Boardroom

The Board, having considered document GCF/BM-2022/09 titled “Nomination to the Ad Hoc Selection Committee” and through a decision taken between meetings on a no-objection basis:

Approves the appointment of Mr. José Delgado to the Ad Hoc Selection Committee of the Board.

The Board, having considered document GCF/BM-2022/07 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:

Namibia Nature Foundation (NNF)

Organización Cruz Verde Ambiental (Environmental Green Cross Organization) (CVEA)

The Board, having considered document GCF/BM-2022/06 titled “Status of approved funding proposals: extension of deadline in respect of FP154 (Mongolia: Aimags and Soums Green Regional Development Investment Program (ASDIP))”:

1. Decides to extend the deadline until 27 March 2023 for the submission by the Accredited Entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the Accredited Entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed project/programme, for the following approved funding proposal:
   1. FP154, titled “Mongolia: Aimags and Soums Green Regional Development Investment Program (ASDIP)”; and
2. Recognizes that in light of the repeated requests to extend the deadline referred to in paragraph (a) above, the Board may be unwilling to grant any further extension beyond 27 March 2023.

The Board, having considered limited distribution document GCF/BM-2022/05 titled “Appointment of an ad interim Head of the Independent Redress Mechanism” and through a decision taken between meetings on a no-objection basis:

1. Takes note of the elements contained in document GCF/BM-2022/05;
2. Agrees to the appointment of Mr. Ibrahim Pam as interim Head of the Independent Redress Mechanism for the period from 31 August 2022 to 31 March 2023; and
3. Authorizes the Co-Chairs to work with the Secretariat on the contractual arrangements to cover the aforementioned period, and to sign such contractual arrangements with Mr. Ibrahim Pam on behalf of the Board.

The Board:

1. Appoints as a member of the Ethics and Audit Committee, Ms. Nadia Spencer-Henry, replacing Mr. Albara Tawfiq; and
2. Appoints as a member of the Performance Oversight Committee, Ms. Fiona Ralph.

The Board, having considered document GCF/B.33/Inf.16 titled “Matters relating to risk management”:

1. Decides to amend decision B.12/31, paragraph (d), such that as from the date of this decision, the Executive Director, in consultation with the relevant Secretariat divisions, offices and units, will determine on a case-by-case basis, whether a change to the accreditation master agreement template as approved by the Board, proposed by an accredited entity and acceptable to the Secretariat, is considered substantive, and would therefore require Board approval;
2. Also decides that all express or implicit references to decision B.12/31, paragraph (d), in decision B.13/29 and any other relevant Board decisions, shall be deemed to be references to paragraph (a) of this decision;
3. Further decides to set aside an additional amount of USD 150 million towards the risk buffer, thereby bringing the total risk buffer to USD 320 million;
4. Requests the Secretariat to manage the foreign exchange commitment risk buffer and make periodic adjustments to the buffer amount with a view to meeting the target level for the foreign exchange commitment risk buffer, as set out in the Funding Risk Policy adopted pursuant to decision B.19/04, over time and agrees to amend the Funding Risk Policy accordingly; and
5. Also requests the Secretariat, following consultation with the Budget Committee, to present a policy to minimize the effect of currency fluctuations on the commitment authority of the GCF, based on the document contained in annex I to document GCF/B.33/Inf.16, for the Board’s consideration at its thirty-fourth meeting.

The Board, having considered document GCF/B.33/06 titled “Status of the implementation and resources of the Project Preparation Facility”:

1. Decides that an amount of USD 18.0 million is to be made available for the Project Preparation Facility to cover anticipated commitments until the end of the first replenishment period of the GCF (i.e. 2023); and
2. Requests the Secretariat to consult with Board and alternate members, national designated authorities, accredited entities and active observers with a view to presenting to the Board for its consideration no later than at the thirty-sixth meeting of the Board:
   1. Revised operating modalities for the Project Preparation Facility;
   2. A revised list of activities that can be supported by the Project Preparation Facility; and
   3. A review of funding for the Project Preparation Facility.

The Board, having considered document GCF/B.33/07 titled “Readiness and Preparatory Support Programme – work programme and budget 2022–2023”:

1. Reaffirms that the Readiness and Preparatory Support Programme is a strategic priority for GCF to enhance country ownership, encourage direct access to GCF resources, and strengthen strategic programming during the first replenishment period of the GCF;
2. Also reaffirms, recalling decision B.22/11, that the objectives and outcomes for the revised Readiness and Preparatory Support Programme as contained in annex IV to that decision remain for 2022–2023;
3. Adopts the proposed work programme for 2022–2023 as contained in annex I;
4. Notes the estimated budget for 2022−2023 as included in the work programme for 2022– 2023;
5. Approves an additional amount of USD 166.94 million to be made available for the execution of the Readiness and Preparatory Support Programme;
6. Requests the Secretariat to continue to report on the implementation of the Readiness and Preparatory Support Programme at the mid-year Board meeting of each year;
7. Also requests the Secretariat to undertake consultations with Board members and alternate members, national designated authorities, delivery partners and active observers on updates to the strategy for the Readiness and Preparatory Support Programme; and
8. Further requests the Secretariat, in consultation with the Co-Chairs, to present to the Board for its consideration a revised strategy for the Readiness and Preparatory Support Programme in response to countries’ priorities and needs and taking into account the consultations referred to in paragraph (g) above, by the thirty-fifth meeting of the Board.

The Board, having considered document GCF/B.33/10 titled “Updates on addressing gaps in the current portfolio for measurement”:

1. Takes note of the information presented in the document;
2. Reiterates the commitment of GCF as a learning organization to iteratively improve the integration of sufficient monitoring and evaluation budget and activities for the gathering of evidence in funding proposals and funded activities to ensure credibility of the portfolio and the project/programme results reported;
3. Notes that through a voluntary arrangement, 13 accredited entities agreed to proceed to Phase 2 to implement remedial measures for 21 funded activities;
4. Approves the Secretariat proposal to offer two tracks to the participating accredited entities for Phase 2 of the remediation activities:
   1. Track 1: Accredited entities directly receive the budget and implement the remediation measures. Under this track, accredited entities will manage the entire remediation exercise, from procurement and supervision of service providers through to the completion of the logical framework improvements; and
   2. Track 2: Accredited entities do not access the budget directly and implement the remediation measures through the Secretariat. Under this track, the Secretariat procures service providers for the accredited entities, but the latter will supervise the service providers and manage the entire remediation exercise;
5. Also approves the proposal for the Secretariat to deliver the capacity-building activities requested by the accredited entities using two complementary modalities:
   1. Modality 1: In-person workshop. The Secretariat will deliver training on prioritized monitoring and evaluation-related knowledge gaps. The training will also be offered to executing entities and could be delivered either in country-specific sessions or regional events, whichever is more cost-effective; and
   2. Modality 2: Monitoring and evaluation help desk. To complement the classroomstyle training under the first modality, the Secretariat will establish a monitoring and evaluation help desk that will run for six months after the delivery of workshops;
6. Further approves that the Secretariat retain a vendor to provide support in the development of monitoring and evaluation training modules tailored to the monitoring and evaluation-specific requirements of GCF, and the design and management of the monitoring and evaluation help desk;
7. Approves the budget of USD 1,832,398 to be executed during the years 2022 and 2023 for the remediation activities referred to in paragraph (d) above (the “Remediation Activities”) and capacity-building activities referred to in paragraph (e) above (the “Capacity-Building Activities”);
8. Authorizes the Secretariat to determine the amount of funds to be made available to each accredited entity to implement the Remediation Activities in accordance with the information contained in document GCF/B.33/10/Add.02 (each, a “Remediation Grant”);
9. Confirms that the implementation of the Remediation Activities, including the entry into of any relevant legal agreements that may be necessary in order for the Remediation Activities to be implemented, does not fall within the scope of the Policy on Restructuring and Cancellation adopted by the Board pursuant to decision B.22/14;
10. Also confirms that all relevant GCF policies that apply to the use of GCF proceeds in the context of funded activities shall be equally applicable to the Remediation Grants;
11. Authorizes the Executive Director or his designee to negotiate and enter into legal agreements on behalf of GCF with accredited entities and other parties involved in respect of the Remediation Activities and the Capacity-Building Activities; and
12. Requests the Secretariat to update the Board on the changes in the risk rating of the portfolio for measurement at the end of the implementation of remediation activities in Phase 2.

The Board, having considered limited distribution document GCF/B.33/18 titled “Appointment of a member of the Accreditation Panel”:

Endorses the nomination by the Accreditation Committee of the following expert to the Accreditation Panel for the remainder of the term that started on 1 May 2021 and expires on 30 April 2024:

1. Ms. Diana Isiye (Kenya; expertise area: fiduciary).

The Board, having considered document GCF/B.33/14 titled “Updated Salary Structure: Review of GCF’s Salary Scale and Benefits”:

1. Takes note of the document prepared by the Secretariat titled “Updated Salary Structure: Review of GCF’s Salary Scale and Benefits”;
2. Requests the Secretariat, in consultation with the Budget Committee, to consider this matter until 8 September 2022 and to present to the Board a proposal for developing a stepwise approach for an updated salary structure and addressing other immediately actionable items, including, inter alia, issues related to merit pay, death in service grants, insurance, and parental leave, ahead of a more comprehensive review of the Guidelines, including its compensation framework, which will be brought to the Board at a later stage; and
3. Also requests the Co-Chairs to undertake open and inclusive consultations on the updated salary scale in September 2022 in order to facilitate the Board’s decision-making on this urgent matter and to present a proposal to the Board at its thirty-fourth meeting.

The Board, having considered document GCF/B.33/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 187 titled “Ouémé Basin Climate-Resilience Initiative (OCRI) Benin” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.33/02/Add.01 and 07;
   2. Funding proposal 188 titled “Climate Resilient Fishery Initiative for Livelihood Improvement in the Gambia (PROREFISH Gambia)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.33/02/Add.02 and 07;
   3. Funding proposal 189 titled “E-Mobility Program for Sustainable Cities in Latin America and the Caribbean” by the Inter-American Development Bank, as contained in document GCF/B.33/02/Add.03 and 07; and
   4. Funding proposal 190 titled “Climate Investor Two” by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), as contained in document GCF/B.33/02/Add.05/Rev.01;
2.  Approves funding proposal 187 for the amount of USD 18,453,795, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
3. Also approves funding proposal 188 for the amount of USD 17,200,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
4. Further approves funding proposal 189 for the amount of USD 200,000,000, submitted by the Inter-American Development Bank, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
5. Approves funding proposal 190 for the amount of USD 145,000,000, submitted by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.05/Rev.01;
6. Confirms that the approval set out in paragraph (e) above is based on a case-by-case assessment of funding proposal 190 in accordance with decision B.09/04, paragraph (c);
7. 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
8. 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.33/03 titled “Status of approved funding proposals: Waiver of Board Condition for Post-investment Voting Board Seats in Investee Companies in respect of FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries)”:

1. Approves the waiver of the Board condition as described in document GCF/B.33/03;
2. Agrees that the following condition for FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries) that was set out in decision B.30/03, annex I, table 2: “(c) the investee company has agreed to offer a voting Board seat to CRAFT after the execution of the investment, to ensure appropriate governance” shall be modified as follows: “(c) the investee company has agreed to offer a voting Board seat or a Board observer seat to CRAFT after the execution of the investment, to ensure appropriate governance.”;
3. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the changes approved in paragraph (b) above; and
4. Requests the Secretariat to develop guidelines for accredited entities to follow when conducting consultations with national designated authorities when required by the Policy on Restructuring and Cancellation, taking into account the views expressed by Board members at the thirty-third meeting of the Board and other Board meetings on the importance of active consultations with national designated authorities.

The Board, having considered document GCF/B.33/09 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 annexes for the following applicants for re-accreditation:
   1. Applicant R005 (RAPL005) is the Asian Development Bank (ADB), based in the Philippines, as contained in annex I to document GCF/B.33/09/Add.01;
   2. Applicant R017 (RAPL017) is the European Bank for Reconstruction and Development (EBRD), based in the United Kingdom of Great Britain and Northern Ireland, as contained in annex II to document GCF/B.33/09/Add.01; and
   3. Applicant R019 (RAPL019) is the United Nations Environment Programme (UNEP), based in Kenya, as contained in annex III to document GCF/B.33/09/Add.01;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. Recalls, pursuant to decision B.10/06, paragraph (i), that all international entities:
   1. As an important consideration of their accreditation application, shall indicate how they intend to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of the Fund in order to enhance country ownership; and
   2. That they report annually on these actions;
3. Underscores that provisions related to decision B.10/06, paragraph (i), are set out in the template accreditation master agreement approved by the Board by decision B.12/31 (“Template AMA”);
4. Recalls, pursuant to paragraph 16(f)(iv) of annex XXVI to decision B.24/13, that the scope of review for reaccreditation for international access accredited entities includes the reports on their support to direct access entities to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of GCF in order to enhance country ownership;
5.  Also recalls, pursuant to paragraph 26(a)(v) of annex VI to decision B.27/06, that the Board mandated GCF to present a revised accreditation framework with the aim to, interalia, and in relevant part, inform re-accreditation decisions with an examination of accredited entities’ performance in contributing to GCF programming results, including considering international access accredited entities’ contribution to building capacities of direct access entities;
6. Further recalls, pursuant to paragraph 70(f)(iv) of annex IV to decision B.31/06, that the scope of review for reaccreditation for international access entities includes their contribution to building capacity of direct access entities, as well as reports on their support to direct access entities to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of GCF in order to enhance country ownership;
7. Decides that any changes to the provisions related to decision B.10/06, paragraph (i), in the Template accreditation master agreement shall, notwithstanding any prior decisions, be deemed to be substantive changes, requiring the approval of the Board;
8. Also decides that paragraph (g) above also applies in the context of the amendments to signed accreditation master agreements that must be entered into following the relevant accredited entity being reaccredited by the Board;
9. Takes note of the efforts of Asian Development Bank to advance the purpose of the GCF, including through the Asian Development Bank’s climate finance commitment in line with its Strategy 2030 and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
10. Approves the re-accreditation of RAPL005, the Asian Development Bank, based in the Philippines, as contained in annex I to document GCF/B.33/09/Add.01;
11. Takes note of the efforts of the European Bank for Reconstruction and Development to advance the purpose of the GCF, including through the European Bank for Reconstruction and Development’s Green Economy Transition approach and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
12. Approves the re-accreditation of RAPL017, the European Bank for Reconstruction and Development, based in the United Kingdom of Great Britain and Northern Ireland, as contained in annex II to document GCF/B.33/09/Add.01;
13. Also approves the re-accreditation and upgrade of RAPL019, the United Nations Environment Programme, based in Kenya, as contained in annex III of document GCF/B.33/09/Add.01;
14. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant annex for the following applicant seeking to upgrade its accreditation type:
    1. World Food Programme based in Italy, as contained in annex III; and
15. Agrees to upgrade the accreditation type of the World Food Programme, as contained in decision B.12/30, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex III.

The Board, having reviewed document GCF/B.33/15/Rev.01 titled “Arrangements for the second replenishment of the Green Climate Fund,” and taking into account decision B.32/04 and guidance from the Conference of Parties to the United Nations Framework Convention on Climate Change:

1. Stresses decision B.21/18, paragraph (c), which states that the replenishments of the Fund should take into account the stated ambitions, actions and contributions of developing countries to reduce their greenhouse gas emissions by meaningful mitigation actions and to adapt to the impacts of climate change, and that the Board will provide the replenishment process with strategic guidance;
2. Recalls paragraph 2(e) of the “Policy for contributions to the Green Climate Fund for the first replenishment”, which states that “the GCF will initiate the next replenishment 30 months after the commencement of the replenishment period in order to allow sufficient time for the preparation and consideration of such reports and/or evaluations as may be necessary”;
3. Also recalls decision B.32/04, by which the Board set out the details of the sequencing and consideration of strategic and programming matters for the Green Climate Fund’s second replenishment;
4. Decides to commence the process for the Green Climate Fund’s second replenishment from July 2022;
5. Also decides that the period of the second replenishment will be from 1 January 2024 to 31 December 2027;
6. Further decides that replenishment meetings will be open to all potential contributors and to all Board members;
7. Endorses the process of collective engagement for the second replenishment process set out in annex IV;
8. Requests the Secretariat to begin making arrangements to facilitate the process of collective engagement referred to in paragraph (g) above, including finding hosts for the in-person replenishment meetings;
9.  Approves a budget of USD 761,000 to conduct the second replenishment process in 2022 and 2023, as detailed in annex V;
10. Requests the Trustee to provide support to the Secretariat, as part of its function to administer the GCF Trust Fund, on issues related to:
    1. Updating the standard provisions and template for contribution agreements and/or arrangements; and
    2. Other relevant financial management issues as agreed between the Executive Director of GCF and the Trustee;
11. Also requests the Co-Chairs, in consultation with the Board and with the support of the Secretariat, to identify and appoint a suitable chairperson(s)/facilitator for the second replenishment process;
12. Further requests the Secretariat to prepare for consideration at the first consultation meeting of the replenishment process a document outlining areas in the policy for contributions, standard provisions, and template for contribution agreements that may be updated for the Green Climate Fund’s second replenishment period;
13. Decides to conclude its consideration of the updated policy for contributions no later than the thirty-sixth meeting of the Board; and
14. Invites participants to the replenishment process to provide, by the end of 2022, inputs to the Board on the updated Strategic Plan for the second replenishment period of the Green Climate Fund, in accordance with the consultation process outlined in decision B.32/04.

The Board, having considered document GCF/B.33/05 titled “Steps to enhance the climate rationale of GCF-supported activities”:

1. Takes note of document GCF/B.33/05 entitled “Steps to enhance the climate rationale of GCF-supported activities” as mandated in decision B.19/06, paragraph (d);
2. Reaffirms its decisions B.07/06, paragraph (a), and B.09/05, paragraph (b), adopting GCF’s initial investment framework and further developing the sub-criteria and methodology of the initial investment framework and decision B.29/01 adopting the Integrated Results Management Framework;
3. Also reaffirms decision B.05/05, paragraph (d), which decided that, in relation to adaptation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift and the urgent and immediate needs of vulnerable countries, in particular least developed countries, small island developing States and African States; and paragraph (e) which decided that, in relation to mitigation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to limit and reduce greenhouse gas emissions in the context of promoting a paradigm shift;
4. Further reaffirms decision B.09/05, paragraph (g), requesting the Secretariat and the independent Technical Advisory Panel in the application of the assessment scale to take into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change, in particular least developed countries, small island developing States and African States;
5. Requests the Secretariat and the independent Technical Advisory Panel to take into account the principles for demonstrating the impact potential for mitigation and adaptation activities set out in annex VI in order to establish a more transparent and consistent approach in their guidance to accredited entities and in their assessment of funding proposals;
6. Recognizes the significant variation in information and data availability across countries and contexts;
7. Also recognizes the urgent need for: (i) guiding accredited entities in presenting climaterelated information needed for establishing the impact potential of funding proposals, and (ii) establishing a more transparent and consistent approach to the review of impact potential as part of the proposal assessment process, with a view to streamlining the proposal development cycle, and leading to improved review outcomes and a more rapid flow of proposals for endorsement to the Board, particularly for adaptation;
8. Decides that the use of best available information and data, including from the Intergovernmental Panel on Climate Change, and from traditional, local and indigenous knowledge and practices is sufficient to form the basis for the demonstration of impact potential for GCF-supported activities, while taking into account the context of the proposal, the different capabilities of accredited entities, and country and regional circumstances; and 
9. Requests the Secretariat to provide capacity-building support to accredited entities, especially direct access entities, to enhance the demonstration of the impact potential in GCF-supported activities, and to consider their feedback for future enhancements, including by:
   1. Providing early engagement of GCF technical experts in proposal conceptualization;
   2. Promoting deployment of the Readiness and Preparatory Support Programme to strengthen countries’ capacities to undertake adaptation planning and investment programming, and to help countries identify their priorities for adaptation action based on relevant data; and
   3. Promoting utilization of Project Preparation Facility funding to help countries convert project ideas identified in their country programmes into actionable investments.

The Board, having considered document GCF/B.33/04 titled “Guidance on the approach and scope for providing support to adaptation activities”:

1. Welcomes the guidance on the GCF’s vision, approach and scope for providing support to enhance climate adaptation, as set out in annex VII;
2. Confirms, with regard to adaptation activities, in line with paragraph 31 of the Governing Instrument for the GCF, that the Fund will provide simplified and improved access to funding, including direct access, basing its activities on a country-driven approach and will encourage the involvement of relevant stakeholders, including vulnerable groups and addressing gender aspects;
3. Requests the Secretariat to engage with national designated authorities and accredited entities to urgently advance a pipeline of concept notes and funding proposals that will contribute to meeting the Board’s adaptation programming targets for the first replenishment period of the GCF;
4. Also requests the Secretariat to provide and enhance technical support and guidance, and encourage and facilitate the use of the Readiness and Preparatory Support Programme and the Project Preparation Facility, as appropriate, to advance:
   1. The development of nationally determined contributions, national adaptation plans, and other adaptation planning efforts that can help strengthen countrydriven, climate risk-informed and more systemic investment planning and pipeline origination for adaptation;
   2. Conceptualization of country-driven programmes of adaptation investments that respond to systematically identified adaptation needs and which will help identify financing for adaptation at scale;
   3. Preparation of high-quality adaptation concept notes and funding proposals, which are based on best available information about climate risk, vulnerability and adaptation solutions, and respond to systematically identified areas of adaptation needs; and
   4. The role of the private sector in adaptation, including through strengthening the engagement of the private sector in the preparation of national climate strategies and policies;
5. Reaffirms decision B.05/05, paragraph (d), which decided that in relation to adaptation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift; and decides that in order to demonstrate such potential to adapt, adaptation proposals will include an evidence-based analysis to show that the proposed activity is likely to be an effective adaptive response to the risk or impact of a specific climate change hazard, based on best available information and data including, inter alia, the Intergovernmental Panel on Climate Change, and traditional, local and indigenous knowledge and practices;
6. Decides to continue to strengthen the linkage between adaptation planning outputs and programming in funding proposals;
7. Requests the Secretariat to enhance its efforts to increase the efficiency and effectiveness of the project and programme cycle, in particular for adaptation projects;
8. Also requests the Secretariat, in the context of the revised Readiness and Preparatory Support Programme and the accreditation strategy under the Board’s consideration, as well as other relevant policy development processes, to identify additional actions that enhance GCF adaptation investments, including those identified in country and regional adaptation planning processes;
9. Further requests the Secretariat to consider, as part of the accreditation strategy under the Board’s consideration, the prioritization of accreditation applications from entities, particularly direct access entities and private sector entities, with a focus on adaptation projects/programmes;
10. Reiterates the need to enhance the private sector contribution towards developing and implementing national adaptation plans; and
11. Requests the Secretariat to further develop, for consideration by the Board as part of the update to the Strategic Plan for the GCF, proposals on updating the GCF’s strategic objectives and priorities, and requests for proposals or other programming initiatives, to further the implementation of the GCF’s strategic approach to adaptation programming, including options for possible adaptation programming parameters and output-based goals for adaptation.

The Board, having considered document GCF/B.33/11 titled “Review of the financial terms and conditions of the Green Climate Fund financial instruments”:

1. Takes note of the review of the financial terms and conditions of the Green Climate Fund financial instruments led by the Investment Committee as contained in document GCF/B.33/11;
2. Requests the Secretariat to take up the recommendations from the review of the financial terms and conditions relating to concessionality, in the context of ongoing work to develop the policy on concessionality as mandated under decision B.19/06;
3. Also requests the Secretariat to develop a local currency financing pilot programme that addresses current barriers and risks associated with currency fluctuations at the programme/project level, including an analysis of the requirements for operationalization and impact assessment of a programme, with a view for the Investment Committee to review and make a recommendation to the Board no later than the thirty-sixth meeting of the Board;
4. Further requests the Secretariat to present an approach in which GCF can more efficiently deploy its current financial instruments, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-sixth meeting of the Board;
5. Requests the Secretariat to review the financial terms and conditions of the Green Climate Fund financial instruments in accordance with the terms of reference set out in annex I to decision B.BM-2019/08, as may be amended pursuant to decision B.BM-2019/08, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-seventh meeting of the Board; and in the third year of every four-year policy cycle thereafter prior to commencement of the new replenishment programming period; and
6. Approves an additional administrative budget for the Secretariat in the amount of USD 200,000 to conduct the further reviews and analyses referred to in paragraphs (c), (d) and (e) above. This approval is in addition to the 2022 administrative budget for the Secretariat as approved via decision B.30/07, it being understood that amounts not utilized in 2022 shall be carried forward into the administrative budget for the Secretariat for 2023.

The Board, having considered limited distribution document GCF/B.33/16 titled “Matters related to the Heads of Independent Units”:

1. Takes note of and accepts the resignation of Mr. Lalanath de Silva as Head of the Independent Redress Mechanism effective from 31 August 2022;
2. Requests the Ethics and Audit Committee to consider appropriate candidates for the role of Head of the Independent Redress Mechanism ad interim, and to make a recommendation to the Board, no later than 15 August 2022, on a final candidate for appointment by the Board by a decision without a Board meeting;
3. Takes note of the updated timeline for the Head of the Independent Evaluation Unit recruitment process set out in annex IX;
4. Also takes note of the updated timeline for the Head of the Independent Redress Mechanism and the Head of the Independent Integrity Unit recruitment process set out in annex X; and
5. Decides to consider the appointment of the Head of the Independent Evaluation Unit at the thirty-fourth meeting of the Board and the appointments of the Head of the Independent Integrity Unit and the Head of the Independent Redress Mechanism at the thirty-fifth meeting of the Board, according to the updated timelines.

The Board, having considered limited distribution document GCF/B.33/17 titled “Selection of the Executive Director”:

1. Adopts the terms of reference of the Executive Director of the Green Climate Fund Secretariat as set out in annex XI;
2. Requests the Co-Chairs to conduct a comprehensive assessment of the mandates and responsibilities delegated by the Board to the Executive Director of the Secretariat, and to report to the Board for consideration of their potential impact on the terms of reference of the position;
3. Adopts the selection process for the Executive Director of the Green Climate Fund Secretariat as set out in annex XII;
4. Takes note of the indicative timeline of the entire process for the selection and appointment of the Executive Director of the Green Climate Fund Secretariat as set out in annex XIII;
5. Establishes the Executive Director Selection Committee as an ad hoc committee of the Board in accordance with paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
6. Adopts the terms of reference of the Executive Director Selection Committee as set out in annex XIV;
7. Appoints as members of the Executive Director Selection Committee:
   1. Nadia Spencer-Henry
   2. Karma Tshering
   3. Nauman Bashir Bhatti
   4. Tlou Emmanuel Ramaru
   5. Hans Olav Ibrekk
   6. Sarah Metcalf
   7. Jean-Christophe Donnellier
   8. Victoria Gunderson
8. Decides to engage the services of an independent executive search firm to support the Executive Director Selection Committee;
9. Authorizes the Secretariat, notwithstanding the Administrative Guidelines on Procurement, to issue the request for proposal for the independent executive search firm in accordance with the deadlines set out in annex XIII;
10. Endorses the terms of reference of the independent executive search firm as set out in annex XV;
11. Approves a budget increment of USD 65,000 for the selection of the Executive Director of the Green Climate Fund Secretariat, including the costs of the independent executive search firm; and
12. Authorizes the Executive Director Selection Committee to engage the services of the independent executive search firm, with due observance of applicable procurement rules.

The Board, having considered document GCF/B.33/13 and its Add.01 titled “Eleventh 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 “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annexes XVI, XVII, and XVIII, taking into consideration the comments made and decisions taken at the thirty-third 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-seventh 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 “Eleventh 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-fourth meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board considered document GCF/B.33/12 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the thirty-fourth meeting of the Board will take place from Monday, 17 October to Thursday, 20 October 2022, in the Republic of Korea;
2. Decides that the thirty-fifth meeting of the Board will take place from Monday, 13 March to Thursday, 16 March 2023, in Kigali, Rwanda, with the dates and venue to be confirmed at the thirty-fourth meeting of the Board; and
3. Requests the Secretariat to initiate consultations with the host country with the aim of finalizing the memorandum of understanding for the hosting of a Board meeting at least four weeks before the commencement of the meeting of the Board.

The Board, having considered document GCF/BM-2022/04 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:
Accountability Counsel (AC)
Youth Foundation of Bangladesh (YFB)
Youth Partnership for Peace and Development (YPPD)

Private sector organizations:
Ricardo-AEA Ltd (Ricardo Energy & Environment)

International entities:
Economic Community of West African States (ECOWAS)

The Board, having considered document GCF/B.32/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 184 titled “Vanuatu community-based climate resilience project (VCCRP)" by Save the Children Australia, as contained in document GCF/B.32/02/Add.01 and 08;
   2. Funding proposal 185 titled “Climate Change: The New Evolutionary Challenge for the Galapagos" by Corporación Andina de Fomento, as contained in document GCF/B.32/02/Add.02 and 08;
   3. Funding proposal 186 titled “India E-Mobility Financing Program" by Macquarie Alternative Assets Management Limited, as contained in document GCF/B.32/02/Add.05; and (iv) Simplified funding proposal 024 titled “Pakistan Distributed Solar Project" by JS Bank Limited, as contained in document GCF/B.32/02/Add.06;
2. Approves funding proposal 184 for the amount of USD 26,182,878, submitted by Save the Children Australia, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.08;
3. Also approves funding proposal 185 for the amount of USD 65,271,299, submitted by Corporación Andina de Fomento, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.08;
4. Further approves funding proposal 186 for the amount of USD 200,000,000 submitted by Macquarie Alternative Assets Management Limited, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.05;
5. Approves simplified funding proposal 024 for the amount of USD 10,000,000, submitted by JS Bank Limited, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.06;
6. 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 the 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
7. 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.32/03 titled “Status of approved funding proposals: Request for Tranche 2 for FP103 - Promotion of Climate-Friendly Cooking: Kenya and Senegal”:

1. Recalls decision B.22/07, paragraph (h), pursuant to which the Board decided that the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH may seek further approval of the Board of commitment of further funding in an amount when aggregated with amounts previously approved by the Board, no greater than EUR 38,360,000, subject to the conditions set by the Board in annex III to that decision;
2. Takes note of the Tranche 2 Proposal in respect of funding proposal 103 titled “Promotion of Climate-Friendly Cooking: Kenya and Senegal”, by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in annex III to document GCF/B.32/03;
3. Approves the Tranche 2 Proposal in respect of funding proposal 103 for the amount of EUR 21,851,000, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH;
4. Authorizes the Secretariat to negotiate the necessary amendments to the funded activity agreement for funding proposal 103 to give effect to the approval of the Tranche 2 Proposal in paragraph (c) above; and
5. Also authorizes the Secretariat to disburse fees in respect of Tranche 2 of funding proposal 103 approved by the Board as per the disbursement schedule to be agreed in the amendments to 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.32/04 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 annexes for the following applicants for re-accreditation:
   1. Applicant R044 (RAPL044) is the Korea Development Bank (KDB), based in the Republic of Korea, as contained in annex II to this document; and
   2. Applicant R016 (RAPL016) is the Conservation International Foundation (CI), based in the United States of America, as contained in annex III to this document;
   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. Also takes note of the efforts of KDB to advance the purpose of the GCF, including through KDB’s climate finance framework and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
3. Approves the re-accreditation of applicant R044 (RAPL044), the Korea Development Bank (KDB), based in the Republic of Korea, as contained in annex II to this document; and
4. Also approves the re-accreditation of applicant R016 (RAPL016), the Conservation International Foundation (CI), based in the United States of America, as contained in annex III to this document.

The Board, having considered document GCF/B.32/09 titled “Co-Chairs’ note on strategic planning and programming matters”:

1. Recalls decision B.24/02, decision B.24/04, by which the Board endorsed the policy cycle for 2020–2023, and decision B.27/06, by which the Board adopted the updated Strategic Plan for 2020–2023;
2. Requests the Secretariat to present the findings of the Secretariat-led review of the GCF policy frameworks at the thirty-third meeting of the Board, as per paragraph 38 of the updated Strategic Plan for 2020–2023;
3. Decides to conduct an open, inclusive, transparent consultation process engaging Board members and alternate Board members, national designated authorities, accredited entities, active observers, observer organizations and parties to the United Nations Framework Convention on Climate Change and the Paris Agreement, members of GCF panels and groups including the Indigenous Peoples Advisory Group, and other stakeholders to inform the review and update of the Strategic Plan;
4. Requests the Secretariat to facilitate the open, inclusive, transparent consultation process through, inter alia:
   1. Calls for submissions;
   2. Engagement with national designated authorities and accredited entities on programming needs and opportunities; and
   3. Producing summaries of inputs and publishing inputs on the GCF website;
5. Also requests the Secretariat, under the guidance of the Co-Chairs, to present to the Board the review of the updated Strategic Plan at the thirty-fourth meeting of the Board and a zero draft of the updated Strategic Plan for its consideration at the thirty-fourth meeting of the Board, taking into account the summary findings of the second performance review, the findings of the policy review and inputs received through the consultation process described in paragraph (c) above;
6. Decides to have an informal day at the thirty-third and thirty-fourth meetings of the Board to exchange views on the GCF strategic vision, objectives and priorities for the coming replenishment cycle, taking into account evolving priorities including guidance of the Conference of the Parties to the United Nations Framework Convention on Climate Change, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement, and relevant reports from the Independent Evaluation Unit, and to assess opportunities for GCF strategic programming in the second replenishment period; and requests the Secretariat to incorporate the views into the revised updated Strategic Plan referred to in paragraph (e);
7. Decides to conclude its consideration of the update of the GCF strategic plan no later than the thirty-sixth meeting of the Board;
8. Confirms that, as part of the strategic programming exercise, it will consider the evidence and findings of the second performance review, delivered in accordance with the 2022 Independent Evaluation Unit workplan and the schedule noted by paragraph (f) of decision B.BM-2021/11; and
9. Requests the Co-Chairs to prepare a draft decision for the consideration of the Board at its thirty-third meeting in order to launch the replenishment process, and that the process will be conducted in an open, transparent, and inclusive manner

The Board, having considered document GCF/B.32/05 titled “Update of the simplified approval process”, and with reference to decision B.18/06, which mandated the review of the simplified approval process Pilot Scheme:

1. Approves the update of the simplified approval process as set out in annex IV;
2. Requests the Secretariat in close consultation with the independent Technical Advisory Panel and considering the rolling review procedure outlined in decision B.28/03, to simplify the process and reduce the information required for the review of the simplified approval process proposals in a manner that takes into account their smaller size and minimal or no adverse environmental and/or social risks and/or impacts;
3. Also requests the Secretariat to include, starting from the 2023 work programme, granular and progressively ambitious key performance indicators for the simplified approval process (including for the post-approval stage) taking into account, among other things, the recommendations provided in the Independent Assessment of the Simplified Approval Process Pilot Scheme (GCF/B.30/07) and the Secretariat’s management response thereto (GCF/B.30/07/Add.01);
4. Further requests the Secretariat to ensure the continued provision of readiness support for simplified approval process funding proposal preparation and access as part of the current readiness and preparatory support programme and for more comprehensive simplified approval process support to be addressed in the 2023 update to the readiness and preparatory support programme;
5. Confirms that the scale of simplified approval process projects will be increased to a total GCF contribution of USD 25 million per funding proposal as per paragraph 4(a) of annex IV;
6. Also confirms that the scope of activities under the simplified approval process projects remains with no to minimal adverse environmental and/or social risks and/or impacts, as per paragraph 4(b) of annex IV;
7. Further confirms that the simplified approval process strategy will be addressed as part of the Board’s 2022–2023 strategic programming activities;
8. Agrees to review the update of the simplified approval process policy as part of the overall policy cycle for the next programming period;
9. Confirms that matters related to a principle for the presumed existence of climate rationale for the review of adaptation funding proposals under the simplified approval process, based on the existence of unequivocal evidence and science from the Intergovernmental Panel on Climate Change, and local and traditional knowledge will be taken up, and integrated into, the ”Steps to enhance climate rationale” paper to be considered in an upcoming meeting of the Board; and
10. Requests the Secretariat to continue to identify areas for further simplifications within the GCF processes, to inform the review of the simplified approval process and its implementation as noted in paragraph (h) above.

The Board, having considered document GCF/B.32/06 titled “Review of the initial private sector facility modalities and the private sector strategy”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s Approach to the Private Sector undertaken by the Independent Evaluation Unit, the Secretariat’s management response, and the Board’s consideration of these pursuant to decision B.30/11;
2. Requests the Independent Evaluation Unit to present a management action report to the Board no later than one year following the adoption of this decision in line with the Evaluation Policy of GCF;
3. Recognizes that meeting the parameters and guidelines for the allocation of resources during the GCF first replenishment programming period, as agreed under decision B.27/06, paragraph (i), requires a significant increase over 2022 and 2023 in Private Sector Facility programming overall, and in particular an increase in direct access and in adaptation programming through the Private Sector Facility;
4. Adopts the private sector strategy as set out in annex V, which builds on the updated Strategic Plan for the GCF 2020–2023 and its strategic priority of catalysing private sector finance at scale;
5. Requests the Secretariat to engage with national designated authorities and accredited entities to urgently promote the participation of private sector actors in developing countries, including small and medium-sized enterprises and local financial intermediaries, and to enable private sector involvement in least developed countries and small island developing States;
6. Takes note of the proposed non-exhaustive list of priority areas for GCF private sector programming:
   
   1. Submission by direct access entities;
   2. Focus on adaptation;
   3. Engagement of local private sector actors, including micro, small and mediumsized enterprises;
   4. Support for climate technology incubators and accelerators in developing countries;
   5. Utilization of the diverse financial instruments of GCF, including exploring options to facilitate increased access to equity, guarantees and insurance products, and design and deployment of other innovative instruments; and
   6. Demonstration of significant potential to catalyse private sector finance at scale;
7. Reconfirms GCF’s overall risk appetite statement that in order to realize significant impact and promote paradigm shift to meet the Fund’s strategic objectives, the Fund is willing to accept considerable uncertainties around investment risks in return for impact potential,¹ which in the context of the private sector strategy means the Fund will promote enhanced support to the domestic private sector in developing countries, including through direct access entities, by providing early-stage financing to new, pre-commercially viable technologies or business models and climate initiatives, and deploy first-loss anchor investments as well as support financial innovations to catalyse investments in adaptation and mitigation projects;
8. Requests the Secretariat to encourage and facilitate the use of the Readiness and Preparatory Support Programme and Project Preparation Facility to support countrydriven private sector engagement, through the national designated authorities, enhancing the role of the private sector in implementing nationally determined contributions, national adaptation plans and long-term climate strategies, and to accelerate the development of the private sector pipeline;
9. Welcomes the private sector outreach plan, as contained in annex VI, noting that this is a living document that will be operationalized to promote the implementation of the private sector strategy in conjunction with delivery of the Secretariat’s annual work programmes;
10. Takes note that the Secretariat, in implementing the private sector outreach plan, will engage with leading experts in and representatives of the private sector on a period and structured basis to advise the Private Sector Facility on global trends and opportunities for GCF in catalysing private sector financial flows for mitigation and adaptation in developing countries, and on enhancing GCF private sector engagement and programming; and
11. Requests the Secretariat to report to the Board at its thirty-fourth meeting on the operationalization and implementation of the strategy, including a set of actions and accompanying timetable, and annually thereafter on progress in implementing the strategy and outreach plan.

¹Risk appetite statement as adopted by the Board in annex VI to decision B.17/11.

The Board, having considered document GCF/B.32/08 titled “Matters related to accreditation: report on the analysis of the accredited entity portfolio”:

Takes note of the analysis of the accredited entity portfolio as at 31 March 2022 presented by the Secretariat in annex VII to this document.

The Board, having considered document GCF/B.32/10 titled “Guidance from the twentysixth 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 2022 in response to guidance received from the Parties during the twentysixth session of the Conference of the Parties, as contained in annex VIII;
2. Requests the Co-Chairs, with the support of the Secretariat, to include an overview of progress on the updated four-year workplan of the Board in the eleventh report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change;
3. Agrees to clarify the use of data and information from, inter alia, the Intergovernmental Panel on Climate Change, and traditional, local and indigenous knowledge and practices in the assessment of concept notes, project preparation funding applications and funding proposals; and to provide this clarification, with the support of the Secretariat, in the consideration of relevant policies as part of its workplan;
4. Requests the Secretariat to present by the thirty-fourth meeting of the Board an information paper for the consideration of the Board for diversifying its selection of financial instruments for addressing climate risk, including parametric insurance for climatic events; and
5. Also requests the Secretariat to prepare by the thirty-third meeting of the Board an information paper outlining the current approach on financing for forests and alternative approaches

The Board, having considered the document GCF/B.32/11 titled “Guidelines for the operation of Board committees: Co-Chairs’ proposal”:

1. Adopts the General guidelines for the operation of Board committees, as set out in annex IX to this document;
2. Amends the terms of reference of standing committees of the Board to reflect these guidelines, as appropriate; and
3. Decides to consider the review of committees, panels and groups, mandated pursuant to decision B.25/03, paragraph (c), at the thirty-fourth meeting of the Board.

The Board, having considered document GCF/B.32/12 titled “Next steps in the event that a Board member is unable to join consensus regarding the outcome of the balloting procedure”:

1. Recalls decision B.23/03, paragraph (d);
2. Decides that in the event that at least one Board member expresses the view that they are unable to join the consensus regarding the outcome of the procedure for confidential balloting (“Balloting Procedure”) set out in section VI of the Procedures for adopting decisions in the event that all efforts at reaching consensus have been exhausted adopted pursuant to decision B.23/03 (“Decision-Making Procedures”):
   1. The Co-Chairs will first further consult with the Board member(s) who has expressed the view that they are unable to join consensus regarding the outcome of the Balloting Procedure;
   2. If after such consultations, the Board member(s) continues to express the view that they are unable to join the consensus, the Board member(s) may make use of the options set out in section II, paragraphs 7(b)—(e) of the Decision-Making Procedures in order to allow the relevant decision to be adopted; and
   3. If the Board member(s) does not wish to make use of any such option, section V of the Decision-Making Procedures shall apply mutatis mutandis to the decision appointing the relevant Board-appointed official; and
3. Requests the Co-Chairs to update annex I to decision B.23/03 to reflect paragraph (b) above.

The Board, having considered document GCF/B.32/13 titled “Draft Co-Chairs’ proposals on the guidelines to determine in which cases decisions without a Board meeting may be requested”:

1. Adopts the guidelines to determine in which cases decisions without a Board meeting may be requested as set out in annex X; and
2. Also adopts the guidance in respect of the implementation of paragraph 43 of the Rules of Procedure of the Board and in respect of other related matters as set out in annex XI.

The Board, having considered document GCF/B.32/14, titled “Dates and venues of upcoming meetings of the Board”:

1. Decides and confirms that the thirty-third meeting of the Board will take place from Sunday, 17 July to Wednesday, 20 July 2022 as an in-person meeting in the Republic of Korea;
2. Also decides that the thirty-fourth meeting of the Board will take place from Monday, 17 October to Thursday, 20 October 2022, as an in-person meeting in the Republic of Korea;
3. Further decides that the thirty-fifth meeting of the Board will take place from Monday, 13 March to Thursday, 16 March 2023;
4. Decides that the thirty-sixth meeting of the Board will take place from Monday, 10 July to Thursday, 13 July 2023;
5. Also decides that the thirty-seventh meeting of the Board will take place from Monday, 23 October to Thursday, 26 October 2023; and
6. Requests the Co-Chairs to continue to monitor the impact of the coronavirus disease 2019 (COVID-19) pandemic on the operations of GCF, and to report to the Board appropriately.

The Board:

1. Recognizes the current extraordinary circumstances resulting from the outbreak of the Omicron variant of coronavirus disease 19 (COVID-19)in the Republic of Korea;
2. Takes note that the Co-Chairs, guided by the best interests of the Fund pursuant to paragraph 10 of the Rules of Procedure of the Board, and on an exceptional basis and in the light of such current extraordinary circumstances, decided to change the modality of the thirty-first meeting of the Board to a net-meeting;
3. Confirms that the invocation by the Co-Chairs of paragraph 10 of the Rules of Procedure of the Board was warranted on an exceptional basis and in the light of the current extraordinary circumstances; and
4. Ratifies the decision of the Co-Chairs to change the modality of the thirty-first meeting ofthe Board to a net-meeting.

The Board, having considered the document GCF/B.31/09 titled “Appointment of members to the committees of the Board”:

1. Appoints as members of the Accreditation Committee, for a term starting on 1 January 2022:
   1. Mr. Antwi Boasiako Amoah;
   2. Ms. Gisella Berardi;
   3. Ms. Ornela Çuçi;
   4. Ms. Jennifer De Nijs; and
   5. Mr. Jan Wahlberg;
2. Also appoints as members of the Budget Committee, for a term starting on 1 January 2022;
   1. Ms. Katrijn Coppens;
   2. Mr. José Delgado;
   3. Ms. Kyunghee Kim;
   4. Ms. Marta Mulas Alcantara; and
   5. Mr. Karma Tshering;
3. Further appoints as members of the Ethics and Audit Committee, for a term starting on 1 January 2022:
   1. Mr. Wael Ahmed Kamal Aboul-Magd;
   2. Mr. Nauman Bashir Bhatti;
   3. Mr. Stéphane Cieniewski;
   4. Mr. Mathew Haarsager;
   5. Ms. Fiona Ralph; and
   6. Mr. Albara Tawfiq;
4. Appoints as members of the Investment Committee, for a term starting on 1 January 2022;
   1. Ms. Isatou F. Camara;
   2. Mr. Toshihiro Kitamura;
   3. Ms. Annette Windmeisser;
   4. Ms. Eliette Riera;
   5. Mr. Tlou Emmanuel Ramaru; and
   6. Ms. Yan Ren;
5. Also appoints as members of the Performance Oversight Committee of the Executive Director and Heads of Independent Units, for a term starting on 1 January 2022:
   1. Mr. Nauman Bashir Bhatti;
   2. Mr. Jean-Christophe Donnellier;
   3. Mr. Mathew Haarsager; and
   4. Mr. Tlou Emmanuel Ramaru.

The Board, having considered document GCF/BM-2021/27 titled “Revised terms of reference for the Head of the Independent Evaluation Unit”:

Adopts the revised terms of reference for the Head of the Independent Evaluation Unit as contained in annex I of this document.

The Board, having considered document GCF/B.31/13 titled “Selection process of the Heads of the Independent Units”:

1. Decides to amend the terms of referenceof theAd Hoc Selection Committee and the EAC selection process to include the selection process for the Heads of the Independent Integrity Unit and Independent redress Mechanism, as set out in annex II;
2. Decides that the Ethics and Audit Committee, in accordance with its ToR approved by Decision B.10/05, to make a recommendation to the Board on a candidate for the head of the IIU;
3. Also decides that the Ethics and Audit Committee, will make a recommendation to the Board on a candidate for the Head of the IRM;
4. Appoints as members of the Ad Selection Committee for the IEU:
   1. Ms. Nadia-Spencer Henry;
   2. Ms. Pacific Ogola;
   3. Mr. Karma Tshering;
   4. Mr. Lars Roth;
   5. Ms. Marta Mulas Alcantara; and
   6. Mr. Hans Olav Ibrekk;
5. Takes note of Board decision B.31/03 on the revised Terms of Reference of the Head of the Independent Evaluation Unit;
6. Decides to expand the scope of work of the procured selection firm to as set out in Annex II and request the Budget Committee to allocate the resources required to for this purpose;
7. Authorizes the Secretariat to amend the contract with the independent executive search firm, with due observance of applicable rules; and
8. Further requests the Selection Committee and the EAC to present their reports containing the recommendations regarding the outcome of the recruitment process in order for the Board to select the Head of the Independent Evaluation Unit, the Head of IIU and the Head of IRM no later than the thirtieth-fourth meeting.

The Board:

1. Takes note that the current four-year term of the Trustee expires on [11 April 2023];
2. Requests the Secretariat to undertake a review of the performance of the Trustee and the value for money of the services provided by the Trustee;
3. Also requests the Secretariat to notify the Board promptly upon the completion of the review in order for the Board to approve the renewal ofthe Trustee arrangements;
4. Confirms that once the Board renews the Trustee’s appointment, the Executive Director shall finalize the renewal of the term of the Trustee for a further four-year period, including by executing the necessary legal and administrative arrangements with the International Bank for Reconstruction and Developmentby the end of 2022, in a manner which ensures there is no discontinuity in trustee services;
5. Decides that, in respect of subsequent renewals of the term of the Trustee, the Secretariat is authorized to review the performance of the Trustee over the relevant period and, unless considered unsatisfactory by the Secretariat, to further renew the term of the Trustee; and
6. Also decides that in the event that:
   1. The Secretariat considers the outcome any of the reviews referred to in paragraph (e) above to be unsatisfactory;
   2. The Trustee wishes to materially deviate from the terms of reference of the Trustee as part of the renewal of term;
   3. The Trustee does not have an interest in continuing to provide trustee services to GCF; or
   4. The Secretariat and the Trustee are not able to conclude the necessary legal and administrative arrangements in a timely manner;
   The Secretariat shall promptly notify the Board and the Board shall take such action as is necessary to ensure there is no discontinuity in trustee services.

The Board, having considered document GCF/B.31/12 titled “Matters related to accreditation: Co-Chairs’ proposal on the updates to the accreditation framework”:

1. Takes note of the findings and recommendations in the Independent Synthesis of the GCF’s Accreditation Function undertaken by the Independent Evaluation Unit (see document GCF/B.26/Inf.05), as well as other related Independent Evaluation Unit evaluations that covered matters related to the GCF’s accreditation systems, the Secretariat’s management responses, and views from the Board in accordance with decision B.30/11;
2. Requests the Independent Evaluation Unit to present a management action report to the Board no later than one year following the adoption of this decision;
3. Agrees to the revised definitions of the size categories as contained in annex III to this document regarding the “scale of intended activities” and that these definitions shall apply to projects and programmes approved at or after the first Board meeting in 2024;
4. Adopts the updates to the accreditation framework set out in annex IV to this document to replace the initial guiding framework for the accreditation process adopted by the Board pursuant to decision B.07/02, paragraph (a), as of the date of effectiveness set out in annex IV;
5. Requests, pursuant to paragraph (d) above, the Accreditation Panel, with the support of the Secretariat, to establish a roster of competent external consultants and/or consultancy firms in accordance with the Administrative Guidelines on Procurement, and approves an additional budget of USD 700,000 under the administrative budget of the Board to be executed during the years 2022 and 2023 for the use of such external consultants and/or consultancy firms;
6. Also requests the Accreditation Committee, in consultation with the Secretariat and Accreditation Panel, to update the draft working modalities of the Accreditation Panel set out in annex I to document GCF/B.21/Inf.10 titled “Reports from committees, panels and groups of the Board of the Green Climate Fund” to reflect the use of external consultants and/or consultancy firms in the context of reviews of entities in Stage II (Step I), with a view to presenting such working modalities to the Board for its consideration no later than at its first meeting in 2023;
7. Decides, pursuant to decision B.23/11, to implement, on a pilot basis, a project-specific assessment approach that combines assessments undertaken during the existing accreditation and proposal approval processes in a fit-for-purpose manner, in accordance with the parameters set out in annex IV and taking into account decision B.19/13, paragraph (d);
8. Also decides, pursuant to paragraph (g) above, to request the Secretariat and the independent Technical Advisory Panel to prioritize, during the first year of project-specific assessment approach implementation, project-specific assessment approach proposals (with respect to the Secretariat) and accompanying funding proposals (with respect to the Secretariat and the independent Technical Advisory Panel) from (i) subnational, national and regional entities based in developing countries, particularly those from developing countries that have yet to have an approved GCF-funded activity at the time of the launch of the project-specific assessment approach; and (ii) entities responding to requests for proposal issued by GCF.¹ After the first year, unless otherwise decided by the Board, the approach for the review of project-specific assessment approach proposals shall default to a first-come-first-complete basis;
9. Approves an additional budget of USD 600,000 under the administrative budget of the Secretariat to be executed during the years 2022 and 2023, including for the procurement of the external consultants and/or consulting firms mentioned in paragraph (g), to cover the assessments of approximately 10 funding proposals submitted by entities under the project-specific assessment approach and the related legal arrangements for those project-specific assessment approach entities and related funding proposals approved by the Board;
10. Decides that entities with funding proposals approved within the scope of the project-specific assessment approach set out in paragraph (g) above shall be deemed accredited for the purposes of such approved funding proposals only;
11. Also decides that the Project Preparation Facility can also support project and programme preparation requests from entities not yet accredited to GCF, in particular subnational, national and regional entities, which have submitted a complete application for the project-specific assessment approach detailed in paragraph (g) above, and that the provisions of decision B.13/21 shall apply mutatis mutandis to such entities;
12. Requests the Secretariat to report to the Board on an annual basis on the operationalization and implementation of the approach referred to in paragraph (g) above, and decides to review the pilot framework for the project-specific assessment approach referred to in paragraph (g) above three years after its operationalization;
13. Decides to launch the process to review the accreditation framework in accordance with decision B.27/06, which, inter alia, mandates the Board to present a revised accreditation framework to address matters outlined in paragraph 26 (a)(i)–(v) of annex VI to that decision;
14. Requests the Secretariat, pursuant to the updated Strategic Plan for the GCF 2020–2023 adopted in decision B.27/06, to present an analysis of the accredited entity portfolio to identify strengths and gaps in coverage and capabilities no later than the thirty-second meeting of the Board;
15. Decides to develop a strategy on accreditation, as recommended by the Independent Evaluation Unit, that clarifies the role of accreditation in the GCF, building on the strategic approach to accreditation as outlined in the updated Strategic Plan for the GCF 2020–2023. In particular, the accreditation strategy should focus on:
    
    1. Improving the efficiency of the accreditation process, including the consideration of portfolio targets, performance indicators and milestones;
    2. Seeking to increase the share of direct access entities above the initial resource mobilization level, including by prioritizing accreditation of and capacity support for direct access entities of countries which do not yet have a national or regional direct access accredited entity, including by promoting the participation and accreditation of micro, small and medium-sized enterprises in GCF activities in all developing countries, including least developed countries, small island developing States and African States;
    3. Incentivizing capacity-building and alignment with the GCF mandate within the accreditation function and further strengthening the Accreditation Panel;
    4. Improving monitoring and reporting by accredited entities in terms of performance, results and alignment with the GCF mandate;
    5. Informing re-accreditation decisions with (i) an examination of accredited entities’ performance in contributing to GCF programming results, considering international access entities’ contribution to building capacities of direct access entities; and (ii) an assessment of the extent to which accredited entities’ overall portfolio of activities beyond those funded by GCF has evolved towards low-emission and climate-resilient development pathways;
    6. Ensuring that the re-accreditation assessments of accredited entities’ portfolios are based on clear, transparent and predictable criteria that are communicated to applicants;
    7. Providing guidance to international access entities to support the building of capacities of direct access entities;
    8. Improving the accreditation component of the GCF’s request for proposal modality; and
    9. Enhancing the provision of pre-accreditation and post-accreditation support, in particular for direct access entities, to strengthen capacity-building for candidate entities; and
16. Requests the Secretariat, under the guidance of the Co-Chairs, to prepare the accreditation strategy in an open, inclusive and transparent manner in accordance with the relevant provisions of decision B.23/03, including engaging in consultations with the Board, accredited entities, observers and national designated authorities, for consideration by the Board no later than its thirty-third meeting.

¹ The requests for proposal may include those for the pilot phase for enhancing direct access (decision B.10/04), the pilot programme to support micro, small, and medium-sized enterprises (decision B.10/11), and the pilot programme to mobilize funds at scale in order to address adaptation and mitigation (decision B.16/03).

The Board, having considered document GCF/B.31/02/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 182 titled “Climate-smart initiatives for climate change adaptation and sustainability in prioritized agricultural production systems in Colombia (CSICAP)” by the Corporación Andina de Fomento, as contained in document GCF/B.31/02/Add.01 and 06; and
   2. Funding proposal 183 titled “Inclusive Green Financing Initiative (IGREENFIN I): Greening Agricultural Banks & the Financial Sector to Foster Climate Resilient, Low Emission Smallholder Agriculture in the Great Green Wall (GGW) countries -Phase I" by the International Fund for Agricultural Development, as contained in document GCF/B.31/02/Add.02 and 06;
2. Approves funding proposal 182 for the amount of USD 73,283,080, submitted by the Corporación Andina de Fomento, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.31/02/Add.06;
3. Also approves funding proposal 183for the amount of EUR 104,415,189, submitted by the International Fund for Agricultural Development, subject to the conditions set out in annex V and in the respective term sheet set out in document GCF/B.31/02/Add.06;
4. 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
5. 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.31/03 titled “Status of approved funding proposals: Extension of deadline in respect of SAP016 (Fiji Agrophotovoltaic Project in Ovalau)”:

Decides to extend the deadline until 28 September 2022 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.31/04 titled “Status of approved funding proposals: Extension of deadline in respect of FP150 (Promoting private sector investment through large scale adoption of energy saving technologies and equipment for Textile and Readymade Garment (RMG) sectors of Bangladesh)”:

Decides to extend the deadline until 28 September 2022 for the execution of the funded activity agreement, in a form and substance satisfactory to the Secretariat, for the following approved funding proposal:

1. FP150, titled “Promoting private sector investment through large scale adoption of energy saving technologies and equipment for Textile and Readymade Garment (RMG) sectors of Bangladesh”.

The Board, having considered limited distribution document GCF/B.31/05/Rev.01 titled “Status of approved funding proposals: Extension of deadline in respect of FP153 (Mongolian Green Finance Corporation)”:

Decides to extend the deadline until 120 days following the effectiveness of the accredited entity’s amended accreditation master agreement for the submission by the accredited entity of a certificate or legal opinion, in 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. FP153, titled “Mongolian Green Finance Corporation”.

The Board, having considered limited distribution document GCF/B.31/06 titled “Status of approved funding proposals: Extension of deadline in respect of FP154 (Mongolia: Aimags and Soums Green Regional Development Investment Program (ASDIP))”:

Decides to extend the deadline until 28 September 2022 for the submission by the accredited entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat,confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed project/programme, for the following approved funding proposal:

1. FP154, titled “Mongolia: Aimagsand Soums Green Regional Development Investment Program (ASDIP)”.

The Board, having considered document GCF/B.31/07 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the AccreditationPanel contained within the relevant annexes for the following applicant for accreditation:
   1. Applicant115 (APL115) is the Jamaica Social Investment Fund (JSIF), based in Jamaica, as contained in annex VI to this document; and
   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 accreditation master agreement, in accordance with decision B.24/13;
2. Approves the accreditation of applicant APL115, the Jamaica Social Investment Fund (JSIF), based in Jamaica, as contained in annex VI to this document;
3. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant annexes for the following applicants for re-accreditation:
   1. Applicant R001 (RAPL001) is the Centre de Suivi Ecologique (CSE), based in Senegal, as contained in annex VII to this document;
   2. Applicant R002 (RAPL002) is the Peruvian Trust Fund for National Parks and Protected Areas (PROFONANPE), based in Peru, as contained in annex VIII to this document; and
   3. Applicant R004 (RAPL004) is the Acumen Fund, Inc. (Acumen), based in the United States of America, as contained in annex IX to this document; and 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;
4. Approves the re-accreditation of applicant RAPL001, Centre de Suivi Ecologique (CSE), based in Senegal, as contained in annex VII to this document;
5. Also approves the re-accreditation of applicant RAPL002, the Peruvian Trust Fund for National Parks and Protected Areas (PROFONANPE), based in Peru, as contained in the annex VIII to this document;
6. Further approves the re-accreditation and upgrade of applicant RAPL004, the Acumen Fund, Inc. (Acumen), based in the United States of America, as contained in annex IX to this document; and
7. Takes note of the efforts of the Development Bank of South Africa to advance the purpose of the GCF including through the Development Bank of South Africa Board’s Just Transition Investment Framework and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement; and
8. Approves the re-accreditation of applicant R024 (RAPL024), the Development Bank of Southern Africa (DBSA), based in South Africa, as contained in annex IV to document GCF/B.30/03.

The Board, have considered the Independent Evaluation Units adaptation portfolio and approach of the Green Climate Fund undertaken, as well as relevant elements of the Independent Evaluations:

1. Takes note of the Independent evaluation of the adaptation portfolio and approach of the Green Climate Fund undertaken by the Independent Evaluation Unit, completed in accordance withthe Board approved work plan of the IEU;
2. Also notes the Secretariat’s management response to the Evaluation as presented in document GCF/B.30/13/Add.01;
3. Requests the IEU to present a management action report to the Board no later than one-year following the adoption of this decision;
4. Agrees to urgently clarify the GCF’s role in and vision for climate adaptation, inter alia, by requesting the Secretariat to update the draft paper on ‘Guidance on the approach and scope for providing support to adaptation activities’ for consideration by the Board at B.32, by incorporating the findings and recommendations of the evaluation and the views expressed by Board and alternate members at B.31.

The Board, having considered document GCF/B.31/10 titled “Dates and venues of upcoming meetings of the Board”:

1. Agrees and confirms that the thirty-second meeting of the Board will take place from Monday, 16 May 2022 to Thursday, 19 May 2022 in Antigua and Barbuda, noting that the first two days will be sessions for policy consultations;
2. Also agrees that the thirty-third meeting of the Board will take place from Monday, 27 June 2022 to Thursday, 30 June 2022 as an in-person meeting in the Republic of Korea;
3. Takes note that the Board agreed, in decision B.30/12, that the thirty-fourth meeting of the Board was set for Monday, 24 October to Thursday, 27 October 2022, subject to confirmation by the Board in accordance with paragraph 17 of the Rules of Procedure; and
4. Requests the Co-Chairs to continue to monitor the impact of the coronavirus disease 19 (COVID-19) pandemic on the operations of GCF, and to report to the Board appropriately.

The Board, having considered document GCF/BM-2022/02 titled “Dates and venue of the thirty-first meeting of the Board”:

1. Takes note of the assessment by the Co-Chairs that the essential conditions for a Board meeting are not in place;
2. Decides, on an exceptional basis, to postpone the thirty-first meeting of the Board originally scheduled for 7–10 February 2022; and
3. Also decides that the thirty-first meeting of the Board will take place from Monday, 28 March to Thursday, 31 March 2022 in Songdo, Incheon, Republic of Korea.