Boardroom

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

A limited distribution decision was adopted under this agenda item: 

DECISION B.44/01 on accreditation master agreements

The Board, having considered document GCF/B.44/19 titled “Report on the activities of the Co-Chairs”:

1. Decides to hold a Board retreat to take place immediately before the forty-fifth meeting of the Board on Board effectiveness and to exchange views on the GCF vision, ambition, strategic positioning in the climate finance landscape, and priorities for the coming strategy cycle; 
2. Also decides to have a second Board retreat on the updated Strategic Plan for the GCF 2028–2031 between the forty-sixth and forty-seventh meetings of the Board to further exchange views on the GCF strategic vision, objectives and priorities for the coming strategy cycle, taking into account evolving priorities, including guidance of the Conference of the Parties to the United Nations Framework Convention on Climate Change, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement, and relevant reports from the Independent Evaluation Unit; and 
3. Requests the Co-Chairs, with the support of the Secretariat, to capture key takeaways relating to Board effectiveness from the retreat referred to in paragraph (a) and to propose follow-up actions to inform subsequent work and proposals for Board consideration.

The Board, having established, effective as of 1 April 2026, the committees under the updated structure adopted through decision B.44/16:

1. Appoints, effective as of 1 April 2026, as members of the Risk and Finance Committee:
   1. Mr. Amjad Abdulla;
   2. Ms. Kobi Bentley;
   3. Mr. Sindhu Prasad Dhungana;
   4. Mr. Andrew Hurst;
   5. Mr. Ramón López;
   6. Ms. Sandra Louiszoon;
   7. Mr. Seyni Nafo; and
   8. Mr. Bob Natifu;
2. Also appoints, effective as of 1 April 2026, as members of the Operations and Portfolio Committee:
   1. Mr. Antwi-Boasiako Amoah;
   2. Mr. Mohammad Ayoub;
   3. Ms. Gisella Berardi;
   4. Mr. Richard Bontjer;
   5. Ms. Isatou F. Camara;
   6. Ms. Anne Moulin;
   7. Ms. Salka Sigurdardottir; and
   8. Ms. Min Tian;
3. Further appoints, effective as of 1 April 2026, as members of the Budget Committee:
   1. Mr. Jose Delgado;
   2. Mr. Balisi Gopolang;
   3. Mr. Leif Holmberg;
   4. Mr. Do Ik Kim;
   5. Ms. Anne Kmety;
   6. Ms. Mariamalia Jiménez Coto;
   7. Ms. Pacifica F. Ogola; and
   8. Ms. Annette Windmeisser;
4. Appoints, effective immediately, Ms. Mareike Well as member of the Ethics and Audit Committee, replacing Ms. Kobi Bentley.

The Board, having considered document GCF/B.44/20 titled “Guidance from the thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change: Co-Chairs’ proposal”: 

1. Takes note of this report, including the actions to be undertaken by the Board and Secretariat in 2026 in response to guidance received from the Parties during the thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, as contained in annex II; and
2. Requests the Co-Chairs, with the support of the Secretariat, to include an overview of progress in response to the guidance referred to in paragraph (a) above in the fifteenth GCF/B.44/21 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.44/04 titled “Co-Chairs’ proposal on a Board training programme”:

1. Approves the establishment of a continuous Board training programme as outlined in document GCF/B.44/04;
2. Requests the Secretary to the Board, with support from the Secretariat, to oversee, coordinate and deliver the training programme, drawing on internal and external expertise as appropriate; and
3. Confirms that the costs of the training programme shall be drawn from the line on professional services of the Board budget adopted by the Board.

The Board, taking into account paragraphs 7, 10 and 31 of the General guidelines for the operation of Board committees:

1. Appoints Ms. Isatou F. Camara as member of the Investment Committee; 
2. Also appoints Mr. Bob Natifu as member of the Risk Management Committee; and
3. Further appoints Mr. Balisi Gopolang as member of the Risk Management Committee.

The Board, having considered document GCF/B.44/13 titled “Review of the independent Technical Advisory Panel”:

1. Takes note of the final report on the Review of the independent Technical Advisory Panel, the Secretariat response, and the independent Technical Advisory Panel responses as contained in document GCF/B.44/13;
2. Also takes note of the recommendation by the Investment Committee; and
3. Requests the Investment Committee to conduct further analysis on the basis of option 1 of the possible reform independent Technical Advisory Panel packages and findings in the review report as contained in annex II of document GCF/B.44/13 and to inform the Board of its progress at the forty-fifth meeting of the Board.

The Board, having considered document GCF/B.44/10 titled “Terms of reference for consultancy services for a broad review of the objectives, role, structure, governance and operational modalities of the Accreditation Panel in supporting Board decision-making under the revised Accreditation Framework”:

1. Adopts the terms of reference for consultancy services for a broad review of the objectives, role, structure, governance and operational modalities of the Accreditation Panel in supporting Board decision-making under the revised accreditation framework as contained in annex II to document GCF/B.44/10; and
2. Requests the Secretariat, under the guidance of the Accreditation Committee, to present the outcome of the review and any recommendations based on the findings of the review to the Board for its consideration no later than its forty-sixth meeting.

The Board, having considered confidential document GCF/B.44/09 titled “Matters related to the appointment of the Head of the Independent Redress Mechanism”:

1. Decides to renew the appointment of Sonja Derkum for a second term of three years as Head of the Independent Redress Mechanism, effective from 14 August 2026; and 
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, the contract between the Head of the Independent Redress Mechanism and GCF.

The Board, having considered limited distribution document GCF/B.44/15 titled “Case C-0009-Egypt Compliance Review Report: FP039: GCF-EBRD Egypt Renewable Energy Financing Framework”: 

1. Takes note of the Independent Redress Mechanism Compliance Review Report titled “C0009-Egypt: FP039: GCF-EBRD Egypt Renewable Energy Financing Framework” and its findings and recommendations (including suggestions);
2. Acknowledges the two proposals in the Compliance Review Report, P.1 and P.2, related to GCF Board decisions that may implicate the mandate of the Independent Redress Mechanism or GCF operational policies and procedures in projects or programmes;
3. Endorses the seven recommendations contained in the report, R.1, R.2, R.3, R.4, R.5, R.6 and R.7;
4. Also endorses the seven suggestions in the report which indicate action to be taken by the GCF Secretariat, S.1, S.2, S.4, S.11, S.12, S.14, and S.15;
5. Notes the eight additional suggestions contained in the report, S.3, S.5, S.6, S.7, S.8, S.9, S.10, and S.13, and welcomes collaboration between relevant actors to achieve appropriate outcomes;
6. Requests the Secretariat, in collaboration with the accredited entity and the Independent Redress Mechanism, to develop a draft Remedial Action Plan consistent with paragraphs 66 and 67 of the Procedures and Guidelines of the Independent Redress Mechanism within sixty calendar days, to address the recommendations and suggestions endorsed in paragraphs (c) and (d);
7. Also requests the Secretariat to implement the Remedial Action Plan in paragraph (f) once finalized, taking reasonable steps to require the accredited entity to implement relevant remedial actions specified in the Remedial Action Plan, consistent with the Procedures and Guidelines of the Independent Redress Mechanism;
8. Further requests that the Independent Redress Mechanism report on and monitor the implementation of this decision, including any final Remedial Action Plan, consistent with the Procedures and Guidelines of the Independent Redress Mechanism;
9. Confirms that this decision is, and should in all circumstances be interpreted to be, without prejudice to any and all rights of GCF under relevant legal agreements, all of which are specifically reserved;
10. Notes the response of the Secretariat related to the Independent Redress Mechanism’s findings of policy non-compliance, as detailed in an annex to the report; and
11. Requests the Secretariat to report to the Board by the forty-sixth meeting of the Board an assessment on the operational implications and its experience in applying the relevant 2018 Environmental and Social Policy monitoring requirements, to the extent reasonably possible, to the other projects of the portfolio approved prior to 1 March 2018.

The Board, having considered document GCF/B.44/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 066, titled “SCALE – Strengthening Chad’s Adaptation for Land, Ecosystems and smallholders” by ACTED, as contained in document GCF/B.44/02/Add.01;
   2. Simplified approval process funding proposal 067, titled “Catalyzing a Climate Risk Protection Shield for Zambian Smallholder Farmers” by the Republic of Zambia, acting through the Ministry of Finance and National Planning, as contained in document GCF/B.44/02/Add.02, including the assessment conducted by the Secretariat of the Republic of Zambia, acting through the Ministry of Finance and National Planning, as contained in the Secretariat’s assessment within document GCF/B.44/02/Add.02;
   3. Simplified approval process funding proposal 068, titled “Scaling up national adaptive capacities for climate change-driven natural hazards through strengthening monitoring and early warning systems” by the Republic of Armenia, acting through the Environmental Project Implementation Unit State Agency of the Ministry of Environment of the Republic of Armenia, as contained in document GCF/B.44/02/Add.03;
   4. Simplified approval process funding proposal 069, titled “Strengthening Community Resilience to the Adverse Effects of Climate Change with an Emphasis on Food Security and Gender Considerations in Priority Areas of Ecuador -FORECCSA+” by the Inter-American Institute for Cooperation onnAgriculture, as contained in document GCF/B.44/02/Add.04;
   5. Funding proposal 289, titled “Building Urban Climate Resilience through Naturebased Solutions in Ethiopia” by the Korea International Cooperation Agency, as contained in document GCF/B.44/02/Add.05;
   6. Funding proposal 290, titled “PURE Rural Mozambique Climate Project: Driving Mozambique’s climate resilience through energy access and climate-smart Productive Use of Renewable Energy” by Agence belge de développement (Enabel), as contained in document GCF/B.44/02/Add.06;
   7. Funding proposal 291, titled “ASCENT-GREEN: Resilient Energy Access for Inclusive Development” by the International Bank for Reconstruction and Development and International Development Association, as contained in document GCF/B.44/02/Add.07;
   8. Funding proposal 292, titled “Scaling climate-smart solutions for hardest-to-reach MSMEs and farmers in Kenya (CST Facility)” by KCB Bank Kenya Limited, as contained in document GCF/B.44/02/Add.08 and 19/Rev.01;
   9. Funding proposal 293, titled “Food Securities Fund Accountable Cocoa and Coffee Tranche (FSF ACCT)” by Clarmondial AG, as contained in document GCF/B.44/02/Add.09 and 20, including the assessment conducted by the Secretariat of Clarmondial AG, as contained in the Secretariat’s assessment within document GCF/B.44/02/Add.09;
   10. Funding proposal 294, titled “Vietnam REDD-plus results-based payments for results period of 2014” by the Japan International Cooperation Agency as contained in document GCF/B.44/02/Add.10/Rev.01;
   11. Funding proposal 295, titled “Establishing Climate Resilient, Regenerative Agricultural (CRRA) systems in Tonga, Vanuatu and Samoa” by the Pacific Community, as contained in document GCF/B.44/02/Add.11;
   12. Funding proposal 296, titled “Navis Decarbonization Fund I” by Navis Capital Partners (Singapore) Pte. Ltd., as contained in document GCF/B.44/02/Add.12 and 21, including the assessment conducted by the Secretariat of Navis Capital Partners (Singapore) Pte. Ltd., as contained in the Secretariat’s assessment within document GCF/B.44/02/Add.12;
   13. Funding proposal 297, titled “CC Asia Climate Fund (CC-ACF)” by CC Global Services Holdings Limited, as contained in document GCF/B.44/02/Add.13 and 22, including the assessment conducted by the Secretariat of CC Global Services Holdings Limited, as contained in the Secretariat’s assessment within document GCF/B.44/02/Add.13;
   14. Funding proposal 298, titled “Climate Resilience of the Water Sector in The Bahamas” by the Caribbean Development Bank, as contained in document GCF/B.44/02/Add.14;
   15. Funding proposal 299, titled “ADAPT Jamaica: Enhancing climate change resilience of vulnerable smallholders in Central Jamaica” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.44/02/Add.15;
   16. Funding proposal 300, titled “Peru’s Natural Legacy – Amazon & Climate (PdP A&C): Effective Management of Peruvian Amazon Protected Areas for Climate Change Mitigation and Adaptation” by World Wildlife Fund, Inc., as contained in document GCF/B.44/02/Add.16;
   17. Funding proposal 301, titled “Responsible Commodities Facility - Deforestation and Conversion Free: Finance for soy production in the Cerrado, Brazil (RCF-DCF Project)” by Sustainable Investment Management Limited, as contained in document GCF/B.44/02/Add.17 and 23, including the assessment conducted by the Secretariat of Sustainable Investment Management Limited, as contained in the Secretariat’s assessment within document GCF/B.44/02/Add.17;
   18. Funding proposal 302, titled “EcoEnterprises Partners IV” by EcoEnterprises Impact Management, LLC, as contained in document GCF/B.44/02/Add.18 and 24, including the assessment conducted by the Secretariat of EcoEnterprises Impact  Management, LLC, as contained in the Secretariat’s assessment within document GCF/B.44/02/Add.18; and
2. Approves simplified approval process funding proposal 066, submitted by ACTED, for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and ACTED and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
3. Also approves simplified approval process funding proposal 067, submitted by the Republic of Zambia, acting through the Ministry of Finance and National Planning (MoFNP_ZMB), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and MoFNP_ZMB and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
4. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, MoFNP_ZMB shall be deemed accredited only for the purposes of simplified approval process funding proposal 067;
5. Further approves simplified approval process funding proposal 068, submitted by the Republic of Armenia, acting through the Environmental Project Implementation Unit State Agency of the Ministry of Environment of the Republic of Armenia (EPIU), for the amount of USD 9,499,990, in accordance with the term sheet agreed between the Secretariat and EPIU and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
6. Approves simplified approval process funding proposal 069, submitted by the InterAmerican Institute for Cooperation on Agriculture (IICA), for the amount of USD 23,362,075, in accordance with the term sheet agreed between the Secretariat and IICA and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
7. Also approves funding proposal 289, submitted by the Korea International Cooperation Agency (KOICA), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and KOICA and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
8. Further approves funding proposal 290, submitted by Agence belge de développement (Enabel), for the amount of EUR 37,415,394, in accordance with the term sheet agreed between the Secretariat and Enabel and set out in document GCF/B.44/02/Add.25 and subject to the conditions set out in  Annex I;
9. Approves funding proposal 291, submitted by the International Bank for Reconstruction and Development and International Development Association (World Bank), for the amount of USD 250,000,000, in accordance with the term sheet agreed between the Secretariat and the World Bank and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
10. Also approves funding proposal 292, submitted by KCB Bank Kenya Limited (KCB), for the amount of USD 43,643,200, in accordance with the term sheet agreed between the Secretariat and KCB and set out in document GCF/B.44/02/Add.19/Rev.01, and subject to the conditions set out in Annex I;
11. Further approves funding proposal 293, submitted by Clarmondial AG (Clarmondial), for the amount of USD 56,000,000, in accordance with the term sheet agreed between the Secretariat and Clarmondial and set out in document GCF/B.44/02/Add.20, and subject to the conditions set out in Annex I;
12. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, Clarmondial shall be deemed accredited only for the purposes of funding proposal 293;
13. Approves funding proposal 294, submitted by the Japan International Cooperation Agency (JICA), for the amount of USD 71,955,000, in accordance with the term sheet agreed between the Secretariat and JICA and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
14. Also approves funding proposal 295, submitted by the Pacific Community (SPC), for the amount of USD 42,056,443, in accordance with the term sheet agreed between the Secretariat and SPC and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
15. Further approves funding proposal 296, submitted by Navis Capital Partners (Singapore) Pte. Ltd. (Navis), for the amount of USD 60,000,000, in accordance with the term sheet agreed between the Secretariat and Navis and set out in document GCF/B.44/02/Add.21, and subject to the conditions set out in Annex I;
16. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, Navis shall be deemed accredited only for the purposes of funding proposal 296;
17. Approves funding proposal 297, submitted by CC Global Services Holdings Limited (CC GSH), for the amount of USD 37,500,000, in accordance with the term sheet agreed between the Secretariat and CC GSH and set out in document GCF/B.44/02/Add.22, and subject to the conditions set out in Annex I;
18. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, CC GSH shall be deemed accredited only for the purposes of funding proposal 297;
19. Also approves funding proposal 298, submitted by the Caribbean Development Bank (CDB), for the amount of USD 50,051,432, in accordance with the term sheet agreed between the Secretariat and CDB and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
20. Further approves funding proposal 299, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 40,554,313, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
21. Approves funding proposal 300, submitted by World Wildlife Fund, Inc. (WWF), for the amount of USD 37,519,371, in accordance with the term sheet agreed between the Secretariat and WWF and set out in document GCF/B.44/02/Add.25, and subject to the conditions set out in Annex I;
22. Also approves funding proposal 301, submitted by Sustainable Investment Management Limited (SIM), for the amount of USD 85,000,000, in accordance with the term sheet agreed between the Secretariat and SIM and set out in document GCF/B.44/02/Add.23, and subject to the conditions set out in Annex I;
23. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, SIM shall be deemed accredited only for the purposes of funding proposal 301;
24. Further approves funding proposal 302, submitted by EcoEnterprises Impact Management, LLC (EcoEnterprises), for the amount of USD 34,000,000, in accordance with the term sheet agreed between the Secretariat and EcoEnterprises and set out in document GCF/B.44/02/Add.24, and subject to the conditions set out in Annex I;
25. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, EcoEnterprises shall be deemed accredited only for the purposes of funding proposal 302;
26. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her delegate(s) is authorized to negotiate and enter into legal agreements on behalf of GCF in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
27. 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.44/12 titled “Consideration of funding proposals: Extension of the deadline in respect of FP252 ‘Acumen Resilient Agriculture Fund II’” and its limited distribution addendum Add.01:

Decides to extend, until the day which is one day after the last day of the forty-fifth meeting of the Board, the deadline for the execution of the funded activity agreement for the following approved funding proposal:

1. FP252, titled “Acumen Resilient Agriculture Fund II”.

The Board, having considered document GCF/B.44/03 titled “Consideration of accreditation proposals and activities”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants for accreditation:
   1. Applicant 163 (APL163), Bank of Bhutan Limited (BoB), based in Bhutan, as contained in document GCF/B.44/03/Add.01;
   2. Applicant 164 (APL164), Eldik Bank Open Joint-Stock Company (Eldik Bank), based in Kyrgyzstan, as contained in document GCF/B.44/03/Add.02;
   3. Applicant 165 (APL165), Municipal Development and Lending Fund (MDLF), based in the State of Palestine, as contained in document GCF/B.44/03/Add.03;
   4. Applicant 166 (APL166), Nigeria Sovereign Investment Authority (NSIA), based in Nigeria, as contained in document GCF/B.44/03/Add.04; 
   5. Applicant 167 (APL167), Asian Forest Cooperation Organization (AFoCO), based in the Republic of Korea, as contained in document GCF/B.44/03/Add.05;
   6. Applicant 168 (APL168), Caribbean Export Development Agency (CE), based in Barbados, as contained in document GCF/B.44/03/Add.06;
   7. Applicant 169 (APL169), Asian Disaster Preparedness Center (ADPC), based in Thailand, as contained in document GCF/B.44/03/Add.07;
   8. Applicant 170 (APL170), Catholic Relief Services – United States Conference of Catholic Bishops (CRS), based in the United States of America, as contained in document GCF/B.44/03/Add.08;
   9. Applicant 171 (APL171), the World Health Organization (WHO), based in Switzerland, as contained in document GCF/B.44/03/Add.09; and
   10. Applicant 172 (APL172), World Vision Australia (WVA), based in Australia, as contained in document GCF/B.44/03/Add.10;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL163, Bank of Bhutan Limited (BoB), based in Bhutan, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.01, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL164, Eldik Bank Open Joint-Stock Company (Eldik Bank), based in Kyrgyzstan, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.02, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL165, Municipal Development and Lending Fund (MDLF), based in the State of Palestine, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.03, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL166, Nigeria Sovereign Investment Authority (NSIA), based in Nigeria, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.04, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL167, Asian Forest Cooperation Organization (AFoCO), based in the Republic of Korea, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.05, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL168, Caribbean Export Development Agency (CE), based in Barbados, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.06, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
8. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL169, Asian Disaster Preparedness Center (ADPC), based in Thailand, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.07, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
9. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL170, Catholic Relief Services – United States Conference of Catholic Bishops (CRS), based in the United States of America, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.08, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
10. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL171, the World Health Organization (WHO), based in Switzerland, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.09, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
11. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL172, World Vision Australia (WVA), based in Australia, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.10, and subject to the issuance of a certificate/confirmation evidencing their accreditation in accordance with the transitional arrangements in respect of the revised accreditation framework adopted in paragraph (m) of decision B.42/13;
12. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants seeking to upgrade their accreditation type:
    1. Conservation International Foundation (CI), based in the United States of America, as contained in document GCF/B.44/03/Add.11; and
    2. Save the Children Australia (SCA), based in Australia, as contained in document GCF/B.44/03/Add.12;
13. Agrees to upgrade the accreditation type of Conservation International Foundation (CI), based in the United States of America, as contained in decision B.15/09, paragraph (f), subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.11; and
14. Also agrees to upgrade the accreditation type of Save the Children Australia (SCA), based in Australia, as contained in decision B.24/11, paragraph (b), subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.44/03/Add.12.
     

The Board, having considered document GCF/B.44/17/Rev.01 titled “Operationalizing GCF regional presence: assessment results, proposed configurations and implementation plan” and its addenda:

1. Takes note of the Secretariat’s assessment of the eligible host country proposals to host a GCF regional presence, as presented in document GCF/B.44/17/Rev.01; 
2. Adopts the following configuration consistent with the Board document GCF/B.44/17/Rev.01 and document GCF/B.42/12 to be covered by GCF regional presence, recognizing that headquarters located in Republic of Korea will cover East, Southeast and South Asia:
   1. Regional office covering Latin America and the Caribbean;
   2. Regional office covering Eastern Europe, Central Asia and the Middle East;
   3. Regional office operating across two locations covering (a) East and Southern Africa, and (b) Central, North and West Africa; and
   4. A sub-regional office covering the Pacific, under the oversight of a Regional Director based in headquarters in Republic of Korea, located in Suva, Fiji;
3. Requests the Secretariat to advance the operationalization of regional presence, and to ensure strict cost control throughout implementation, including the timely realization of efficiency gains and cost offsets, so as to achieve budget neutrality within five years from the entry into force of the first host country agreement and, unless otherwise decided by the Board, maintain zero-real growth thereafter, relative to the final budget of that fiveyear period, for regional presence, and within the approved administrative budget envelope;
4. Notes that budget neutrality is understood to mean that the implementation and operational costs of regional offices are offset by corresponding operational savings and efficiency gains. In this context, encourages selected countries hosting regional presence to make best efforts to offset implementation costs, including through in-kind or financial contributions, to promote co-location with other international organizations where feasible, and to facilitate the timely provision of such support;
5. Requests the Secretariat, in consultation with Budget Committee, to establish a robust, transparent tracking and reporting mechanism that clearly accounts for associated costs, realized savings, and net budget impacts, and to systematically reflect these in the Fund’s multi-year budgeting framework and annual budget submissions for Board consideration, including by ensuring that the multi-year budget to be presented at the forty-sixth Board meeting, for the first time, contains a dedicated section in the budget documentation detailing such tracking and reporting of costs and savings;
6. Also requests the Secretariat to advance the operationalization of regional presence consistent with the Board document GCF/B.44/17/Rev.01, including developing quantitative and qualitative indicators of the monitoring plan to support the assessment of the effectiveness of regional presence and capturing and applying lessons learned throughout the rollout of regional presence, ensuring business continuity and that the pace of implementation does not adversely affect ongoing operations through the Secretariat’s oversight of the rollout process;
7. Further requests the Secretariat to report to the Board at each subsequent meeting on the status of negotiations of the host country agreements, including any material issues affecting the conclusion of an agreement according GCF with appropriate privileges and immunities, consistent with those presented in Appendix II of document GCF/B.42/12;
8. Decides to periodically assess and review the effectiveness of regional presence through relevant processes, including the Fund’s performance review cycle;
9. Recalls decision B.02-12/04 for the selection of headquarters of the Green Climate Fund, and adopts a special one-off confidential balloting procedure to only apply to the selection of each host country and city for regional offices or locations, which follows paragraphs 26 to 29 and 31 to 35(c) of the Procedures for adopting decisions in the event that all efforts at reaching consensus have been exhausted, without setting a precedent, to enable the Board to select the host countries and cities by consensus;
10. Decides that, as part of the special one-off confidential balloting procedure, the count of ballots shall not be revealed to the Board during the balloting process until after four consecutive rounds have been completed for each regional office or location selection process; and
11. Also decides that the following host countries and cities are presented as options for the purpose of confidential balloting for each region, and takes note that their inclusion reflects their high total scores in the assessment of proposals, their relatively low costs under the cost consideration criterion, the principles set out in decision B.41/10, and the need for geographical representation within each regional office or location:
    1. Latin America and the Caribbean: Panama (Panama City), Dominican Republic (Santo Domingo), or Chile (Santiago);
    2. Eastern Europe, Central Asia and the Middle East: Georgia (Tbilisi), Uzbekistan (Tashkent), or Jordan (Amman);
    3. Africa:
       1. Location 1: East and Southern Africa: Kenya (Nairobi), Ethiopia (Addis Ababa), or Botswana (Gaborone); and 
       2. Location 2: Central, North and West Africa: Morocco (Rabat), Egypt (Cairo), Nigeria (Abuja), Côte d’Ivoire (Abidjan), or Senegal (Dakar).

The Board:

1. Selects the following host countries and cities for the regional offices, consistent with the following configuration:
   1. Panama / Panama City — for Latin America and the Caribbean;
   2. Jordan / Amman — for Eastern Europe, Central Asia and the Middle East;
   3. For Africa:
      1. Kenya / Nairobi — for location 1 – East and Southern Africa; and
      2. Côte d’Ivoire / Abidjan — for location 2 – Central, North and West Africa;
2. Welcomes the Host Country support offered in some of the proposals submitted by the selected host countries and cities;
3. Requests the Secretariat to initiate negotiations of host country agreements with the countries identified in paragraph (a) incorporating, where applicable, commitments on host country support; and
4. Further requests the Secretariat to advance with the operationalization of regional presence in line with the implementation plan contained in document GCF/B.44/17/Rev.01, to manage implementation with the objective of budget neutrality over time within the approved administrative budget envelope, and to reflect associated costs, efficiency gains and offsets through the Fund’s multi-year budgeting process and annual budget submissions for Board consideration.

The Board, having considered document GCF/B.44/16/Rev.01 titled “Review of committees: Co-Chairs’ proposal for an updated structure for Board committees”:

1. Establishes, effective as of 1 April 2026, the committees under the updated structure described in document GCF/B.44/16/Rev.01 and adopts the terms of reference for Board committees as set out in annex III, also effective as of 1 April 2026;
2. Confirms that the membership of the Ethics and Audit Committee and the Performance Oversight Committee remain unchanged;
3. Decides to disband the Private Sector Advisory Group established through decision B.05/13, paragraph (h);
4. Adopts updated General guidelines for the operation of Board committees, established through decision B.40/03, paragraph (a), as set out in annex IV;
5. Confirms that any references to the committees or functions listed in annex V shall, effective immediately, be interpreted as referring to their respective successor committees and functions established under paragraph (a) of this decision;
6. Decides that all existing mandates, delegated authorities, and procedural requirements previously assigned to the former committees remain in full force and effect for the respective successor committees;
7. Requests the Co-Chairs, with the support of the Secretariat, to continue to consult with the Board and present proposal(s) to increase the efficiency and effectiveness of Board governance and committees, prioritizing the delivery of existing mandates for consideration by the Board; and 
8. Decides to review the Board committee structure in two years’ time.

The Board, having considered document GCF/B.44/18 titled “Co-Chairs’ Roadmap for the updated Strategic Plan for the GCF 2028–2031”:

1. Recalls decision B.36/13, by which the Board adopted the updated Strategic Plan for the GCF 2024–2027;
2. Decides to conduct an open, inclusive, transparent consultation process engaging Board members and alternate Board members, national designated authorities, accredited entities, active observers, observer organizations and Parties to the United Nations Framework Convention on Climate Change and the Paris Agreement, members of GCF panels and groups including the Indigenous Peoples Advisory Group, and other stakeholders to inform the review and update of the Strategic Plan;
3. Requests the Secretariat to facilitate the open, inclusive, transparent consultation process through, inter alia:
   1. Calls for submissions;
   2. Engagement with national designated authorities and accredited entities on programming needs and opportunities; and
   3. Producing summaries of inputs and publishing inputs on the GCF website;
4. Takes note of the Co-Chairs’ Roadmap, which sets out a process to facilitate the adoption of the updated Strategic Plan for the GCF 2028–2031 no later than the second Board meeting in 2027; and
5. Requests the Co-Chairs to prepare a draft decision for consideration by the Board at its forty-fifth meeting in order to launch the replenishment process and decides that the process will be conducted in an open, transparent, and inclusive manner.

The Board, having considered document GCF/B.44/05 titled “Independent Evaluation of the GCF’s Simplified Approval Process”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s Simplified Approval Process undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.44/05/Add.01; and
3. Requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the adoption of this decision.

The Board, having considered document GCF/B.44/06 titled “Independent Evaluation of the GCF’s Approach to Country Ownership”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s Approach to Country Ownership undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.44/06/Add.01; and
3. Requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the adoption of this decision.

The Board, having considered document GCF/B.44/07 titled “Independent Evaluation of the GCF’s Approach to and Portfolio of Climate Information and Early Warning System Interventions”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s Approach to and Portfolio of Climate Information and Early Warning System Interventions undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.44/07/Add.01; and
3. Requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the adoption of this decision.

The Board, having considered document GCF/B.44/08 titled “Dates and venues of upcoming meetings of the Board”:

Recalls and confirms that the forty-fifth meeting of the Board will take place from Monday, 29 June to Thursday, 2 July 2026 in Dushanbe, Tajikistan.

The Board, having considered limited distribution document GCF/BM-2026/04 titled “Accreditation of observer organizations”:

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

Civil society organizations:
Karibs Foundation
Kejibaus Youth Development Initiative
Community Action for Health and Development (CAHED)
Abibinsroma Foundation (ANF)
Youth Love Egypt Foundation (YLE Foundation)
Pan African Health Professionals Organization (PAHPO)
Consortium for Climate Change Ethiopia (CCCE)
Environnemental Investigation Agency UK (EIA)
Agence de Developpement Municipal (ADM)
Center for Climate and Sustainability Empowerment (CCSE)
Center for Natural Resources Governance (CNRG)
Kamana Health Nepal
Community Initiatives for Development in Pakistan (CIDP)
Initiative Africaine pour le developpement durable (IA2D)
World Council of Indigenous Games (WIG)

Private sector organizations:
Magnitude Global Finance (MGF)
Somali Norwegian Chamber of Commerce (SNCC)
Green Project Partners
Weatherpia

International entities:
International Centre for Research in Agroforestry (ICRAF)
Climate Vulnerable Forum (CVF) and V20 Finance Ministers
EcoSecurities Group Limited
United Nations Population Fund (UNFPA)

The Board, having considered limited distribution document GCF/BM-2026/02 titled "Reappointment of members of the independent Technical Advisory Panel":

Endorses the nomination by the Investment Committee for the reappointment of the following members of the independent Technical Advisory Panel for a three-year term starting on the date of the expiration of their current term:

1. Ms. Ina Hoxha;
2. Mr. Jurg Grutter; and
3. Mr. Kenel Delusca.

The Board, having considered document GCF/BM-2026/03 titled “Election of Co-Chairs of the Board for 2026”:

Elects Mr. Hussein Alfa Nafo and Mr. Leif Holmberg as the Co-Chairs of the Board for 2026 for the period until 31 December 2026.

The Board, having considered document GCF/BM-2026/01 titled “Appointment of members to Board committees”:

1. Appoints Kobi Bentley as member of the Ethics and Audit Committee, replacing Rebecca Lawlor;
2. Also appoints Hans Olav Ibrekk as member of the Performance Oversight Committee, replacing Kobi Bentley.

The Board, having considered document GCF/BM-2025/06 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:
Adivasi Chetna Shikshan Seva Samitee / Indigenous Awareness Educational Service Society
(ACSS)
Africa Child Foundation Mission of Tanzania (ACFMT)
ChildFund Alliance (CFA)
Grains of Hope Mobilisation (GOHMO)
Habitable Earth International Organization (HEIORG)
Health and Social Care Organization in Iraq (IHSCO)
Prime Initiative for Green Development (PIGD)
SEDARVP Ghana
Water Integrity Network e.V. (WIN)
Yemen Family Care Association (YFCA)

Private sector organizations:
Globalfields Ltd.
Kulika Africa Holdings Limited (KAHL)
Syne Philanthropy Foundation

International entities:
ABT Associates PTY LTD (ABT Global)
Asian Forest Cooperation Organization (AFoCO)

The Board, having considered document GCF/B.43/13 titled “Reappointment of a member of the independent Technical Advisory Panel” and its limited distribution addendum Add.01:

Endorses the reappointment of Ms. Carmenza Robledo to the independent Technical Advisory Panel for a three-year term starting on the date of the expiration of her current term.

The Board, having considered confidential document GCF/B.43/11 titled “Matters related to the selection of the Head of the Independent Integrity Unit”:

1. Decides to renew the appointment of Karen Ernst for a second term of three years as Head of the Independent Integrity Unit, effective from 1 June 2026; and
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, the contract between the Head of the Independent Integrity Unit and GCF.

The Board, having considered document GCF/B.43/02/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 052 titled “Building Oman’s Climate Intelligence and Early Warning Ecosystem for Risk-Informed Planning and Inclusive Climate-Proof Investment” by the United Nations Industrial Development Organization, as contained in document GCF/B.43/02/Add.01;
   2. Simplified approval process funding proposal 055 titled “Strengthening the Health Resilience of Communities Vulnerable to Climate Change in Benin’s ABD (Adjohoun, Bonou and Dangbo) Zone” by the National Fund for Environment and Climate of Benin (FNEC), as contained in document GCF/B.43/02/Add.02;
   3. Simplified approval process funding proposal 056 titled “Climate Resilience in the Guiriko Region” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.43/02/Add.03;
   4. Simplified approval process funding proposal 057 titled “AY4SF - Adolescents and Youth for a Sustainable Future: strengthening climate change adaptation and community resilience through green jobs in Zimbabwe” by Save the Children Australia, as contained in document GCF/B.43/02/Add.04;
   5. Simplified approval process funding proposal 058 titled “Local Governments and Climate Change-III (LGCC-3)” by the Kingdom of Cambodia, acting through the National Committee for Sub‑National Democratic Development, as contained in document GCF/B.43/02/Add.05;
   6. Simplified approval process funding proposal 059 titled “Fueling Green Recovery in Armenia – advancing forest infrastructure and creating sustainable jobs for rural communities” by the Republic of Armenia, acting through the Environmental Project Implementation Unit State Agency of the Ministry of Environment of the Republic of Armenia, as contained in document GCF/B.43/02/Add.06;
   7. Simplified approval process funding proposal 060 titled “Promoting Climate Resilient Livelihoods for Food Insecure People in Southern Iraq” by the World Food Programme, as contained in document GCF/B.43/02/Add.07;
   8. Simplified approval process funding proposal 061 titled “Mitigation and adaptation to climate change under agroforestry systems in cocoa production in the Amazon and Atlantic Forest biomes” by the Inter-American Institute for Cooperation on Agriculture, as contained in document GCF/B.43/02/Add.08;
   9. Simplified approval process funding proposal 062 titled “Dominica Community Resilience Enhancement Project (DOMCREP)” by the Caribbean Community Climate Change Centre, as contained in document GCF/B.43/02/Add.09;
   10. Simplified approval process funding proposal 063 titled “Scaling up of Caribbean Hydrometeorological and Multi-hazard Early Warning Services (CREWS) in Belize and Trinidad and Tobago” by the Caribbean Development Bank, as contained in document GCF/B.43/02/Add.10/Rev.01;
   11. Simplified approval process funding proposal 064 titled “Building Eco-system for Accelerating Contribution to NDC through Climate Innovation Incubation for India (“BEACON INDIA”)” by the Small Industries Development Bank of India, as contained in document GCF/B.43/02/Add.11 and 22;
   12. Simplified approval process funding proposal 065 titled “Harnessing Insurance for Climate Resilience in Indian Agriculture” by the National Bank for Agriculture and Rural Development, as contained in document GCF/B.43/02/Add.27 and 28;
   13. Funding proposal 264 titled “Prosperete Growth Fund” by Prosperete Investment Management Ltd, as contained in document GCF/B.43/02/Add.29 and 30, including the assessment conducted by the Secretariat of Prosperete Investment Management Ltd, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.29;
   14. Funding proposal 278 titled “Adaptation of agricultural value chains to climate change in Madagascar – PrAda 2+” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.43/02/Add.12;
   15. Funding proposal 279 titled “Enhancing Climate Resilience in Flood-Prone Areas in Northwestern South Sudan (ECRF)” by the World Food Programme, as contained in document GCF/B.43/02/Add.13/Rev.01;
   16. Funding proposal 280 titled “Uganda REDD+ RBP for results period 2016 - 2017” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.43/02/Add.14;
   17. Funding proposal 281 titled “Direct Financing for Communities and Businesses to Respond to Climate Change in the Cook Islands” by the Ministry of Finance and Economic Management (MFEM) of the Cook Islands, as contained in document GCF/B.43/02/Add.15;
   18. Funding proposal 282 titled “Lao People’s Democratic Republic: REDD+ Results-based Payments for results period [2015 – 2018] – “Governance, Forest Landscapes and Livelihoods – Southern Laos Project (GFLL-SL)”” by the Japan International Cooperation Agency, as contained in document GCF/B.43/02/Add.16;
   19. Funding proposal 283 titled “Glaciers to Farms (G2F) Regional Program: Advancing Climate Resilience & Sustainable Development in Central and West Asia” by the Asian Development Bank, as contained in document GCF/B.43/02/Add.17;
   20. Funding proposal 284 titled “Amazonia Viva Program” by the International Bank for Reconstruction and Development and the International Development Association (World Bank), as contained in document GCF/B.43/02/Add.18;
   21. Funding proposal 285 titled “GEF Latam Climate Solutions Fund IV” by GEF Brasil Investimentos Ltda, as contained in document GCF/B.43/02/Add.19 and 23, including the assessment conducted by the secretariat of GEF Brasil Investimentos Ltda, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.19;
   22. Funding proposal 286 titled “Mandala Capital SSEA Food Programme (“MCSSEAFP”)” by Mandala Capital Limited, as contained in document GCF/B.43/02/Add.20 and 24, including the assessment conducted by the secretariat of Mandala Capital Limited, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.20; and
   23. Funding proposal 287 titled “Novastar Ventures Africa People and Planet Fund III” by Novastar Ventures Limited, as contained in document GCF/B.43/02/Add.21 and 25, including the assessment conducted by the secretariat of Novastar Ventures Limited, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.21; and
   24. Funding proposal 288 titled “Jordan Aqaba-Amman Water Desalination and Conveyance Project (AAWDCP)” by the International Finance Corporation, as contained in document GCF/B.43/02/Add.31 and 32;
2. Approves simplified approval process funding proposal 055, submitted by the National Fund for Environment and Climate of Benin (FNEC), for the amount of USD 8,600,000, in accordance with the term sheet agreed between the Secretariat and FNEC and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
3. Also approves, pursuant to a vote in which 18 of the Board members present voted in favour and 2 of the Board members present voted against, and in respect of which 3 of the Board members present abstained from the vote, simplified approval process funding proposal 056, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 21,000,000, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
4. Further approves simplified approval process funding proposal 057, submitted by Save the Children Australia (SCA), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
5. Approves simplified approval process funding proposal 058, submitted by the Kingdom of Cambodia, acting through the National Committee for Sub‑National Democratic Development (NCDD), for the amount of USD 9,783,456, in accordance with the term sheet agreed between the Secretariat and NCDD and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
6. Also approves simplified approval process funding proposal 059, submitted by the Republic of Armenia, acting through the Environmental Project Implementation Unit State Agency of the Ministry of Environment of the Republic of Armenia (EPIU), for the amount of USD 9,493,842, in accordance with the term sheet agreed between the Secretariat and EPIU and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
7. Further approves simplified approval process funding proposal 060, submitted by the World Food Programme (WFP), for the amount of USD 20,221,682, in accordance with the term sheet agreed between the Secretariat and WFP and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
8. Approves simplified approval process funding proposal 061, submitted by the Inter-American Institute for Cooperation on Agriculture (IICA), for the amount of USD 23,149,717, in accordance with the term sheet agreed between the Secretariat and IICA and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
9. Also approves simplified approval process funding proposal 062, submitted by the Caribbean Community Climate Change Centre (CCCCC), for the amount of USD 24,526,669, in accordance with the term sheet agreed between the Secretariat and CCCCC and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
10. Further approves simplified approval process funding proposal 063, submitted by the Caribbean Development Bank (CDB), for the amount of USD 24,117,448, in accordance with the term sheet agreed between the Secretariat and CDB and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
11. Approves simplified approval process funding proposal 064, submitted by the Small Industries Development Bank of India (SIDBI), for the amount of USD 24,997,890, in accordance with the term sheet agreed between the Secretariat and SIDBI and set out in document GCF/B.43/02/Add.22, and subject to the conditions set out in annex I;
12. Also approves simplified approval process funding proposal 065, submitted by the National Bank for Agriculture and Rural Development (NABARD), for the amount of USD 20,000,000, in accordance with the term sheet agreed between the Secretariat and NABARD and set out in document GCF/B.43/02/Add.28, and subject to the conditions set out in annex I;
13. Further approves funding proposal 278, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 43,623,766.13, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
14. Approves funding proposal 279, submitted by the World Food Programme (WFP), for the amount of USD 44,679,086, in accordance with the term sheet agreed between the Secretariat and WFP and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
15. Also approves funding proposal 280, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 31,021,730, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
16. Further approves funding proposal 281, submitted by the Ministry of Finance and Economic Management (MFEM) of the Cook Islands, for the amount of USD 39,982,375, in accordance with the term sheet agreed between the Secretariat and MFEM of the Cook Islands and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
17. Approves funding proposal 282, submitted by the Japan International Cooperation Agency (JICA), for the amount of USD 61,465,393, in accordance with the term sheet agreed between the Secretariat and JICA and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
18. Also approves funding proposal 283, submitted by the Asian Development Bank (ADB), for the amount of USD 250,000,000, in accordance with the term sheet agreed between the Secretariat and ADB and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
19. Further approves funding proposal 284, submitted by the International Bank for Reconstruction and Development and the International Development Association (World Bank), for the amount of USD 200,000,000, in accordance with the term sheet agreed between the Secretariat and the World Bank and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
20. Approves funding proposal 285, submitted by GEF Brasil Investimentos Ltda (GEF Brasil), for the amount of USD 70,000,000, in accordance with the term sheet agreed between the Secretariat and GEF Brasil and set out in document GCF/B.43/02/Add.23, and subject to the conditions set out in annex I;
21. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, GEF Brasil shall be deemed accredited only for the purposes of funding proposal 285;
22. Approves funding proposal 286, submitted by Mandala Capital Limited (Mandala), for the amount of USD 36,000,000, in accordance with the term sheet agreed between the Secretariat and Mandala and set out in document GCF/B.43/02/Add.24, and subject to the conditions set out in annex I;
23. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, Mandala shall be deemed accredited only for the purposes of funding proposal 286;
24. Approves funding proposal 287, submitted by Novastar Ventures Limited (Novastar), for the amount of USD 40,000,000, in accordance with the term sheet agreed between the Secretariat and Novastar and set out in document GCF/B.43/02/Add.25, and subject to the conditions set out in annex I;
25. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, Novastar shall be deemed accredited only for the purposes of funding proposal 287;
26. Approves funding proposal 288, submitted by the International Finance Corporation (IFC), for the amount of USD 295,000,000, in accordance with the term sheet agreed between the Secretariat and IFC and set out in document GCF/B.43/02/Add.32, and subject to the conditions set out in annex I;
27. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her delegate(s) is authorized to negotiate and enter into legal agreements on behalf of GCF in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and

54. 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.43/08/Rev.01 titled “Adding a host country in respect of FP140 ‘High Impact Programme for the Corporate Sector’”:

1. Approves the inclusion of Egypt as a host country for FP140; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (a) above.

The Board, having considered document GCF/B.43/16 titled “Status of approved funding proposals: adding host countries in respect of FP230 (“Kuali Fund-GCF”)”:

1. Approves the inclusion of Bolivia, Costa Rica, the Dominican Republic, India and Peru as host countries for FP230; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (a) above.

The Board, having considered document GCF/B.43/14 titled “Consideration of funding proposals: Extension of deadline in respect of FP224 (Renewstable Barbados Project)” and its limited distribution addendum Add.01:

Decides to extend, until the day which is one day after the last day of the forty-fifth meeting of the Board, the deadline for the submission by the accredited entity of a certificate or 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 for the following approved funding proposal:

1. FP224, titled “Renewstable Barbados Project”.

The Board, having considered document GCF/B.43/09 titled “Consideration of funding proposals: extension of the deadline in respect of FP242 ‘Caribbean Net-Zero and Resilient Private Sector’”:

Decides to extend until the day which is one day after the last day of the forty-fourth meeting of the Board the deadline for the execution of the funded activity agreement for the following approved funding proposal:

1. FP242, titled “Caribbean Net-Zero and Resilient Private Sector”.

The Board, having considered document GCF/B.43/10 titled “Consideration of funding proposals: extension of the deadline in respect of SAP047: ‘Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan’” and its limited distribution addendum Add.01:

Decides to extend until the day which is one day after the last day of the forty-fifth meeting of the Board the deadline for the execution of the funded activity agreement for the following approved funding proposal:

1. SAP047, titled “Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan”.

The Board, having considered document GCF/B.43/03 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants for accreditation:
   1. Applicant 158 (APL158), Agence de Promotion des Investissements Agricoles (APIA), based in Tunisia, as contained in document GCF/B.43/03/Add.01;
   2. Applicant 159 (APL159), the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), based in Viet Nam, as contained in document GCF/B.43/03/Add.02;
   3. Applicant 160 (APL160), the Joint Stock Company “Development Bank of Kazakhstan” (DBK), based in Kazakhstan, as contained in document GCF/B.43/03/Add.03;
   4. Applicant 161 (APL161), the Environmental Management Authority (EMA), based in Trinidad and Tobago, as contained in document GCF/B.43/03/Add.04; and
   5. Applicant 162 (APL162), the Ministry of Finance and Economic Management of the Government of Vanuatu (MFEM Vanuatu), based in Vanuatu, as contained in document GCF/B.43/03/Add.05;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL158, Agence de Promotion des Investissements Agricoles (APIA), based in Tunisia, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/Add.01, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL159, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), based in Viet Nam, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/Add.02, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL160, the Joint Stock Company “Development Bank of Kazakhstan” (DBK), based in Kazakhstan, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL161, the Environmental Management Authority (EMA), based in Trinidad and Tobago, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL162, the Ministry of Finance and Economic Management of the Government of Vanuatu (MFEM Vanuatu), based in Vanuatu, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
7. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant document for the following applicant seeking to upgrade their accreditation type:
   1. Japan International Cooperation Agency (JICA), based in Japan, as contained in document GCF/B.43/03/Add.06;
8. Agrees to upgrade the accreditation type of the Japan International Cooperation Agency (JICA), based in Japan, as contained in decision B.17/13, paragraph (b), subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/Add.06; and
9. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel and summarized in the document GCF/B.43/Inf.10 titled “Status of the GCF resources, portfolio and pipeline”.

The Board, having considered document GCF/B.43/17 titled “2026-2028 work programme of the Secretariat and annual administrative budget of the GCF Secretariat, Board and Trustee”:

1. Decides, in accordance with paragraph 20(e)(i) of the Strategic Plan for the GCF 2024–2027, to set the following Fund-level programming and disbursement targets for 2026:
   1. Annual programming target of USD 2.7 to 3 billion in funding proposals approved by the Board; and
   2. Annual disbursement target of USD 1,073 to 1,193 million;
2. Approves the 2026 to 2028 Secretariat work programme set out in annex II, in accordance with paragraph 23(e) of the Governing Instrument for the GCF, acknowledging that future review of work programmes will need to factor in discussions yet to take place on the Strategic Plan for the GCF 2028‒2031;
3. Also approves the following administrative budgets for 2026:
   1. USD 120,833,038 for the GCF Secretariat, as set out in table 7 of annex II, which includes USD 266,234 in new funding, as well as USD 120,566,804 for the 2026 GCF Secretariat administrative budget that was approved by decision B.40/11, paragraph (e);
   2. USD 5,017,387 for the Board, as set out in table 5 of annex II; and
   3. USD 6,547,690 for the Trustee, as set out in table 8 of annex II;
4. Further approves, consistent with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2027, acknowledging that future review of these provisional administrative budgets will need to factor in discussions yet to take place on the Strategic Plan for the GCF 2028‒2031:
   1. USD 128,767,883 for the GCF Secretariat, as set out in table 7 of annex II, which includes USD 540,065 in new funding, as well as USD 128,227,818 for the 2027 provisional GCF Secretariat administrative budget that was approved by decision B.40/11, paragraph (f);
   2. USD 5,094,155 for the Board, as set out in table 5 of annex II; and
   3. USD 6,906,000 for the Trustee, as set out in table 8 of annex II;
5. Approves, consistent with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2028, acknowledging that future reviews of these provisional administrative budgets will need to factor in discussions yet to take place on the Strategic Plan for the GCF 2028‒2031:
   1. USD 140,545,443 for the GCF Secretariat, as set out in table 7 of annex II;
   2. USD 5,230,705 for the Board, as set out in table 5 of annex II; and
   3. USD 6,896,100 for the Trustee, as set out in table 8 of annex II;
6. Also approves an emergency contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework, approved by decision B.38/07, to support all units of GCF in the amount of USD 2,718,840 for 2026;
7. Further approves provisional emergency contingency budgets pursuant to paragraph 26 of the Administrative Budget and Accounting Framework, approved by decision B.38/07, to support all units of GCF in the amount of USD 2,885,860 for 2027 and USD 3,132,792 for 2028;
8. Approves a Board contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework, approved by decision B.38/07, to support all units of GCF in the amount of USD 2,039,130 for 2026;
9. Also approves a budget allocation of USD 698,302 for each of 2026, 2027 and 2028, additional to the budgets set out in paragraphs (c) to (e) above, acknowledging that the Secretariat will absorb the remaining USD 299,272 in the budgets set out in paragraphs (c) to (e) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V, effective 1 January 2026;
10. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08;
11. Requests the Secretariat to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year; and
12. Endorses the statement of the Executive Director on this decision, to be contained in the report of the forty-third meeting of the Board.

The Board, having considered document GCF/B.43/05 titled “Work Programme and Budget of the Independent Integrity Unit for 2026-2028”:

1. Approves the work programme and administrative budget of the Independent Integrity Unit for 2026 in the amount of USD 4,255,200, as set out in annexes II and III, respectively, to document GCF/B.43/05;
2. Takes note of the provisional work programme of the Independent Integrity Unit for 2027 and 2028, as set out in annex II to document GCF/B.43/05;
3. Approves the provisional administrative budgets for the Independent Integrity Unit, as set out in annex III to document GCF/B.43/05, in the amounts of USD 4,422,700 for 2027 and USD 4,644,300 for 2028;
4. Authorizes the Budget Committee to consider and approve drawing from the Board contingency budget the costs of unanticipated case-related work of the Independent Integrity Unit in 2026, upon recommendation of the Ethics and Audit Committee;
5. Approves a budget allocation of USD 23,633 for each of 2026, 2027, and 2028, additional to the budgets set out in (a) and (c) above, acknowledging that the Independent Integrity Unit will absorb the remaining USD 10,128 in the budgets set out in (a) and (c) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V referenced in decision B.43/10, paragraph (i), effective 1 January 2026;
6. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08; and
7. Requests the Independent Integrity Unit to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year.

The Board, having considered document GCF/B.43/06 titled “Independent Redress Mechanism Work Programme and Budget for 2026-2028”:

1. Approves the work programme and the administrative budget of the Independent Redress Mechanism for 2026 in the amount of USD 3,044,456, as contained in annexes II and III, respectively, to document GCF/B.43/06;
2. Takes note of the provisional work programme of the Independent Redress Mechanism for 2027 and 2028, as set out in annex II to document GCF/B.43/06;
3. Approves the provisional administrative budgets for the Independent Redress Mechanism, as set out in annex III to document GCF/B.43/06, in the amounts of USD 3,346,474 for 2027 and USD 3,669,812 for 2028;
4. Authorizes the Budget Committee to consider and approve drawing from the Board contingency budget the costs of unanticipated case-related work of the Independent Redress Mechanism in 2026 upon recommendation of the Ethics and Audit Committee;
5. Approves drawing from the Board contingency budget the costs of unanticipated case-related work of the Independent Redress Mechanism up to USD 200,000 in total in 2025 upon consultation with the Budget Committee;
6. Also approves a budget allocation of USD 16,095 for each of 2026, 2027 and 2028, additional to the budgets set out in (a) and (c) above, acknowledging that the Independent Redress Mechanism will absorb the remaining USD 6,898 in the budgets set out in (a) and (c) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V referenced in decision B.43/10, paragraph (i), effective 1 January 2026;
7. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08; and
8. Requests the Independent Redress Mechanism to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year.

The Board, having considered document GCF/B.43/07 titled “Independent Evaluation Unit 2026 work plan and budget, 2026 ‒ 2028 work plan and budget, and update of its three-year rolling objectives”:

1. Approves the workplan and administrative budget for the Independent Evaluation Unit for 2026 in the amount of USD 7,809,281, as set out in table 5 of annex III to document GCF/B.43/07;
2. Also approves the provisional administrative budgets for the Independent Evaluation Unit in the amount of USD 7,756,963 for 2027 and USD 7,780,029 for 2028, as set out in table 2 of annex II to document GCF/B.43/07;
3. Notes the update on the Independent Evaluation Unit’s three-year rolling objectives outlined in annex IV to document GCF/B.43/07;
4. Approves a budget allocation of USD 35,133 for each of 2026, 2027 and 2028, additional to the budgets set out in (a) and (b) above, acknowledging that the Independent Evaluation Unit will absorb the remaining USD 15,057 in the budgets set out in (a) and (b) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V referenced in decision B.43/10, paragraph (i), effective 1 January 2026;
5. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08; and
6. Requests the Independent Evaluation Unit to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year.

The Board, having considered document GCF/B.43/20 titled “Co-Chairs’ proposal for an updated structure for Board committees” and its addendum Add.01 titled “Response matrix for comments received on the draft document”:

1. Notes the proposed updated structure of Board committees presented in annex II to document GCF/B.43/20;
2. Requests the Co-Chairs, with the support of the Secretariat, to present for consideration by the Board at its forty-fourth meeting new or updated terms of reference for the Board committees based on the proposed updated structure presented in annex II to document GCF/B.43/20 and discussions that took place at the forty-third meeting of the Board;
3. Also requests the Secretariat to prepare an update to the General guidelines for the operation of Board committees for Board consideration, as necessary, to give effect to any updates, including those proposed in annex II to document GCF/B.43/20, if adopted by the Board; and
4. Further requests the Co-Chairs, with the support of the Secretariat, to review existing authorities regulating participation in committee meetings and propose options for enhancing their role for Board consideration in the coming year.

The Board, having considered document GCF/B.43/15 titled “Dates and venues of upcoming meetings of the Board”:

1. Decides and confirms that the forty-fourth meeting of the Board will take place from Wednesday, 25 March to Saturday, 28 March 2026 in Songdo, Incheon, Republic of Korea;
2. Also decides that the forty-fifth meeting of the Board will take place from Monday, 29 June to Thursday, 2 July 2026 in Dushanbe, Tajikistan; and
3. Further decides that the forty-sixth meeting of the Board will take place from Monday, 26 to Thursday, 29 October 2026 in Songdo, Incheon, Republic of Korea.

The Board, having considered document GCF/BM-2025/05 titled “Dates of the forty-third meeting of the Board”:

Recalls and confirms that the forty-third meeting of the Board will take place from Monday, 27 October to Thursday, 30 October 2025, in the Republic of Korea.

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

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

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

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

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

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

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

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

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

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

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

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

The Board, having considered document GCF/B.42/06 titled “Status of approved funding proposals: adding host countries in respect of FP205 (“Infrastructure Climate Resilient Fund”)”:

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

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

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