budget of the Independent Evaluation Unit for 2023 as contained in annex II (total budgeted amount of USD 6,934,303);
2. Requests the Budget Committee to review the budget execution during 2023 and acknowledges that the Independent Evaluation Unit may present to the Board for consideration at its thirty-sixth meeting an additional budgetary request;
3. Also requests the Independent Evaluation Unit to ensure full harmonization and coordination with the Secretariat while proposing all future annual evaluations, with a view to avoiding duplications, in compliance with the Evaluation Policy and meeting the timelines established by the Board;
4. Further requests the Head of the Independent Evaluation Unit to rationalize its current dependency on external professional services for undertaking evaluations, taking into account the ongoing expansion of the human resource capacity of the Independent Evaluation Unit, and to ensure optimum utilization of budgetary allocations; and
5. Notes the update on the Independent Evaluation Unit’s three-year rolling work plan, outlined in annex II as requested by the Board to ensure flexibility, learning and predictability for the Independent Evaluation Unit.