Boardroom

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.

The Board, having considered document GCF/B.34/17 titled “Work Programme and Budget of the Independent Integrity Unit for 2023”:

1. Approves the work programme and budget of the Independent Integrity Unit for 2023 as contained in annexes III and IV to this document with a total budgeted amount of USD 3,258,868; and
2. Requests the Budget Committee and the Ethics and Audit Committee to review the budget execution during 2023 and acknowledge that the Independent Integrity Unit may present to the Board, for its consideration at its thirty-sixth meeting, an additional budgetary request to execute its work programme for 2023.

The Board, having considered document GCF/B.34/20/Rev.01 titled “Independent Redress Mechanism Work Plan and Budget for 2023”:

1. Approves the work plan and the administrative budget of the Independent Redress Mechanism for the year 2023 in the amount of USD 1,805,501, as contained in annex II and III, respectively, to document GCF/B.34/20/Rev.01; and
2. Notes that on the basis of cases filed, the Independent Redress Mechanism may need to present a supplementary budget for travel and case-related expenses in 2023 for the consideration and approval of the Board.

The Board, having considered document GCF/B.34/Inf.17 titled “Review and update of the Green Climate Fund Strategic Plan – zero draft” and document GCF/B.34/Inf.17/Add.01 titled “Update of the Green Climate Fund Strategic Plan – zero draft: Addendum”:

1. Takes note of the Co-Chairs’ summary of discussions at the thirty-fourth meeting of the Board on the review and update of the GCF Strategic Plan, including the attached ad referendum draft setting out an approach to guide the Secretariat in the further development of the update of the GCF Strategic Plan, as set out in annex V; and
2. Approves the timeline for the update of the Strategic Plan for the GCF 2024–2027 contained in annex VI.

The Board, having considered document GCF/B.34/02/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 191 titled “Enhancing Adaptation and Community Resilience by Improving Water Security in Vanuatu” by the Pacific Community (SPC) as contained in document GCF/B.34/02/Add.01 and 14;
   2. Funding proposal 192 titled “The R’s (Reduce, Reuse and Recycle) for Climate Resilience Wastewater Systems in Barbados (3R-CReWS)” by the Caribbean Community Climate Change Centre (CCCCC) as contained in document GCF/B.34/02/Add.02 and 14;
   3. Funding proposal 193 titled “Peruvian Amazon Eco Bio Business Facility (Amazon EBBF)” by the Peruvian Trust Fund for National Parks and Protected Areas (PROFONANPE), as contained in document GCF/B.34/02/Add.03 and 14;
   4. Funding proposal 194 titled “Programme for Energy Efficiency in Buildings (PEEB) Cool” by the Agence Française de Développement (AFD), as contained in document GCF/B.34/02/Add.04 and 14;
   5. Funding proposal 195 titled “E-Motion: E-Mobility and Low Carbon Transportation” by the Corporación Andina de Fomento (CAF), as contained in document GCF/B.34/02/Add.05 and 14;
   6. Funding proposal 196 titled “Supporting Innovative Mechanisms for Industrial Energy Efficiency Financing in Indonesia with Lessons for Replication in other ASEAN Member States” by Korea Development Bank (KDB), as contained in document GCF/B.34/02/Add.09;
   7. Funding proposal 197 titled “Green Guarantee Company ("GGC")” by MUFG Bank Ltd., as contained in document GCF/B.34/02/Add.10/Rev.01;
   8. Funding proposal 198 titled “CATALI.5°T Initiative: Concerted Action To Accelerate Local I.5° Technologies – Latin America and West Africa” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.34/02/Add.11; and
   9. Simplified funding proposal 025 titled “Adaptation of agricultural production systems in Coastal Areas of Northwest Guinea-Bissau” by the Sahara and Sahel Observatory (OSS), as contained in document GCF/B.34.02/Add.12/Rev.01 and Add.14;
2. Approves funding proposal 191 for the amount of USD 23,325,033, submitted by the Pacific Community, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
3. Also approves funding proposal 192 for the amount of USD 39,390,913.29, submitted by Caribbean Community Climate Change Centre, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
4. Further approves funding proposal 193 for the amount of USD 8,972,400, submitted by the Peruvian Trust Fund for National Parks and Protected Areas, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
5. Approves funding proposal 194 for the amounts of EUR 175,000,000 and USD 45,000,000, submitted by the Agence Française de Développement, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
6. Also approves funding proposal 195 for the amount of USD 76,616,550, submitted by the Corporación Andina de Fomento, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
7. Further approves funding proposal 196 for the amount of USD 105,000,000, submitted by Korea Development Bank, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.09;
8. Approves funding proposal 197 for the amount of USD 40,500,000 submitted by MUFG Bank Ltd, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.10/Rev.01;
9. Decides in respect of funding proposal 197 that MUFG Bank Ltd. may seek further approval of the Board at meetings of the Board or through decisions without a Board meeting of commitment of further funding in an amount, when aggregated with the amounts previously approved by the Board, no greater than USD 82,500,000, subject to the conditions set out in annex VII;
10. Requests the Secretariat to submit to the Board for consideration and approval its assessment and recommendation with respect to the conditions to funded activity agreement execution set out in annex VII relating to funding proposal 197, following their satisfactory submission by MUFG Bank Ltd. to the Secretariat;
11. Recognizes that the approval of funding proposal 197 does not set a precedent with respect to compliance with the no-objection procedures established by the Board and reaffirms that the Secretariat shall not present any funding proposals to the Board which are not fully compliant with the no-objection procedure;
12. Approves funding proposal 198 for the amount of EUR 26,840,204, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.11;
13. Also approves simplified approval process funding proposal 025 for the amount of USD 9,807,800, submitted by the Sahara and Sahel Observatory, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
14. 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;
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; and
16. Requests the independent Technical Advisory Panel to meaningfully engage and communicate with accredited entities throughout the funding proposal package assessment, including during the following phases: Endorsement: assessment finalization and clearance phase (Step 3.2.1); Non-endorsement (Step 3.2.2.1); and Re-submission (Step 3.2.2.2) of the updated independent Technical Advisory Panel review procedure adopted by the Board in decision B.28/03, paragraph (a), and its annex II.

The Board, having considered limited distribution document GCF/B.34/03 titled “Consideration of proposed changes included in the restructuring proposal for FP115: Espejo de Tarapacá”:

1. Decides to approve the cancellation of FP115 on the terms set out in the recommendations in document GCF/B.34/03; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the decision set out in paragraph (a) above.

The Board, having considered limited distribution document GCF/B.34/04 titled “Status of approved funding proposals: Extension of deadline in respect of SAP016 (Fiji Agrophotovoltaic Project in Ovalau)”

Decides to extend the deadline until 19 April 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.34/05 titled “Consideration of a request for a change in the environmental and social risk category in respect of funded activity FP052 (“Sustainable and climate resilient connectivity for Nauru”):

Approves the change of environmental and social risk category of the funded activity FP052 from category B to category A as described in document GCF/B.34/05.

The Board, having considered limited distribution document GCF/B.34/08 titled “Status of approved funding proposals: Extension of deadline in respect of FP166 (Light Rail Transit for the Greater Metropolitan Area (GAM))”:

Decides to extend the deadline until 22 October 2023 for the execution of the funded activity agreement, in a form and substance satisfactory to the GCF Secretariat, for the following approved funding proposal:

1. FP166, titled “Light Rail Transit for the Greater Metropolitan Area (GAM)”.

The Board, having considered limited distribution document GCF/B.34/10/Rev.01 titled “Consideration of Proposed Changes included in the Restructuring Proposal for FP039: GCF-EBRD Egypt Renewable Energy Financing Framework”:

1. Approves:
   1. The major change to FP039 as described in document GCF/B.34/10/Rev.01, in particular to authorize the use of GCF proceeds to support subprojects whose GCF environmental and social risk category is ‘A’ under the programme; and
   2. The waiver of the Board condition as described in document GCF/B.34/10/Rev.01; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

The Board, having considered limited distribution document GCF/B.34/21 titled “Consideration of Proposed Changes included in the Restructuring Proposal for FP099: Climate Investor One”:

1. Takes note of the new no-objection letter for FP099 submitted by the national designated authority of India;
2. Approves the inclusion of India as a GCF mandate country for FP099; and
3. Authorizes the Secretariat to take such steps as might be necessary pursuant to the funded activity agreement for FP099 to give effect to this decision

The Board, having considered document GCF/B.34/09 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 documents for the following applicants for re-accreditation:
   1. Applicant R009 (RAPL009) is the Ministry of Environment of Rwanda (MOE Rwanda), the successor in interest to the Ministry of Natural Resources of Rwanda (MINIRENA), based in Rwanda, as contained in document GCF/B.34/09/Add.03;
   2. Applicant R010 (RAPL010) is the National Bank for Agriculture and Rural Development (NABARD), based in India, as contained in document GCF/B.34/09/Add.04;
   3. Applicant R045 (RAPL045) is PT Sarana Multi Infrastruktur (PT SMI), based in Indonesia, as contained in document GCF/B.34/09/Add.05;
   4. Applicant R037 (RAPL037) is XacBank LLC (XacBank), based in Mongolia, as contained in document GCF/B.34/09/Add.06;
   5. Applicant R049 (RAPL049) is the World Wildlife Fund, Inc. (WWF-US), based in the United States of America, as contained in document GCF/B.34/09/Add.07; 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 RAPL009, the Ministry of Environment of Rwanda, based in Rwanda, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/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;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL010, the National Bank for Agriculture and Rural Development, based in India, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.04, 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. Takes note of the efforts of PT Sarana Multi Infrastruktur (PT SMI) to advance the purpose of GCF, including through PT Sarana Multi Infrastruktur’s Policy Statement to Contribute to Address Climate Change Issue 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 reaccreditation and upgrade of RAPL045, PT Sarana Multi Infrastruktur, based in Indonesia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.05, 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;
6. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL037, XacBank LLC, based in Mongolia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.06, 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;
7. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL049, World Wildlife Fund, Inc., based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.07, 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;
8. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicant for accreditation: (i) Applicant 116 (APL116) is the Zambia National Commercial Bank Plc (Zanaco), based in Zambia, as contained in document GCF/B.34/09/Add.08; 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 document GCF/B.34/09/Add.08, 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;
9. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL116, the Zambia National Commercial Bank Plc, based in Zambia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.08, 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;
10. 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.34/09/Add.01; and
11. Approves, pursuant to the recommendation by the Accreditation Panel contained in document GCF/B.34/09/Add.01, the modification of the condition of re-accreditation for the Secretariat of the Pacific Regional Environment Programme (SPREP) as contained in decision B.29/06, paragraph (c), and paragraph 95(b)(i) of annex II to document GCF/B.29/07/Add.02 by amending the condition such that it shall be met by the accredited entity prior to the effectiveness of the amended and restated accreditation master agreement during Stage III of the re-accreditation process.

The Board, having considered limited distribution document GCF/B.34/22 titled “Appointment of the Head of the Independent Evaluation Unit”:

1. Appoints Mr. Andreas Reumann as the Head of the Independent Evaluation Unit;
2. Authorizes the Co-Chairs to negotiate and sign on behalf of the Board, for up to 45 days, the contract between the Head of the Independent Evaluation Unit and GCF; and
3. Expresses its appreciation for the work of the ad hoc Selection Committee and the Secretariat in the selection of the Head of the Independent Evaluation Unit.

The Board, having considered document GCF/B.34/27 titled “Accreditation strategy of the Green Climate Fund”:

1. Adopts the accreditation strategy contained in annex VIII;
2. Agrees to further consider at its thirty-fifth meeting the strategic matters relating to accreditation that require further Board consideration contained in section II of annex IX;
3. Requests the Secretariat to present the resourcing implications of implementing the accreditation strategy referred to in paragraph (a) above for the Board’s consideration at its thirty-fifth meeting;
4. Agrees to consider, in the context of the revision to the accreditation framework to be developed pursuant to decision B.31/06, paragraph (m), the matters to be taken up in the revised accreditation framework contained in section III of annex IX;
5. Requests the Secretariat to report on progress on the accreditation strategy at the first Board meeting of each year from 2024;
6. Also requests the Secretariat, in order to simplify and enhance access, to prepare a document considering the potential for GCF to enable all accredited entities to apply their own systems and policies (including with respect to GCF policies and standards not assessed during accreditation or re-accreditation) while:
   
   1. Maintaining best practices for all stages of the project and programme activity cycle, including during project design and implementation; and
   2. Ensuring that the relevant accredited entities’ systems and policies are substantially equivalent to the relevant GCF policies and standards,

   and to present options for consideration by the Board no later than its thirty-sixth meeting. Such assessment will include a review of the relevant GCF policies and standards to determine how they are intended to apply to, and be applied by, accredited entities during the accreditation process and through all stages of the project and programme activity cycle;

7. Approves an additional budget of USD 220,000 in professional services to prepare the document referred to in paragraph (b) above, to be executed during the years 2022 and 2023;²
8. Agrees to explore the establishment of a direct access entity window under the GCF Readiness and Preparatory Support Programme as part of the revised strategy for the Readiness and Preparatory Support Programme, in line with decision B.33/04, paragraphs (g) and (h), to be presented to the Board for its consideration at its thirty-fifth meeting; and
9. Requests the Secretariat to prepare an information paper on (i) the climate change programming development and implementation competencies and capacities relevant to programming with GCF; as well as (ii) 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, as appropriate, present for consideration any recommendations that require decision by the Board.

²To be considered for endorsement by the Budget Committee

The Board, having considered limited distribution document GCF/B.34/11/Rev.01 titled “Updated Salary Scale: Review of Salary Scales for IS and AS Staff”:

1. Notes:
   1. The differences between the GCF and 2022 Asian Development Bank International Staff salary scales as shown in table 2 of document GCF/B.34/11/Rev.01;
   2. The differences between the GCF and 2022 World Bank Group Korea Office Administrative Services staff salary scales as shown in table 4 of document GCF/B.34/11/Rev.01;
2. Recalls that GCF reviews the International Staff and Administrative Services staff salary scale annually in relation to the Asian Development Bank and World Bank Group Korea Office, respectively, in line with the Administrative Guidelines on Human Resources (section E.I.4) and decision B.13/26;
3. Adopts the International Staff and Administrative Services staff salary scales shown in annex X (tables 8 and 9), which will enter into force on 1 January 2023;
4. Decides:
   1. That a budget of USD 1,907,973 shall be allocated in 2023 for the implementation of the adjustment of the salary scales; and
   2. That no additional budget shall be allocated to a performance-based increase of staff salaries;
5. Also decides that an adjustment of the salary scales as shown with reference to annex X (table 10) shall be discussed as part of the 2024 administrative budget; and
6. Tasks the Executive Director with setting the guidelines for the distribution of salary increases in line with sections E.I.5 and E.I.10 of the Administrative Guidelines on Human Resources.

The Board, having considered limited distribution document GCF/B.34/12 titled “Salary Structure and Compensation and Benefits Benchmarking Review”:

1. Takes note of the stepwise approach indicated by the Secretariat for the creation of a GCF salary structure;
2. Requests the Secretariat to present to the Board, for consideration and adoption, a Fundwide compensation philosophy based on a benchmarked assessment of comparable organizations, no later than the thirty-sixth meeting of the Board;
3. Also requests the Secretariat, in consultation with the Budget Committee, to present to the Board for consideration and approval a GCF salary structure based upon the methodology outlined within this paper and including a framework for performance-based merit increases, no later than the thirty-seventh meeting of the Board;
4. Further requests the Secretariat, in consultation with the Budget Committee, to report to the Board on the status of the work mandate in paragraphs (b)–(c) above at the thirtyfifth meeting of the Board;
5. Approves an additional administrative budget of USD 100,000 to support a comprehensive review of the Administrative Guidelines on Human Resources;
6. Decides to repeal, with immediate effect, the provisions of the Administrative Guidelines on Human Resources pertaining to:
   1. Individual medical insurance plan;
   2. Individual life insurance plan;
   3. Post-retirement group life insurance plan;
   4. Individual dependent life insurance plan; and
   5. Force majeure protection programme; and amend related provisions accordingly, as reflected in annexes XI, XII, and XIII;
7. Adopts, with immediate effect, the amendments to the provisions of the Administrative Guidelines on Human Resources pertaining to maternity/parental leave, as reflected in annex XI;
8. Also adopts, with immediate effect, the amendment to the provision of the Administrative Guidelines on Human Resources pertaining to the Death Grant, as reflected in annex XIII; and
9. Tasks the Secretariat with undertaking a comprehensive review of the Administrative Guidelines on Human Resources, including its compensation framework, and bringing it to the Board by no later than its thirty-ninth meeting in the form of revised principles-based Administrative Guidelines on Human Resources.

The Board, having considered document GCF/B.34/13 titled “Policy to minimize the effect of currency fluctuations on the commitment authority of GCF”:

1. Takes note of the information presented in document GCF/B.34/13 titled “Policy to minimize the effect of currency fluctuations on the commitment authority of GCF”;
2. Adopts the Policy to minimize the effect of currency fluctuations on the commitment authority of GCF (the “Policy”) as set out in annex XIV;
3. Approves an additional administrative budget of USD 585,000 that might be used in 2022 and 2023 as necessary to implement this Policy, including for legal and outsourcing services and fees, and requests the Secretariat to include the budget necessary to implement this Policy in future annual budget requests;
4. Approves, effective from 1 January 2023, the establishment of a collateral reserve and the set-aside of USD 50 million for the provision of this reserve, as necessary to cover potential collateral requirements associated with the implementation of this Policy;
5. Requests the Secretariat, 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. Decides that, if at any time the Risk Management Committee is not constituted, the functions of the Risk Management Committee as specified in the Policy shall be discharged by the Board, except the approval of counterparty limits pursuant to paragraph 6(a)(iii) of the Policy, which shall be approved by the Executive Director

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”:

1. Takes note of the findings and recommendations presented by the Independent Redress Mechanism in document GCF/B.34/15 (“Compliance Review Report”);
2. Decides to further consider the Compliance Review Report at its thirty-fifth meeting in order to take an informed decision on this matter;
3. Requests, for the purposes of taking an informed decision on the Compliance Review Report at its thirty-fifth meeting pursuant to paragraph 63 of the Independent Redress Mechanism’s procedures and guidelines, the Secretariat to provide for the Board’s consideration:
   1. A management response from the Secretariat in respect of the Compliance Review Report, annexing any relevant written comments provided by the relevant accredited entity; and
   2. A legal assessment on any potential action, including remedies, which GCF may take under the related funded activity agreement, based on the information provided in the Compliance Review Report;
4. Confirms that the Independent Redress Mechanism and Secretariat may share the Compliance Review Report with the relevant accredited entity on a strictly confidential and redacted basis in order to allow for the accredited entity to provide any relevant written comments, and for the accredited entity to share the Compliance Review Report with the executing entity in order for the executing entity to provide its written comments to the accredited entity, and for the Secretariat to consult with the accredited entity when preparing its management response;
5. Takes note of the interlinkages between the findings and recommendations of the Compliance Review Report and the conditions set out in decision B.27/01, annex I (List of conditions and recommendations) in respect of FP146; and
6. Requests the Secretariat to temporarily suspend its review of the Monitoring Framework provided by the accredited entity in connection with the Board conditions until the Board has further considered and taken a final decision on the Compliance Review Report.

The Board, having considered document GCF/B.34/07/Rev.01 titled “Dates and venues of upcoming Board meetings”:

Decides and confirms that the thirty-fifth meeting of the Board will take place from Monday, 13 March 2023 to Thursday, 16 March 2023 in the Republic of Korea.

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.