Boardroom

The Board, having considered document GCF/BM-2021/13 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2020”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2020 as contained in annex I.

The Board, having considered document GCF/BM-2021/08/Rev.01 titled “Selection process to recruit the Head of the Independent Evaluation Unit”:

1. Establishes the 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;
2. Appoints as members of the Selection Committee:
   1. Hans Olav Ibrekk;
   2. Jeremiah Garwo Sokan;
   3. Lars Roth;
   4. Marta Mulas;
   5. Nauman Bhatti; and
   6. Ornela Cuci;
3. Adopts the terms of reference of the Selection Committee as set out in annex I;
4. Requests the Selection Committee to undertake a review of the terms of reference of the Head of the Independent Evaluation Unit1 and present recommendations, if and where appropriate, for the Board’s consideration and approval no later than at its thirtieth meeting;
5. Decides that the updated version of the terms of reference of the Head of the Independent Evaluation Unit shall be the basis for the Head of the Independent Evaluation Unit once adopted;
6. Adopts the terms of reference of the selection firm as set out in annex II and instructs the Secretariat to start the procurement process as a matter of urgency;
7. Authorizes the Selection Committee to engage the services of the independent executive search firm, with due observance of applicable procurement rules;
8. Further requests the Selection Committee to present its report containing the recommendations regarding the outcome of the recruitment process in order for the Board to select the Head of the Independent Evaluation Unit at its thirty-first meeting;
9. Approves a budget set out in annex I of document GCF/B.28/20/Add.01 for the selection process of the Head of the Independent Evaluation Unit, including the cost of the selection firm as referred to in paragraph (f) of this decision, and requests the Budget Committee to review the budgetary allocation and to oversee its execution;
10. Takes note of decision B.BM-2021/07 regarding the process to review and update the terms of reference of the Independent Evaluation Unit as an amendment to the Evaluation Policy of the GCF, and further stressing the link between the updated evaluation policy of the GCF and the duties entrusted to the Head of the Independent Evaluation Unit; and
11. Decides that the conclusion of the process to select and recruit a new Head of the Independent Evaluation Unit shall follow the approval of the Board of the updated terms of reference of the Independent Evaluation Unit and the update of the Evaluation Policy of the GCF.

The Board, having considered document GCF/BM-2021/11 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:
A Rocha Ghana (ARG)
Enaleia Civil Non-Profit Organization
Kasa Initiative Ghana (KASA)
The Gold Standard Foundation (GSF)
Zambia Institute of Environmental Management (ZIEM)

Private sector organizations:
Vanuatu Business Resilience Committee (VBRC)

The Board, having considered document GCF/BM-2021/12 titled “Launching the Second Performance Review of the Green Climate Fund”:

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.24/04 of the Board, endorsing the Board’s four-year workplan and policy cycle, noting the need to utilize the Fund’s periodic performance review as the starting point for a holistic overall policy review process in the third year of the replenishment (2023);
3. Further recalls decision B.27/06, paragraph (p), and the role of the reports from the Independent Evaluation Unit for the update of the Strategic Plan in the next replenishment;
4. Decides to initiate 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;
5. Agrees that the scope of the second performance review will be to assess:
   1. Progress made by GCF in delivering on its mandate as set out in the Governing Instrument as well as in terms of its strategic and operational priorities and actions as outlined in the Updated Strategic Plan for 2020–2023, in particular the extent to which GCF has: responded to the needs of developing countries and the level of country ownership; the ability of GCF to catalyse public and private climate finance, including the use of financial instruments; and supported the building of institutional capacity in developing countries and accredited entities;
   2. Performance of GCF in promoting the paradigm shift towards low-emission and climate-resilient development pathways, including the effectiveness of the funded activities and its effectiveness and efficiency;
6. Takes note of the schedule of the second performance review as contained in document GCF/BM-2021/12; and
7. Approves a budget of USD 1,315,000 for the second performance review as contained in document GCF/BM-2021/12.

The Board, having considered document GCF/BM-2021/10 titled “Appointment of member of the independent Technical Advisory Panel”:

Requests the Investment Committee to nominate an additional expert as member of the independent Technical Advisory Panel, with due consideration given to the geographic and specialty coverage in accordance with the updated terms of reference of the independent Technical Advisory Panel.

The Board, having considered document GCF/BM-2021/07 titled “Administrative Remedies and Exclusion Policy”:

1. Approves the Administrative Remedies and Exclusion Policy set out in annex I to this document;
2. Requests the Head of the Independent Integrity Unit, in consultation with the Secretariat and under the supervision of the Ethics and Audit Committee, to develop:
   1. The Administrative Remedies and Exclusion Procedures;
   2. The Administrative Remedies and Exclusion Guidelines for the implementation of this policy;
   3. The Integrity Compliance Guidelines; and
   4. The Settlement Guidelines;
3. Also requests the Independent Integrity Unit and the Secretariat to elaborate on the staffing and budgetary requirements associated with implementing the Administrative Remedies and Exclusion Policy in drafting the Administrative Remedies and Exclusion Procedures; the Administrative Remedies and Exclusion Guidelines; the Integrity Compliance Guidelines; and the Settlement Guidelines; and also to seek the endorsement of the Budget Committee and approval of the Board for any staff positions or budget required, before approval by the Board of such procedures and guidelines;
4. Authorizes the Ethics and Audit Committee of the Board to address issues that may arise in the implementation of this Policy and to refer matters it deems appropriate for the consideration of the Board;
5. Requests the Independent Integrity Unit, in collaboration with the Secretariat, to provide a brief implementation report and to recommend possible amendments to this policy to the Board when the policy review is due as per the approved Board workplan and four-year policy cycle; and
6. Affirms the role of the Board in overseeing the implementation of this Policy.

The Board, having considered document GCF/BM-2021/06 titled “Revised Policy on the Prevention and Protection from Sexual Exploitation, Sexual Abuse, and Sexual Harassment”:

1. Reiterates the commitment of the GCF to the highest standards of integrity, including its zero tolerance for sexual exploitation, sexual abuse and sexual harassment;
2. Takes note of the technical assessment of the Policy on the Prevention and Protection from Sexual Exploitation, Sexual Abuse and Sexual Harassment and the comparative analysis of the sexual exploitation, sexual abuse and sexual harassment safeguarding practices of international financial institutions contained therein;
3. Adopts the Revised Policy on the Prevention and Protection from Sexual Exploitation, Sexual Abuse, and Sexual Harassment as set out in annex I to this document to replace the Policy on the Prevention and Protection from Sexual Exploitation, Sexual Abuse and Sexual Harassment adopted by the Board pursuant to decision B.23/16 and decision B.25/05;
4. Takes note of the revised Environmental and Social Policy as set out in annex III to document GCF/BM-2021/06, proposed to replace the Environmental and Social Policy adopted by the Board pursuant to decision B.19/10;
5. Takes note that the Secretariat is undertaking a public consultation process on the proposed revisions to the Environmental and Social Policy as set out in annex III to document GCF/BM-2021/06, including a minimum thirty day posting on the GCF’s website; and
6. Requests the Secretariat to present for the Board’s consideration, no later than its twenty-ninth meeting, the proposed revisions to the Environmental and Social Policy in respect of sexual exploitation, sexual abuse, and sexual harassment.

The Board, having considered document GCF/BM-2021/09 titled “Evaluation Policy for the GCF”:

1. Adopts the Evaluation Policy for the GCF as presented in annex I to this document;
2. Requests the Independent Evaluation Unit (IEU) to develop standards in collaboration with the Secretariat, and requests the Secretariat, in consultation with the IEU, to develop monitoring protocols, toolkits and guidelines that take into account the Evaluation Policy and the integrated results management framework; and
3. Requests the IEU to present Updated Terms of Reference of the IEU, as an amendment to the Evaluation Policy, for consideration by the Board at its twenty-ninth session.

The Board, having considered document GCF/BM-2021/05 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

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

Civil society organizations:
Public Services International (PSI)
Women Engage for a Common Future, International (WECF International)

Private sector organizations:
Pacific Legal Network (PLN)
Pula Advisors GmbH (PULA)

The Board:

Elects Mr. José de Luna as the Co-Chair of the Board being a member from a developing country Party for a term starting on 16 March 2021 and for the remainder of the term of his predecessor ending 31 December 2021, in accordance with paragraph 13 of the Governing Instrument for the Green Climate Fund and paragraphs 7 and 9 of the Rules of Procedure of the Board.

The Board, having considered document GCF/B.28/04 titled “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 the credibility of the portfolio and project/programme results reported;
3. Recognizes that participation and implementation of remediation measures by accredited entities is voluntary;
4. Requests the Secretariat to target remediation efforts covering all gaps in project/programme monitoring and evaluation or the relevant performance management frameworks’ indicator risk assessment, where the ratings are assessed by the Secretariat as moderate, elevated or high;
5. Approves the Secretariat undertaking the following actions to advance remediation efforts:
   1. Phase 1: The Secretariat retaining a vendor and consulting with accredited entities to assess the willingness of the accredited entities to undertake proposed remediation activities on a project-specific basis, where the ratings are assessed by the Secretariat as moderate, elevated or high; and
   2. Phase 2: Based on feedback received from accredited entities, the Secretariat proposing a detailed action plan and funding envelope for remedial actions to be presented to the Board for consideration at the earliest possible opportunity, which may be through a decision between meetings, not later than the thirtieth meeting of the Board, to cover the costs of the remediation activities to be undertaken at the Secretariat and accredited entity level; and
6. Requests the Secretariat to consult and seek confirmation from the Budget Committee and approval by the Board on the additional administrative budget for Phase 1 of the remedial efforts as described in paragraph (e)(i) above.

The Board, having considered document GCF/B.28/15 titled “Update on the operations of the independent Technical Advisory Panel”:

1. Adopts the updated independent Technical Advisory Panel review procedure as presented in annex II;
2. Requests the Secretariat, in close consultation with the independent Technical Advisory Panel, to develop a transparent and consistent approach to their assessment of funding proposals;
3. Also requests the Secretariat, in consultation with the Budget Committee, to present to the Board, no later than its thirtieth meeting, a proposal on how to align the remuneration structure of the members of the independent Technical Advisory Panel with other panels of GCF and of comparable multilateral institutions, taking into consideration the impact of the provisions on conflict of interest contained in the Updated Terms of Reference of the Independent Technical Advisory Panel (decision B.BM-2018/09), and the workload of the independent Technical Advisory Panel; and
4. Further requests the Investment Committee, with the support of the Secretariat, to commission the next review of the structure of the independent Technical Advisory Panel and its effectiveness for the Board’s consideration in line with the updated Strategic Plan’s guidance as per decision B.27/06, paragraph (n), which will include an assessment of the following:
   1. Projected demands on the independent Technical Advisory Panel and its associated capacity to assess funding proposals in terms of time commitment and range of technical expertise;
   2. Any specific gaps in the technical expertise of the independent Technical Advisory Panel that should be filled for the adequate fulfilment of their functions;
   3. Effectiveness of the updated process, quality of the deliverables and options to improve these; and
   4. With regard to the simplified approval process, a consideration of the capacity of the independent Technical Advisory Panel to efficiently review simplified approval process proposals on a rolling basis and in a timely manner, and corresponding recommendations.

The Board, having considered document GCF/B.28/02/Rev.02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 154 titled “Mongolia: Aimags and Soums Green Regional Development Investment Program (ASDIP)”, by the Asian Development Bank, as contained in document GCF/B.28/02/Add.01/Rev.01 and Add.18/Rev.02;
   2. Funding proposal 155 titled “Building resilience to cope with climate change in Jordan through improving water use efficiency in the agriculture sector (BRCCJ)”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.28/02/Add.02 and Add.18/Rev.02;
   3. Funding proposal 156 titled “ASEAN Catalytic Green Finance Facility (ACGF): Green Recovery Program”, by the Asian Development Bank, as contained in document GCF/B.28/02/Add.03/Rev.01 and Add.18/Rev.02;
   4. Funding proposal 157 titled “Coastal Resilience to Climate Change in Cuba through Ecosystem Based Adaptation – ‘MI COSTA’”, by the United Nations Development Programme, as contained in document GCF/B.28/02/Add.04 and Add.18/Rev.02;
   5. Funding proposal 158 titled “Ecosystem-Based Adaptation and Mitigation in Botswana’s Communal Rangelands”, by the Conservation International Foundation, as contained in document GCF/B.28/02/Add.05 and Add.18/Rev.02;
   6. Funding proposal 159 titled “PREFOREST CONGO - Project to reduce greenhouse gas emissions from forests in five departments in the Republic of Congo”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.28/02/Add.06 and Add.18/Rev.02;
   7. Funding proposal 160 titled “Monrovia Metropolitan Climate Resilience Project”, by the United Nations Development Programme, as contained in document GCF/B.28/02/Add.07/Rev.01 and Add.18/Rev.02;
   8. Funding proposal 161 titled “Building Regional Resilience through Strengthened Meteorological, Hydrological and Climate Services in the Indian Ocean Commission (IOC) Member Countries”, by the Agence Française de Développement, as contained in document GCF/B.28/02/Add.08 and Add.18/Rev.02;
   9. Funding proposal 162 titled “The Africa Integrated Climate Risk Management Programme: Building the resilience of smallholder farmers to climate change impacts in 7 Sahelian Countries of the Great Green Wall (GGW)”, by the International Fund for Agricultural Development, as contained in document GCF/B.28/02/Add.09 and Add.18/Rev.02;
   10. Funding proposal 163 titled “Sustainable Renewables Risk Mitigation Initiative (SRMI) Facility”, by the World Bank, as contained in document GCF/B.28/02/Add.10 and Add.18/Rev.02;
   11. Funding proposal 164 titled “Green Growth Equity Fund”, by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., as contained in document GCF/B.28/02/Add.16;
   12. Simplified approval process (SAP) funding proposal 020 titled “Climate resilient food security for farming households across the Federated States of Micronesia (FSM)”, by the Micronesia Conservation Trust, as contained in document GCF/B.28/02/Add.12 and Add.18/Rev.02;
   13. Simplified approval process (SAP) funding proposal 021 titled “Community-based Landscape Management for Enhanced Climate Resilience and Reduction of Deforestation in Critical Watersheds”, by the Japan International Cooperation Agency, as contained in document GCF/B.28/02/Add.13 and Add.18/Rev.02;
   14. Simplified approval process (SAP) funding proposal 022 titled “Enhancing Multi-Hazard Early Warning System to increase resilience of Uzbekistan communities to climate change induced hazards”, by the United Nations Development Programme, as contained in document GCF/B.28/02/Add.14 and Add.18/Rev.02; and
   15. Simplified approval process (SAP) funding proposal 023 titled “River Restoration for Climate Change Adaptation (RIOS)”, by the Fondo Mexicano para la Conservación de la Naturaleza A.C., as contained in document GCF/B.28/02/Add.15 and Add.18/Rev.02;
2. Approves funding proposal 154 for the amount of USD 175,000,000, submitted by the Asian Development Bank, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
3. Also approves funding proposal 155 for the amount of USD 25,000,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
4. Further approves funding proposal 156 for the amount of USD 300,000,000, submitted by the Asian Development Bank, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
5. Approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 157 for the amount of USD 23,927,294, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
6. Also approves funding proposal 158 for the amount of USD 36,760,394, submitted by the Conservation International Foundation, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
7. Further approves funding proposal 159 for the amount of USD 28,988,852, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
8. Approves funding proposal 160 for the amount of USD 17,255,755, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
9. Also approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 161 for the amount of USD 52,767,986, submitted by the Agence Française de Développement, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
10. Further approves funding proposal 162 for the amount of USD 82,849,900, submitted by the International Fund for Agricultural Development, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
11. Approves funding proposal 163 for the amount of USD 280,000,000, submitted by the World Bank, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
12. Also approves funding proposal 164 for the amount of USD 137,000,000, submitted by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.16;
13. Further approves simplified approval process (SAP) funding proposal 020 for the amount of USD 8,583,350, submitted by the Micronesia Conservation Trust, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
14. Approves simplified approval process (SAP) funding proposal 021 for the amount of USD 9,976,222, submitted by the Japan International Cooperation Agency, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
15. Also approves simplified approval process (SAP) funding proposal 022 for the amount of USD 9,999,455, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
16. Further approves simplified approval process (SAP) funding proposal 023 for the amount of USD 9,000,000, submitted by the Fondo Mexicano para la Conservación de la Naturaleza A.C., subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.28/02/Add.18/Rev.02;
17. 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
18. 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.28/06 titled “Dates and venues of upcoming meetings of the Board”:

1. Confirms that the twenty-ninth meeting of the Board will take place from Monday, 28 June to Thursday, 1 July 2021 and that this be held as a net-meeting;
2. Decides that the thirtieth meeting of the Board will take place from Monday, 4 October to Thursday, 7 October 2021;
3. Underscores the importance of the full participation and involvement of the entire Board from all constituencies in the Board meetings and pre-Board meeting consultation process as an essential condition for holding an effective and full participatory meeting;
4. Requests the Secretariat, where applicable, to take appropriate steps to ensure the full and effective participation of all Board members, alternate members, advisers and active observers in the net-meeting, including testing the technology and providing support to developing countries in particular; and
5. Also requests the Co-Chairs to continue to monitor the impact of COVID-19 on the operations of GCF, and to report to the Board appropriately.

The Board, having considered document GCF/BM-2021/03 titled “Reappointment of members of the independent Technical Advisory Panel”:

1. Decides to re-appoint, as an exception to paragraph 12 of annex I to decision B.BM.2018/09, the following members of the independent Technical Advisory Panel for a ten-month term starting on the date of the expiration of their current term:
   1. Mr. Daniel Nolasco;
   2. Ms. Marina Shvangiradze; and
   3. r. Felix Dayo;
2. Decides that the performance review of the members of the independent Technical Advisory Panel shall be undertaken by an independent consultant or firm, with the aim of presenting the outcome of the performance review to the Board for consideration at its thirtieth meeting, pursuant to the terms of reference including in annex II; and
3. Requests the Secretariat to procure the independent consultant or firm referred to in paragraph (b) above.

The Board, having considered document GCF/BM-2021/04 titled “Ninth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”:

Adopts the “Ninth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annex II to this document and requests the Secretariat to submit to the United Nations Framework Convention on Climate Change accordingly.

The Board, having considered document GCF/BM-2021/02 titled “Initial analysis of options to minimize the effects of currency fluctuations on the commitment authority of the GCF”:

1. Takes note of the information presented in document GCF/BM-2021/02 titled “Initial analysis of options to minimize the effects of currency fluctuations on the commitment authority of the GCF”;
2. Requests the Secretariat, under the guidance of the Budget Committee and the Risk Management Committee, to develop a policy to minimize the effect of currency fluctuations on the commitment authority of the GCF and to present it for the consideration by the Board at its thirtieth meeting; and
3. Requests that the above policy recommendations in paragraph (b) should carefully consider that the resources used for hedging should be justified by the benefits of hedging.

The Board, having considered document GCF/BM-2021/01 titled “Dates and venues of upcoming meetings of the Board”:

1. Decides and confirms that the twenty-eighth meeting of the Board will take place from Tuesday, 16 March to Friday, 19 March 2021 and that this be held as a net-meeting;
2. Also decides that the twenty-ninth meeting of the Board will take place from Tuesday, 29 June to Friday, 2 July 2021;
3. Further decides that the thirtieth meeting of the Board will take place from Tuesday, 5 October to Friday, 8 October 2021;
4. Underscores the importance of the full participation and involvement of the entire Board from all constituencies in the Board meetings and pre-Board meeting consultation process as an essential condition for holding an effective and full participatory meeting;
5. Requests the Secretariat, where applicable, to take appropriate steps to ensure the full and effective participation of all Board members, alternate members, advisers and active observers in the net-meeting(s), including testing the technology and providing support to developing countries in particular; and
6. Also requests the Co-Chairs to continue to monitor the impact of COVID-19 on the operations of GCF, and to report to the Board appropriately.

The Board, having considered document GCF/BM-2020/16 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:
Digo Bikas Institute (DBI)
Promotion Jeunesse Unie pour le Développement (PJUD-BENIN ONG)

Private sector organizations:
Deloitte Anjin LLC
Global Carbon Capture and Storage Institute Ltd (Global CCS Institute)
International entities:
United Nations Capital Development Fund (UNCDF)

The Board, having considered document GCF/B.27/02/Rev.03 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 141 titled “Improving Adaptive Capacity and Risk Management of Rural communities in Mongolia”, by the United Nations Development Programme, as contained in document GCF/B.27/02/Add.01 and Add.24/Rev.01;
   2. Funding proposal 142 titled “Argentina REDD-plus RBP for results period 2014- 2016”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.27/02/Add.02 and Add.24/Rev.01;
   3. Funding proposal 143 titled “Planting Climate Resilience in Rural Communities of the Northeast (PCRP)", by the International Fund for Agricultural Development, as contained in document GCF/B.27/02/Add.03 and Add.24/Rev.01;
   4. Funding proposal 144 titled “Costa Rica REDD-plus Results-Based Payments for 2014 and 2015", by the United Nations Development Programme, as contained in document GCF/B.27/02/Add.04 and Add.24/Rev.01;
   5. Funding proposal 145 titled “RELIVE – REsilient LIVElihoods of vulnerable smallholder farmers in the Mayan landscapes and the Dry Corridor of Guatemala”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.27/02/Add.05 and Add.24/Rev.01;
   6. Funding proposal 146 titled “Bio-CLIMA: Integrated climate action to reduce deforestation and strengthen resilience in BOSAWÁS and Rio San Juan Biospheres”, by the Central American Bank for Economic Integration, as contained in document GCF/B.27/02/Add.06/Rev.01 and Add.24/Rev.01;
   7. Funding proposal 147 titled “Enhancing Climate Information and Knowledge Services for resilience in 5 island countries of the Pacific Ocean”, by the United Nations Environment Programme, as contained in document GCF/B.27/02/Add.07 and Add.24/Rev.01;
   8. Funding proposal 148 titled “Participation in Energy Access Relief Facility ("EARF")”, by Acumen Fund, Inc., as contained in document GCF/B.27/02/Add.17;
   9. Funding proposal 149 titled “Green Climate Financing Facility for Local Financial Institutions in Latin-America”, by the Corporación Andina de Fomento, as contained in document GCF/B.27/02/Add.18;
   10. Funding proposal 150 titled “Promoting private sector investment through large scale adoption of energy saving technologies and equipment for Textile and Readymade Garment (RMG) sectors of Bangladesh”, by the Infrastructure Development Company Limited, as contained in document GCF/B.27/02/Add.19/Rev.01;
   11. Funding proposal 151 titled “Technical Assistance (TA) Facility for the Global Subnational Climate Fund”, by the International Union for Conservation of Nature, as contained in document GCF/B.27/02/Add.20, and funding proposal 152 titled “Global Subnational Climate Fund (SnCF Global) - Equity”, by Pegasus Capital Advisors, as contained in document GCF/B.27/02/Add.21;
   12. Funding proposal 153 titled “Mongolian Green Finance Corporation”, by XacBank LLC, as contained in document GCF/B.27/02/Add.22;
   13. Simplified approval process (SAP) funding proposal 017 titled “Climate proofing food production investments in Imbo and Moso basins in the Republic of Burundi”, by the International Fund for Agricultural Development, as contained in document GCF/B.27/02/Add.14 and Add.24/Rev.01;
   14. Simplified approval process (SAP) funding proposal 018 titled “Enhancing Climate Information Systems for Resilient Development in Liberia (Liberia CIS)”, by the African Development Bank, as contained in document GCF/B.27/02/Add.15 and 24/Rev.01; and
   15. Simplified approval process (SAP) funding proposal 019 titled “Gums for Adaptation and Mitigation in Sudan (GAMS): Enhancing adaptive capacity of local communities and restoring carbon sink potential of the Gum Arabic belt, expanding Africa’s Great Green Wall”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.27/02/Add.16 and 24/Rev.01
2. Approves funding proposal 141 for the amount of USD 23,101,276, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
3. Also approves funding proposal 142 for the amount of USD 82,000,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
4. Further approves funding proposal 143 for the amount of USD 99,500,000, submitted by the International Fund for Agricultural Development, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
5.  Approves funding proposal 144 for the amount of USD 54,119,143, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
6. Also approves funding proposal 145 for the amount of USD 29,837,169, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
7.  Further approves, pursuant to a vote in which 22 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which 1 of the Board members present abstained from the vote, funding proposal 146 for the amount of USD 64,094,029, submitted by the Central American Bank for Economic Integration, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01 
8.  Approves funding proposal 147 for the amount of USD 47,403,174, submitted by the United Nations Environment Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
9. Also approves funding proposal 148 for the amount of USD 30,000,000, submitted by Acumen Fund, Inc., subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.17;
10. Further approves funding proposal 149 for the amount of USD 100,000,000, submitted by the 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.27/02/Add.18;
11. Approves funding proposal 150 for the amount of USD 256,480,000, submitted by Infrastructure Development Company Limited, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.19/Rev.01;
12. Also approves funding proposal 151 for the amount of USD 18,500,000, submitted by the International Union for Conservation of Nature, and funding proposal 152 for the amount of USD 150,000,000, submitted by Pegasus Capital Advisors, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.20 and Add.21;
13. Further approves funding proposal 153 for the amount of USD 26,654,103, submitted by XacBank LLC, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.22;
14. Approves, pursuant to a vote in which 22 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which 1 of the Board members present abstained from the vote, simplified approval process (SAP) funding proposal 017 for the amount of USD 9,994,500, submitted by the International Fund for Agricultural Development, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
15.  Also approves simplified approval process (SAP) funding proposal 018 for the amount of USD 10,000,000, submitted by the African Development Bank, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
16. Further approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, simplified approval process (SAP) funding proposal 019 for the amount of USD 9,975,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.27/02/Add.24/Rev.01;
17. 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 
18. 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 the limited distribution document GCF/B.27/05 titled “Status of approved funding proposals: Extension of deadline in respect of FP027 (Universal Green Energy Access Programme)”:

Decides to extend the deadline until 13 March 2021 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. FP027, titled “Universal Green Energy Access Programme”

The Board, having considered limited distribution document GCF/B.27/20 titled “Status of approved funding proposals: extension of deadline in respect of FP116 (Carbon Sequestration through Climate Investment in Forests and Rangelands in Kyrgyz Republic (CS-FOR)):

Decides to extend the deadline until 7 May 2021 for the execution of the funded activity agreement, in a form and substance satisfactory to the Secretariat, for the following approved funding proposal:

1. FP116, titled “Carbon Sequestration through Climate Investment in Forests and Rangelands in Kyrgyz Republic (CS-FOR)”

    

The Board, having reviewed the limited distribution document GCF/B.27/07 titled “Status of approved funding proposals: adding new countries to FP099 (Climate Investor One (FMO))”:

1. Takes note of the seven new no-objection letters for FP099 submitted by the national designated authorities for the relevant countries;
2. Approves the inclusion of Ecuador, Ethiopia, Mauritius, the Philippines, Senegal, Tunisia and Zambia as GCF mandate countries 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.27/03 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant annexes for the following applicants:
   1. Applicant 102 (APL102) is Kemitraan bagi Pembaruan Tata Pemerintahan (Partnership for Governance Reform) (Kemitraan), based in Indonesia, as contained in annex II;
   2. Applicant 103 (APL103) is the National Trust for Nature Conservation (NTNC), based in Nepal, as contained in annex III;
   3. Applicant 104 (APL104) is KCB Bank Kenya Limited (KCB), based in Kenya, as contained in annex IV; and
   4. Applicant 105 (APL105) is Camco Management Limited (Camco), based in the United Kingdom of Great Britain and Northern Ireland, as contained in annex V; and

2. Approves the accreditation of applicants APL102, APL103, APL104 and APL105, 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.23/11

The Board, having considered document GCF/B.27/21 titled “Updated Strategic Plan for the Green Climate Fund: 2020-2023”:

1. Endorses the updated Strategic Plan for the Green Climate Fund: 2020-2023, which is a living document, as set out in annex VI as the updated GCF Strategic Plan to guide the Board in addressing policy gaps and programming the GCF resources of the first replenishment period between 2020 and 2023 and to invest the GCF resources in paradigm-shifting climate actions in a country-driven manner;
2. Recalls the outcomes of the initial resource mobilization period;
3. Requests the Secretariat, under the Co-Chairs’ guidance, to update the Board’s workplan for 2020-2023 to reflect the updated Strategic Plan’s objectives and priorities, and to present it to the Board at the first meeting of 2021;
4. Reaffirms that the implementation of the updated Strategic Plan will be guided by the Governing Instrument for the GCF, including the objectives and guiding principles laid out therein;
5. Notes that the updated Strategic Plan will guide the Board’s deliberations on issues mandated in its four-year workplan, and to support developing countries in translating their nationally determined contributions, adaptation communications, national adaptation plans and long-term national strategies into investment strategies and project pipelines informed by the goals in the Paris Agreement, without prejudice to the outcomes of the Board deliberations;
6. Recalls decision B.12/20, including paragraph (h), and decision B.13/10, paragraph (e), and confirms that GCF, as an operating entity of the Financial Mechanism of the Convention, serves the Paris Agreement;
7. Requests the committees, panels and groups of the Board to include the relevant actions outlined in the updated Strategic Plan in their respective deliberations and work programmes, as appropriate, throughout the first replenishment period;
8. Agrees that the resource allocation parameters for the GCF first replenishment programming period, for mitigation, adaptation and the private sector, will continue to be based on decision B.05/05;
9. Further agrees that the GCF first replenishment programming period will strive to achieve greater impact for developing countries compared with the initial resource mobilization period, while strengthening country ownership and capacity to identify, design and implement projects and programmes, and in this regard agrees the following parameters and guidelines for the allocation of resources during the GCF first replenishment period
   1. Maintaining the 50:50 balance of adaptation and mitigation funding over time while seeking to deliver portfolio-level mitigation and adaptation outcomes that exceed average initial resource mobilization outcomes;
   2. Maintaining a minimum allocation floor of fifty per cent of adaptation funding, to be provided to developing countries that are particularly vulnerable to the adverse effects of climate change, including small island developing States, least developed countries and African States, taking into account their urgent and immediate needs, while aiming to build on initial resource mobilization outcomes. The Board will aim for appropriate geographical balance;
   3. Supporting developing countries mitigation activities that contribute to respond to the urgency of action to hold the increase in global average temperature to well below 2°C and pursue efforts to limit it to 1.5°C;
   4. Significantly increase funding channelled through direct access entities relative to the initial resource mobilization;
   5. Maximize engagement with the private sector, including micro, small and mediumsized enterprises, ensuring the allocation to the Private Sector Facility exceeds 20 per cent; and
   6. Significantly increase mobilized private sector finance at the portfolio level relative to the initial resource mobilization;
10. Reaffirms that allocation parameters should be determined in grant equivalents;
11. Requests the Secretariat to update the allocation parameters and portfolio targets under the GCF initial investment framework to reflect GCF first replenishment allocation parameters and portfolio targets as set out in paragraph (i) of this decision, in line with decision B.07/06, paragraph (e);
12.  Aims to programme 40 per cent of available resources by the midpoint of the GCF first replenishment and 95 per cent by end 2023;
13. Requests the Secretariat to report on progress on the updated Strategic Plan at the first Board meeting of each year from 2021;
14. Encourages the Secretariat to enhance efforts to improve speed, predictability, access, impact, quality, efficiency, effectiveness and transparency;
15.  Also encourages contributing countries to confirm their pledges to GCF in the form of fully executed contribution agreements/arrangements as soon as possible; and
16. Decides to review the GCF Strategic Plan ahead of each replenishment process with a view to revising the strategic vision, if and as needed, and to update the strategic objectives and priorities for the coming replenishment cycle, taking into account evolving priorities, including guidance from the Conference of the Parties, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement, and relevant reports from the Independent Evaluation Unit.

The Board, having considered document GCF/B.27/04 titled “2021 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 2021;
2. Approves the 2021 work programme and the goals and suggested priorities set out therein, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
3. Also approves the administrative budget for the Secretariat found in table 6 in annex II of document GCF/B.27/04 for the period 1 January 2021 to 31 December 2021 in the amount of USD 75,018,024, which includes 26,500,295 in new funding, as well as the USD 48,517,729 for 2021 staff salaries and emoluments that was approved by the Board in decision B.21/09;
4. Recognizes that the new funding of USD 26,500,295 includes a contingency budget of USD 1,500,545
5. Requests the Executive Director to consult with the Budget Committee on the allocation of the contingency budget;
6. Approves USD 55,889,131 for projected staff salaries and emoluments for 2023;
7. Also approves a budget for the Board in the amount of USD 4,756,436 as found in table 5 in annex II of document GCF/B.27/04; 
8. Further approves a budget for the Trustee in the amount of USD 3,756,000 as included in table 19 in annex II of document GCF/B.27/04; and
9.  Requests the Secretariat to present a comprehensive financial plan to manage the commitment authority for the entire GCF first replenishment programming period for consideration by the Board at its twenty-ninth meeting

The Board, having considered document GCF/B.27/11 titled “Independent Evaluation Unit 2021 Work Plan and Budget and Update of its Three-year Objectives and Work Plan”:

1. Approves the work plan and budget of the Independent Evaluation Unit for 2021 for an amount of USD 5,912,573 as contained in annex VII to this document;
2. Agrees to further consider the matters, including written comments in accordance with paragraph 23 of Rules of Procedure of the Board, raised by Board members in the consideration of this matter;
3. Urges the Independent Evaluation Unit, in accordance with decision B.24/15, to present the Evaluation Policy and the detailed procedures and guidelines for the effective operation of the Independent Evaluation Unit, for consideration and approval by the Board at its twenty-eighth meeting;
4. Requests the Budget Committee to review the budget execution during 2021 and acknowledges that the Independent Evaluation Unit may present to the Board for consideration at its twenty-ninth meeting an additional budgetary request to execute its workplan for 2021; and
5. Further requests the Independent Evaluation Unit, in consultation with the Budget Committee, to prepare a multi-year budget and schedule for the second performance review of the GCF for consideration by the Board at its twenty-eighth meeting

    

The Board, having considered document GCF/B.27/08 titled “Work Programme and Budget of the Independent Integrity Unit for 2021”:

1. Approves the Work Programme and Budget of the Independent Integrity Unit for 2021 as contained in annexes VIII and IX to this document, respectively (total budgeted amount of USD 2,796,393); and
2. Requests the Budget Committee and the Ethics and Audit Committee to review the budget execution during 2021 and acknowledges that the Independent Integrity Unit may present to the Board, for its consideration at its twenty-ninth meeting, an additional budgetary request to execute its Work Programme for 2021.

    

The Board, having considered document GCF/B.27/09 titled “Independent Redress Mechanism Work Plan and Budget for 2021”:

Approves the work plan and budget of the Independent Redress Mechanism for 2021 as contained in annex II and III, respectively, to document GCF/B.27/09 (total budgeted amount of USD 1,395,471).

The Board, having considered limited distribution document GCF/B.27/15 titled “Appointment of the interim Head of the Independent Evaluation Unit”:

1. Takes note of the resignation of Ms. Jyotsna Puri as Head of the Independent Evaluation Unit effective from 8 November 2020;
2. Appoints Mr. Andreas Reumann as Head of the Independent Evaluation Unit ad interim effective from the date on which the relevant contractual arrangements have been concluded;
3. Authorizes the Co-Chairs to agree, on behalf of the Board, on arrangements, as appropriate, with the Head of the Independent Evaluation Unit ad interim, including but not limited to:
   1. A performance agreement that will specify the outcome and performance expected for the duration of role;
4. Decides that the Head of the Independent Evaluation Unit ad interim shall assume the functions, and have the mandate, of the Head of the Independent Evaluation Unit as provided for in relevant Board decisions; and
5. Further decides that the Head of the Independent Evaluation Unit ad interim will not be precluded from applying for the Head of the Independent Evaluation Unit position.

    

The Board, having considered the document GCF/BM-2020/19 titled “Election of Co- Chairs of the Board for 2021”:

Elects Ms. Brenda Ciuk and Mr. Jean-Christophe Donnellier as the Co-Chairs of the Board for a term of one year starting on 1 January 2021, in accordance with paragraph 13 of the Governing Instrument and, paragraph 7 of the Rules of Procedure of the Board.

The Board, having considered document GCF/BM-2020/17 titled “Appointment of Additional Experts of the Independent Technical Advisory Panel”:

Endorses the nomination by the Investment Committee of the following experts of the independent Technical Advisory Panel (the Panel) for one term:

1. Andreas Biermann (Male, Germany; area of expertise: energy and climate finance);
2. Caroline Petersen (Female, South Africa; area of expertise: ecosystems);
3. Ricardo Nogueira (Male, United States of America; area of expertise: private sector finance); and
4. Rey Guarin (Male, Philippines, key expertise: climate change projects in developing countries, multiple sectors).

    

The Board, having reviewed document GCF/BM-2020/14 titled “Appointment of External Auditors”:

Approves the appointment of Nexia Samduk as the External Auditor of the Fund for a three-year period beginning with the audit of the 2020 financial statements.

The Board, having considered limited distribution document GCF/BM-2020/15 titled “Performance review and appointment of members of the Accreditation Panel”:

1. Takes note of the detailed report on the performance review of each member of the Accreditation Panel prepared by the independent consultant pursuant to decision BM-2020/01 and in line with decision B.BM-2017/03, paragraph (e), as set out in annex II to document GCF/BM-2017/09;
2. Considers that the performance of each member of the Accreditation Panel during the current term of their membership has been satisfactory;
3. Decides to re-appoint the following members of the Accreditation Panel for another consecutive term, starting on 1 May 2021, and expiring on 30 April 2024:
   1. Mr. Mark Alloway (United Kingdom of Great Britain and Northern Ireland; expertise area: fiduciary); and
   2. Mr. Yogesh Vyas (United States of America; expertise area: ESS and gender), for a second term to the AP; and
4. Endorses the nomination by the Accreditation Committee of the following experts to the Accreditation Panel for one term starting on 1 May 2021, and expiring on 30 April 2024:
   1. Mr. Vikesh Mirani (India; expertise area: fiduciary);
   2. Mr. Ben Boxer (United Kingdom of Great Britain and Northern Ireland; expertise area: fiduciary);
   3. Ms. Binny Prabhakar (United Kingdom of Great Britain and Northern Ireland and India; expertise area: ESS and gender); and
   4. Ms. Natalie Unterstell (Brazil; expertise area: fiduciary, ESS and gender.

The Board, having considered the document GCF/BM-2020/13 titled “Appointment of members of the Ethics and Audit Committee”:

Appoints as member of the Ethics and Audit Committee:

1. Ms. Niamh McGuire, replacing Mr. Stefan Marco Schwager.

The Board, having considered limited distribution document GCF/B.26/04 titled “Status of approved funding proposals: extension of deadline in respect of FP114 (Program on Affirmative Finance Action for Women in Africa (AFAWA): Financing Climate Resilient Agricultural Practices in Ghana)

Decides to extend the deadline until 19 December 2020 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 project for the following approved funding proposal:

1. FP114, titled “Program on Affirmative Finance Action for Women in Africa (AFAWA): Financing Climate Resilient Agricultural Practices in Ghana”.

The Board, having considered document GCF/B.26/03 titled “Consideration of accreditation proposals, including consideration of the reaccreditation deadline”:

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:
   1. Applicant 099 (APL099) is La Banque Agricole (LBA) based in Senegal, as contained in annex II;
   2. Applicant 100 (APL100) is the Sumitomo Mitsui Banking Corporation (SMBC) based in Japan, as contained in annex IV to document GCF/B.26/03; and
   3. Applicant 101 (APL101) is the United Nations Industrial Development Organization (UNIDO) based in Austria, as contained in annex III;
2. Approves the accreditation of applicants APL099 and APL101, 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.23/11;
3. Decides, at the request of APL100, to defer the consideration of APL100, as contained in annex IV to document GCF/B.26/03, until no later than the twenty-eighth meeting of the Board;
4. 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. Pegasus Capital Advisors, L.P. (PCA) based in the United States of America, as contained in annex IV;
5. Agrees to upgrade the accreditation type of the Pegasus Capital Advisors, L.P. as contained in decision B.21/16, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex IV;
6. 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 V;
7. Decides that those entities referred to in annex V 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;
8. Also decides, pursuant to decision B.24/13, paragraph (a), and on an extraordinary basis due to the COVID-19 virus pandemic, that the Secretariat may issue a one-time extension for a period of six months to the deadline for submission of a re-accreditation application, subject to a justified request from the accredited entities to GCF;
9. Agrees that, during the extended period referenced in paragraph (h) above, the accredited entity shall not be able to submit any new funding proposals or Project Preparation Facility requests to GCF for consideration. The accredited entity may, through the relevant national designated authority(ies), seek support through the Readiness and Preparatory Support Programme; and
10. Decides that the Secretariat may still issue the extension established in paragraph 18 of annex XXVI to decision B.24/13 should GCF require additional time for review and consideration of re-accrediting an accredited entity.

The Board, having considered document GCF/B.26/02/Rev.02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 129 titled “Afghanistan Rural Energy Market Transformation Initiative – Strengthening Resilience of Livelihoods Through Sustainable Energy Access”, by the United Nations Development Programme, as contained in document GCF/B.26/02/Add.01 and Add.19;
   2. Funding proposal 130 titled “Indonesia REDD-plus RBP for results period 2014-2016”, by the United Nations Development Programme, as contained in document GCF/B.26/02/Add.02 and Add.19;
   3. Funding proposal 131 titled “Improving Climate Resilience of Vulnerable Communities and Ecosystems in the Gandaki River Basin, Nepal”, by the International Union for Conservation of Nature, as contained in document GCF/B.26/02/Add.03 and Add.19;
   4. Funding proposal 132 titled “Enabling Implementation of Forest Sector Reform in Georgia to Reduce GHG Emissions from Forest Degradation”, by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.26/02/Add.04 and Add.19;
   5. Funding proposal 133 titled “Resilience to hurricanes in the building sector in Antigua and Barbuda”, by the Department of Environment, Ministry of Health and Environment of Antigua and Barbuda, as contained in document GCF/B.26/02/Add.05 and Add.19;
   6. Funding proposal 134 titled “Colombia REDD+ Results-based Payments for results period 2015-2016”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.26/02/Add.06 and Add.19;
   7. Funding proposal 135 titled “Ecosystem-based Adaptation in the Indian Ocean – EBA IO”, by the Agence Française de Développement, as contained in document GCF/B.26/02/Add.07 and Add.19;
   8. Funding proposal 136 titled “Resilient Landscapes and Livelihoods Project”, by the World Bank, as contained in document GCF/B.26/02/Add.08 and Add.19;
   9. Funding proposal 137 titled “Ghana Shea Landscape Emission Reductions Project”, by the United Nations Development Programme, as contained in document GCF/B.26/02/Add.09 and Add.19;
   10. Funding proposal 138 titled “ASER Solar Rural Electrification Project”, by the Banque Ouest Africaine de Développement, as contained in document GCF/B.26/02/Add.10 and Add.19;
   11. Funding proposal 139 titled “Building resilience in the face of climate change within traditional rain fed agricultural and pastoral systems in Sudan”, by the United Nations Development Programme, as contained in document GCF/B.26/02/Add.11 and Add.19;
   12. Funding proposal 140 titled “High Impact Programme for the Corporate Sector”, by the European Bank for Reconstruction and Development, as contained in document GCF/B.26/02/Add.12 and Add.16;
   13. Simplified approval process (SAP) funding proposal 014 titled “Forest resilience of Armenia, enhancing adaptation and rural green growth via mitigation”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.26/02/Add.13 and Add.19;
   14. Simplified approval process (SAP) funding proposal 015 titled “Promoting zero-deforestation cocoa production for reducing emissions in Côte d’Ivoire (PROMIRE)”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.26/02/Add.14 and Add.19; and
   15. Simplified approval process (SAP) funding proposal 016 titled “Fiji Agrophotovoltaic Project in Ovalau”, by the Fiji Development Bank, as contained in document GCF/B.26/02/Add.15 and Add.17; and
2. Approves funding proposal 129 for the amount of USD 17,198,843, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
3. Also approves funding proposal 130 for the amount of USD 103,781,250, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
4. Further approves funding proposal 131 for the amount of USD 27,404,139, submitted by the International Union for Conservation of Nature, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
5. Approves funding proposal 132 for the amount of EUR 32,791,621, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
6. Also approves funding proposal 133 for the amount of USD 32,706,595, submitted by the Department of Environment, Ministry of Health and Environment of Antigua and Barbuda, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
7. Further approves funding proposal 134 for the amount of USD 28,208,123, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
8. Takes note of the absence of an internationally agreed definition on high forest cover, low deforestation (HFLD) countries;
9. Also takes note of the recommendations by the independent Technical Advisory Panel and the Secretariat in relation to funding proposal 134 to consider the specific circumstances of Colombia as a high forest cover, low deforestation (HFLD) country for the purpose of the pilot programme for REDD-plus results-based payments;
10. Decides that the approval of the funding proposal 134 does not set a precedent for future proposals that may request payments from the GCF for REDD-plus results under the pilot programme nor prejudge any future decisions of the Board on the establishment or form of a future REDD-plus results-based payment programme;
11. Approves funding proposal 135 for the amount of USD 38,000,000, submitted by the Agence Française de Développement, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
12. Also approves funding proposal 136 for the amount of USD 165,237,592, submitted by the World Bank, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
13. Further approves funding proposal 137 for the amount of USD 30,100,000, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
14. Approves funding proposal 138 for the amount of EUR 75,445,176, submitted by the Banque Ouest Africaine de Développement, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
15. Also approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 139 for the amount of USD 25,645,114, submitted by the United Nations Development Programme, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
16. Further approves funding proposal 140 for the amount of USD 258,030,000, submitted by the European Bank for Reconstruction and Development, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.16;
17. Approves simplified approval process (SAP) funding proposal 014 for the amount of USD 10,000,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
18. Also approves simplified approval process (SAP) funding proposal 015 for the amount of USD 10,000,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.19;
19. Further approves simplified approval process (SAP) funding proposal 016 for the amount of USD 5,000,000, submitted by the Fiji Development Bank, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.26/02/Add.17;
20. 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
21. 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.26/07 titled “Status of approved funding proposals: extension of deadline in respect of FP122 (Blue Action Fund (BAF): GCF Ecosystem Based Adaptation Programme in the Western Indian Ocean)”

Decides to extend the deadline until 13 November 2020 for the execution of the funded activity agreement, in a form and substance satisfactory to the Secretariat, for the following approved funding proposal:

1. FP122, titled “Blue Action Fund (“BAF”): GCF Ecosystem Based Adaptation Programme in the Western Indian Ocean”.

The Board, having considered document GCF/B.26/05 titled “Readiness and Preparatory Support Programme – work programme and budget 2020–2021”:

1. Reaffirms that the Readiness and Preparatory Support Programme is a strategic priority for GCF to enhance country ownership and access to GCF, and strengthen strategic programming during 2020–2023;
2. Recalls decision B.22/11, and reaffirms that the objectives and outcomes for the revised Readiness and Preparatory Support Programme in document GCF/B.22/08 remain for 2020–2021;
3. Adopts the proposed work programme for 2020–2021 as contained in annex VI;
4. Requests the Secretariat to ensure that readiness support for resilient recovery efforts is fully consistent with the existing mandates and decisions of the Board with respect to the Readiness and Preparatory Support Programme and follows a country-driven and country ownership principle;
5. Notes the estimated budget for the period 2020−2021 as included in the work programme for 2020–2021 contained in annex VI;
6. Approves an additional amount of USD 162.39 million to be made available for the execution of the Readiness and Preparatory Support Programme;
7. Requests the Secretariat to report on the implementation of the Readiness and Preparatory Support Programme at the second Board meeting of each year; and
8. Further requests the Secretariat to ensure full compliance with Board-approved integrity policies, standards and decisions in the Readiness Guidebook, Administrative Instruction and Standard Operating Procedures developed for the Readiness and Preparatory Support Programme, as well as other relevant enhanced Standard Operating Procedures or procedures bearing implications on the Readiness and Preparatory Support Programme.

The Board, having considered the document GCF/BM-2020/11 titled “Appointment of members of the Performance Oversight Committee of the Executive Director and Heads of Independent Units”:

Appoints as members of the Performance Oversight Committee of the Executive Director and Heads of Independent Units, for a term starting on 1 July 2020:

1. Mr. Terje Kronen; and
2. Mr. Ayman Shasly.

The Board, having considered document GCF/BM-2020/09 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2019”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2019 as contained in annex I.

The Board, having considered document GCF/BM-2020/10 titled “Dates and venues for GCF Board meetings in 2020”:

1. Takes note of decision B.23/18 that agreed the dates for the twenty-sixth and twenty-seventh meetings of the Board;
2. Notes the Board’s decisions B.25/01 and B.25/02 that recognize the exceptional circumstances created by the global COVID-19 pandemic and the impact this is having on the operations of GCF (including the Board, Secretariat, independent units, accredited entities, and national designated authorities) as well as on other international entities;
3. Also notes that these exceptional circumstances have resulted in strict health guidance that includes, but is not limited to, directives to remain at home, international and domestic travel restrictions, and closed borders;
4. Reaffirms the importance of GCF remaining operational to implement its mandate, given the current exceptional circumstances;
5. Notes decision B.24/04, in particular paragraph (e), and confirms that the scope of work remaining for 2020 should ensure the approval of essential administrative and programmatic decisions, consideration of policy items, and monitoring of implementation and standards compliance;
6. Takes note of the Co-Chairs’ Consultation Plan for 2020, and welcomes the ongoing consultation process on policy items to seek consensus as soon as possible, taking into consideration the current exceptional circumstances;
7. Agrees and confirms that the twenty-sixth meeting of the Board will take place from 18–21 August 2020, for no more than four hours per day;
8. Also agrees, and confirms, without prejudice to paragraph 17 of the Rules of Procedure of the Board, that the twenty-seventh meeting of the Board will take place during the week commencing 9 November 2020;
9. Further confirms that unless the circumstances allow for a physical Board meeting, the Board meetings in 2020 will be held as net-meetings;
10. Underscores the importance of the full participation and involvement of the entire Board from all constituencies in the Board meetings and pre-Board meeting consultation process as an essential condition for holding an effective and full participatory meeting;
11. Requests the Secretariat to take appropriate steps to ensure the full and effective participation of all Board members, alternate members and advisers in the virtual meeting, including testing the technology and providing support to developing countries in particular;
12. Ensures that technical settings are in place for the full participation of active observers and that the standard webcasting will be available for all observers;
13. Instructs the Secretariat to urgently issue the logistics note for the twenty-sixth meeting of the Board, and to make other arrangements for the meeting; and
14. Requests the Co-Chairs to continue to monitor the impact of COVID-19 on the operations of GCF, and to report to the Board appropriately.

The Board, having considered document GCF/BM-2020/08 titled “Extension of the term of the members of Accreditation Panel”:

Decides, pursuant to decision B.BM-2018/02, paragraphs (c) and (d), to extend – on an extraordinary basis due to the coronavirus disease 19 pandemic – the current term of the following Accreditation Panel members as referenced in said decision from 17 October 2020 to 30 April 2021:

1. Mr. Mark Alloway;
2. Mr. Max Contag;
3. Mr. Antonio G. M. La Viña;
4. Ms. Anastasia Northland;
5. Mr. Godfrey Tumusiime; and
6. Mr. Yogesh Vyas.

The Board, having considered the document GCF/BM-2020/07 titled “Appointment of members of the Accreditation Committee”

Appoints as members of the Accreditation Committee:

1. Ms. Karina Ramirez Arras; and
2. Ms. Johanna Pietikäinen, replacing Mr. Hans Olav Ibrekk.
    

The Board, having considered documents GCF/B.25/13/Rev.01 and GCF/BM-2020/06 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 annexes for the following applicants:
   1. Applicant 097 (APL097) is the Bhutan Trust Fund for Environmental Conservation (BTFEC) based in Bhutan, as contained in annex III to document GCF/B.25/13/Rev.01; and
   2. Applicant 098 (APL098) is the Trade and Development Bank of Mongolia (TDB Mongolia)) based Mongolia, as contained in annex IV to document GCF/B.25/13/Rev.01;
2. Approves the accreditation of applicants APL097 and APL098, 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 to document GCF/B.25/13/Rev.01 for each of the applicants and the completion of Stage III of the accreditation by having an effective accreditation master agreement, in accordance with decision B.23/11;
3. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant annex of document GCF/B.25/13/Rev.01 for the following applicant seeking to upgrade its accreditation type:
   1. Palli Karma-Sahayak Foundation (PKSF), as contained in annex V to document GCF/B.25/13/Rev.01; and
4. Agrees to upgrade the accreditation type of the Palli Karma-Sahayak Foundation as contained in decision B.10/06, paragraph (c), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex V to document GCF/B.25/13/Rev.01.

The Board, having considered document GCF/BM-2020/05 titled “Implementation of the performance evaluation and performance-related pay for Board-appointed officials”:

1. Confirms the need to engage an independent external human resources firm to provide specialist support to the Performance Oversight Committee in the conduct of the performance evaluation of the Heads of Independent Units and the Executive Director and the implementation of the pay increase system;
2. Endorses the terms of reference of the independent external human resources firms as set out in annex I to this document;
3. Decides that the Performance Oversight Committee, with support by the Secretariat, will engage the independent external human resources firm consistent with GCF procurement guidelines;
4. Approves the performance evaluation and performance-related pay systems as set out in annexes II and III;
5. Endorses the 360-degree methodology described in annex III as the assessment tool to be adopted for Board-appointed officials for development purposes; and
6. Approves the provision of an annual budget of USD 60,000 to implement the performance evaluation and performance-related pay systems.

The Board, having reviewed the limited distribution document GCF/BM-2020/03 titled “Status of approved funding proposals: adding host country in respect of FP078 (Acumen Resilient Agriculture Fund (ARAF))”:

1. Takes note of the no-objection letter submitted by the Kenyan national designated authority;
2. Approves the inclusion of Kenya 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/BM-2020/05 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

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

Civil society organizations:
Asociación Indígena Centro para la Autonomia y Desarollo de los Pueblos Indígenas
(CADPI)
Bank Information Center (BIC)
Bureau d’Informations Formations, Echanges et Recherches pour le Développement
(BIFERD)
Clean Energy Nepal (CEN)
Community Science Centre, Vadodara (CSC, Vadodara)
Global Emerging Pathogens Treatment Consortium (GET Consortium)
Global Network of Civil Society Organisations for Disaster Reduction (GNDR)
Internationella Insamlingsstiftelsen för Mark och Skogrättigheter (The Tenure Facility)
Pathfinder International (PI)
Pivot Point, A Nonprofit Organization (Pivot Point)
Reusa Misión Planeta A.C. (RMP)
WaterAid (WA)
Udyama

Private sector organizations:
Photon Energy NV (PE)

The Board, having considered the limited distribution document GCF/BM-2020/02 titled “Performance review of the members of the Accreditation Panel”:

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