Boardroom

The Board, having considered document GCF/B.39/14 titled “Thirteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”:

1. Requests the Co-Chairs, assisted by the Secretariat, to finalize the “Thirteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annex II to document GCF/B.39/14, taking into consideration the comments made and decisions taken at the thirty-ninth meeting of the Board, and submit the revised report to the United Nations Framework Convention on Climate Change secretariat, no later than 12 weeks prior to the twenty-ninth session of the Conference of the Parties, in accordance with decision 7/CP.20, paragraph 23; and
2. Also requests the Co-Chairs, assisted by the Secretariat, to develop an addendum to the “Thirteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change” capturing the progress and decisions to be made during the fortieth meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board, having considered document GCF/B.39/17 titled “Financing of results-based payments for REDD+”:

1. Decides to approve the “Principles for mainstreaming REDD+ results-based payments”, as set out in annex IV, as the guiding principles to be applied for developing a proposal to integrate a REDD+ results-based payments funding modality into the regular project and programme activity cycle of GCF;
2. Requests the Secretariat to prepare for the Board’s consideration and approval a proposal for integrating a REDD+ results-based payments funding modality into the regular project and programme activity cycle of GCF, consistent with the principles approved under paragraph (a) above, and building on consultations conducted following decision B.35/12, paragraphs (b) and (c), no later than the fortieth meeting of the Board;
3. Also requests the Secretariat to undertake open, inclusive and transparent consultations on the development of the proposal on the financing of results-based payments for REDD+;
4. Notes that four eligible concept notes for the Lao People’s Democratic Republic, Papua New Guinea, Uganda and Viet Nam, respectively, had been submitted under, and within the period of, the pilot programme for REDD+ results-based payments that was adopted by decision B.18/07 and were not able to be considered under the pilot programme due to the funding envelope approved for that pilot programme being exhausted; and
5. Decides on an exceptional basis to allow the four REDD+ results-based payments concept notes to be submitted as funding proposals under the pilot programme mentioned in paragraph (d) above, subject to the relevant review and due diligence to be carried out by the Secretariat for a funding proposal.

The Board, having considered document GCF/B.39/18/Rev.01 titled “Partnerships and Access Strategy”:

1. Recalls paragraph 31 of the Governing Instrument for the GCF which provides that the Fund will provide simplified and improved access to funding, including direct access, basing its activities on a country-driven approach and will encourage the involvement of relevant stakeholders, including vulnerable groups and addressing gender aspects;
2. Confirms that in line with the Strategic Plan for the GCF 2024–2027, significantly improving access to GCF resources represents a core operational commitment of GCF for the period 2024–2027, noting the urgency of climate change and consultations with stakeholders on GCF accessibility;
3. Takes note of document GCF/B.39/18/Rev.01 titled “Partnerships and Access Strategy” and the views expressed by the Board members during the thirty-ninth meeting of the Board; and
4. Requests the Secretariat to take into account comments made on document GCF/B.39/18/Rev.01 titled “Partnerships and Access Strategy” during the thirty-ninth meeting of the Board in developing policy proposals, in consultation with the Board and/or its committees, for Board consideration.

The Board, having considered document GCF/B.39/11 titled “Enhancing coherence and complementarity”:

1. Welcomes the efforts made on the draft action plan in annex V as a contribution to enhancing coherence and complementarity between the multilateral climate funds and within the international climate finance architecture;
2. Requests the Secretariat to coordinate with the other multilateral climate funds to reflect the Board’s comments and observations in the further refinement of the multilateral climate funds draft action plan; and (c) Also requests the Secretariat to update on progress in the development of the draft action plan as part of its reporting on the Operational Framework on Complementarity and Coherence.

The Board, having considered document GCF/B.39/16 titled “Independent Evaluation of Green Climate Fund’s Energy Sector Portfolio and Approach: Final Report”:

1. Recalls paragraph 60 of the Governing Instrument for the GCF and the importance of “an operationally independent evaluation unit as part of the core structure of the Fund”;
2. Notes some Board members’ concerns with factual inconsistencies and inaccuracies in the evaluation report;
3. Invites members and alternate members of the Board to consider the findings and recommendations of the following evaluations and to provide any comments no later than 30 September 2024:
   1. Independent Evaluation of Green Climate Fund’s Energy Sector Portfolio and Approach; and
4. Requests the Independent Evaluation Unit to append the response matrix of comments received to the evaluation report no later than 30 October 2024 to inform future relevant Board discussions.

The Board, having considered document GCF/B.39/06 titled “Independent Evaluation of the GCF’s Investment Framework: Final Report”:

1. Takes note of the findings and recommendations in the independent evaluation of the GCF’s investment framework undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.39/06/Add.01;
3. Requests the Investment Committee to further consider the independent evaluation of the GCF’s investment framework, including its findings and recommendations, as well as the Secretariat’s management response, and submit its recommendations to the Board for consideration;
4. Also requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the Board’s consideration of the recommendations made by the Investment Committee.

The Board, having considered document GCF/B.39/09 titled “Dates and venues of upcoming meetings of the Board”:

1. Expresses appreciation for the offers from Mongolia, Papua New Guinea, and Tajikistan to host a meeting of the Board;
2. Recalls and confirms that the fortieth meeting of the Board will take place from Monday, 21 October to Thursday, 24 October 2024, in the Republic of Korea;
3. Decides that the forty-first meeting of the Board will take place from Monday, 24 to Thursday, 27 February 2025, in the Republic of Korea;
4. Also decides that the forty-second meeting of the Board will take place from Monday, 30 June to Thursday, 3 July 2025 in a location outside of the Republic of Korea to be decided further by the Board upon recommendation by the Secretariat; and
5. Further decides that the forty-third meeting of the Board will take place from Monday, 27 to Thursday, 30 October 2025, in the Republic of Korea.

The Board, having considered document GCF/BM-2024/04 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

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

Civil society organizations:

Ban Ki-moon Centre for Global Citizens (BKMC)

Friendship Global Partnership for Sustainable Development (GPSD)

Good Neighbors International (GN)

Jigme Singye Wanchuck School of Law (JSW Law)

Private sector organizations:

Mandala Capital Limited

International entities:

None

The Board, having considered limited distribution document GCF/BM-2024/03 titled “Performance review and appointment of members of the Accreditation Panel”:

1. Takes note of the detailed report on the performance review of the members of the Accreditation Panel prepared by the independent consultant pursuant to decision B.36/03 and in line with decision B.BM-2017/03, paragraph (e), as set out in annex II of document GCF/BM-2024/03;
2. Considers the performance of the reviewed members of the Accreditation Panel satisfactory;
3. Decides to reappoint the following members of the Accreditation Panel for another three-year term, starting on the date of this decision:
   1. Mr. Ben Boxer (United Kingdom of Great Britain and Northern Ireland/Australia, fiduciary);
   2. Ms. Diana Isiye (Kenya, fiduciary); and
   3. Ms. Natalie Unterstell (Brazil/Switzerland, fiduciary, environmental and social safeguards (ESS), and gender); and
4. Endorses the nomination by the Accreditation Committee of, and decides to appoint, the following experts to the Accreditation Panel for a three-year term, starting on the date of this decision in accordance with the terms of reference adopted in decision B.07/02, paragraph (h), and decision B.BM-2017/03, and taking into account decision B.08/20, paragraphs (d) and (e):
   1. Ms. Sandra Abiola (South Africa, fiduciary, environmental and social safeguards (ESS) and gender);
   2. Ms. Irene Nakiwu Koksæter (Uganda/Norway, environmental and social safeguards (ESS) and gender); and
   3. Ms. Yasmin Saadat (Iran (Islamic Republic of)/United Kingdom of Great Britain and Northern Ireland, fiduciary).

The Board, having considered the limited distribution document GCF/BM-2024/01 titled “Status of approved funding proposals: Extension of deadline in respect of FP153 (Mongolian Green Finance Corporation)”:

1. Decides to extend the deadline until 180 days after the Previous Deadline which falls on 02 July 2024 for the submission by the accredited entity of a certificate or legal opinion, in form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed programme for the following approved funding proposal:
   1. FP153, titled “Mongolian Green Finance Corporation”.

The Board, having considered document GCF/B.38/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 034 titled “Akamatutu’anga To Tatou Ora’anga Meitaki (ATOM): Building a healthy and resilient Cook Islands Community – one block at a time” by the Ministry of Finance and Economic Management (MFEM) of the Government of the Cook Islands, as contained in document GCF/B.38/02/Add.01;
   2. Simplified approval process funding proposal 035 titled “Building the Adaptive Capacity of Sugarcane Farmers in Northern Belize (BaC-SuF)” by the Caribbean Community Climate Change Centre, as contained in document GCF/B.38/02/Add.02;
   3. Simplified approval process funding proposal 036 titled “Sierra Leone Coastal Resilience Project (SLCRP)” by Save the Children Australia, as contained in document GCF/B.38/02/Add.03;
   4. Simplified approval process funding proposal 037 titled “Avaana Sustainability Fund” by the Small Industries Development Bank of India, as contained in document GCF/B.38/02/Add.04 and 12;
   5. Funding proposal 225 titled “E-Mobility Program” by the Asian Development Bank, as contained in document GCF/B.38/02/Add.05;
   6. Funding proposal 226 titled “Resilient Puna: Ecosystem based Adaptation for sustainable High Andean communities and ecosystems in Peru” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.38/02/Add.06;
   7. Funding proposal 227 titled “Increase Resilience to Climate Change of Smallholders Receiving the Services of the Inclusive Agricultural Value Chains Programme (DEFIS+)” by the International Fund for Agricultural Development, as contained in document GCF/B.38/02/Add.07;
   8. Funding proposal 228 titled “Cambodian Climate Financing Facility” by the Korea Development Bank, as contained in document GCF/B.38/02/Add.08 and 13;
   9. Funding proposal 229 titled “Acumen Climate Action Pakistan Fund” by Acumen Fund, Inc., as contained in document GCF/B.38/02/Add.09 and 14;
   10. Funding proposal 230 titled “Kuali Fund-GCF” by Compañía Española de Financiación del Desarrollo S.A., S.M.E (COFIDES), as contained in document GCF/B.38/02/Add.10 and 15; and
   11. Funding proposal 231 titled “Accelerating Solar Action Program (ASAP)” by Ecobank Ghana Limited, as contained in document GCF/B.38/02/Add.11 and 16;
2. Approves simplified approval process funding proposal 034, submitted by the Ministry of Finance and Economic Management (MFEM) of the Government of the Cook Islands, for the amount of USD 12,512,509, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
3. Also approves simplified approval process funding proposal 035, submitted by the Caribbean Community Climate Change Centre, for the amount of USD 25,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
4. Further approves simplified approval process funding proposal 036, submitted by Save the Children Australia, for the amount of USD 25,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
5. Approves simplified approval process funding proposal 037, submitted by the Small Industries Development Bank of India, for the amount of USD 24,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.12;
6. Also approves funding proposal 225, submitted by the Asian Development Bank, for the amount of USD 169,920,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
7. Further approves funding proposal 226, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 40,790,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
8. Approves funding proposal 227, submitted by the International Fund for Agricultural Development, for the amount of USD 53,861,003, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
9. Also approves funding proposal 228, submitted by the Korea Development Bank, for the amount of USD 54,959,050, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.13;
10. Further approves funding proposal 229, submitted by Acumen Fund, Inc., for the amount of USD 28,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.14;
11. Approves funding proposal 230, submitted by Compañía Española de Financiación del Desarrollo S.A. S.M.E. (COFIDES), for the amount of EUR 32,800,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.15;
12. Also approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 231, submitted by Ecobank Ghana Limited, for the amount of USD 16,197,530, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.16;
13. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her designee is authorized to negotiate and enter into legal agreements on behalf of GCF with accredited entities and other parties involved in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
14. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered limited distribution document GCF/B.38/13 titled “Consideration of proposed change included in the restructuring proposals for: FP152: Global Subnational Climate Fund (SnCF Global) – Equity; FP180: Global Coral Reef Investment Window (GCFR)”:

1. Approves, with respect to FP152, the extension of the final fund closing date to 31 December 2024;
2. Also approves, with respect to FP180, the extension of the final fund closing date to (i) the last day of the third Board meeting of 2025; or (ii) 31 October 2025, whichever is later; and
3. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraphs (a) and (b) above.

The Board, having considered limited distribution document GCF/B.38/14 titled “Consideration of funding proposals: Consideration of a request for changes of the design and pricing in respect of funded activity FP106 (“Embedded Generation Investment Plan (EGIP)”)”:

1. Approves, with respect to funded activity FP106 titled “Embedded Generation Investment Programme (EGIP)”:
   1. A change to the financial instrument between GCF and the accredited entity from a limited recourse loan to a credit line to be provided by GCF to the Development Bank of Southern Africa, with consequential changes to the terms and conditions for the utilization of the GCF proceeds, as set out in the revised term sheet in annex III to document GCF/B.38/14; and
   2. The changes to the pricing of GCF proceeds, as set out in document GCF/B.38/14.

The Board, having considered document GCF/B.38/03 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 125 (APL125) is the Banco de Comercio Exterior de Colombia S.A. (Bancóldex), based in Colombia, as contained in document GCF/B.38/03/Add.02;
   2. Applicant 126 (APL126) is the Banco Nacional de Obras y Servicios Públicos, S.N.C. (BANOBRAS), based in Mexico, as contained in document GCF/B.38/03/Add.03;
   3. Applicant 127 (APL127) is the Cities and Villages Development Bank (CVDB), based in Jordan, as contained in document GCF/B.38/03/Add.04;
   4. Applicant 128 (APL128) is the Community Development and Investment Agency of the Kyrgyz Republic (ARIS), based in Kyrgyzstan, as contained in document GCF/B.38/03/Add.05;
   5. Applicant 129 (APL129) is the Nepal Investment Mega Bank Limited (NIMB), based in Nepal, as contained in document GCF/B.38/03/Add.06;
   6. Applicant 130 (APL130) is the Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), based in Panama, as contained in document GCF/B.38/03/Add.07;
   7. Applicant 131 (APL131) is Terra Global Capital, LLC (Terra Global), based in the United States of America, as contained in document GCF/B.38/03/Add.08; and
   8. Applicant 132 (APL132) is the International Tropical Timber Organization (ITTO), based in Japan, as contained in document GCF/B.38/03/Add.09;

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

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL125, the Banco de Comercio Exterior de Colombia S.A. (Bancóldex), based in Colombia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/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;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL126, the Banco Nacional de Obras y Servicios Públicos, S.N.C. (BANOBRAS), based in Mexico, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/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;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL127, the Cities and Villages Development Bank (CVDB), based in Jordan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/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;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL128, the Community Development and Investment Agency of the Kyrgyz Republic (ARIS), based in Kyrgyzstan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/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;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL129, the Nepal Investment Mega Bank Limited (NIMB), based in Nepal, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.06, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL130, the Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), based in Panama, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.07, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
8. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL131, Terra Global Capital, LLC (Terra Global), based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.08, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
9. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL132, the International Tropical Timber Organization (ITTO), based in Japan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.09, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11; and
10. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel contained in document GCF/B.38/03/Add.01.

Following the discussions at its thirty-seventh meeting and having considered document GCF/B.38/07 titled “GCF regional presence”, the Board:

1. Takes note of the guidance from the Conference of the Parties to the United Nations Framework Convention on Climate Change urging the Board to expedite the finalization of its consideration of options for establishing GCF regional presence;
2. Also takes note of the GCF regional presence feasibility study contained in annex I to document GCF/B.37/Inf.13 and the Secretariat assessment of GCF regional presence informed by the study outlined in document GCF/B.38/07 and the views expressed by Board members during consideration of the matter at the thirty-eighth meeting of the Board;
3. Requests the Secretariat to present to the Board for its consideration various proposals for GCF regional presence, including an assessment of implementation modalities and a comprehensive cost-benefit analysis, legal considerations and financial analysis, no later than the fortieth meeting of the Board;
4. Also requests the Secretariat to undertake consultations with Board members and alternate members, national designated authorities and active observers on the various proposals referred to in paragraph (c) above; and
5. Further requests the Secretariat to provide a brief progress update at the thirty-ninth meeting of the Board, including an updated timeline for delivery.

The Board, having considered document GCF/B.38/06 titled “Consideration of the GCF Compensation Philosophy”:

1. Adopts the GCF Compensation Philosophy as contained in annex II;
2. Affirms that the GCF Compensation Philosophy shall serve as the foundation of the GCF salary structure and compensation framework; and
3. Recalls decision B.34/21, wherein the Board requested the Secretariat to present the GCF salary structure and compensation framework, and the revised principles-based Administrative Guidelines on Human Resources for Board consideration.
    

The Board, having reviewed document GCF/B.38/11 titled “Administrative Budget and Accounting Framework”:

1. Approves the Administrative Budget and Accounting Framework set out in annex III, which will take effect from the date of this Board decision;
2. Notes that the Administrative Budget and Accounting Framework supersedes the Administrative Guidelines on the Budget and Accounting System adopted by decision B.BM-2015/05; and
3. Approves the updated terms of reference for the Budget Committee contained in annex IV, as mandated by decision B.34/05, paragraph (k)(iii).

The Board, having considered document GCF/B.38/09 titled “Dates and venues of upcoming meetings of the Board”:

Recalls and confirms that the thirty-ninth meeting of the Board will take place from Monday, 15 to Thursday, 18 July 2024, in the Republic of Korea.

The Board, having considered document GCF/BM-2024/02 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

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

Civil society organizations:
Alliance for Empowering Rural Communities (AERC)
Association For Socio Economic Development (ASED HABIGONJ)
Chemichemi Foundation
Indigenous Livelihood Innovation Organization Team (ILIOT)
ONG Aide et Solidarite
Perkumpulan Aksi untuk Keadilan Gender, Sosial dan Ekologi (Aksi!)/Aksi! for Gender, Social and Ecological Justice
University College London

Private sector organizations:
MTI Consulting W.L.L (MTI)
Institute For Development Impact (I4DI)

International entities:
None

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

A limited distribution decision was adopted under this agenda item: 

DECISION B.37/01 on accreditation master agreements

The Board, having reviewed document GCF/B.37/23 titled “Appointment of External Auditors for the year 2023”:

1. Decides to extend the term of Nexia Samduk as the External Auditor of the Fund for one year with a view to conducting the audit of the 2023 financial statements; and
2. Requests the Secretariat to commence the process for the selection of an External Auditor for three years commencing with the 2024 financial statements, in accordance with the terms of reference contained in annex II.

The Board, having considered document GCF/B.37/13 titled “Sustainable and responsible investment of GCF funds held in the GCF Trust Fund”:

1. Authorizes a maximum allocation of 30 per cent of GCF Trust Fund liquid assets into the Trustee’s Sustainable Fixed Income Strategy/Model Portfolio 8; and
2. Requests the Trustee to continue reporting quarterly on the performance and profile of the GCF Trust Fund with information provided for each model portfolio in which the GCF Trust Fund assets are invested, and also requests the Trustee to post this information on the Trustee website.

The Board:

1. Establishes the Committee on Human Resources Matters as an ad hoc committee of the Board in accordance with paragraphs 2(g) and 30 of the Rules of Procedure of the Board;
2. Adopts the terms of reference of the Committee on Human Resources Matters as set out in annex III;
3. Decides that the three members from the developed country constituency and three members from the developing country constituency will be deemed appointed by the Board once they have been selected by their respective constituencies and communicated by the Co-Chairs to the Secretariat; and
4. Confirms that the work of the Committee on Human Resources Matters does not affect the role of the Budget Committee with respect to matters that fall within paragraph 3(a) of the terms of reference of the Budget Committee adopted by the Board in decision B.12/37.

The Board, recognizing the Board’s need for transparency and information on resource implications to inform decision-making:

Requests the Secretariat to include a section in relevant documents submitted to the Board for consideration and approval containing information of any administrative budgetary implications of proposed decisions, including the methodology and key assumptions used, and any material impact on the commitment authority of the GCF.

The Board, having considered document GCF/B.37/11 titled “Update of the working modalities of the Accreditation Panel”, pursuant to decision B.07/02, annex V, paragraph 17, and pursuant to decision B.31/06, paragraph (f):

1. Takes note of and endorses the updated Modalities of Work of the Accreditation Panel contained in annex I to document GCF/B.37/11; and
2. Requests, pursuant to decision B.07/02, annex V, paragraph 26, that the Accreditation Committee, in consultations with the Secretariat and the Accreditation Panel, review and, if necessary, update the terms of reference of the Accreditation Panel adopted in decision B.07/02, paragraph (h), to ensure they remain fit for purpose, and present them to the Board for approval no later than the thirty-ninth meeting of the Board.

The Board, having considered document GCF/B.37/24 titled “Appointment of members of the independent Technical Advisory Panel”:

1. Recalls the updated terms of reference of the independent Technical Advisory Panel as approved in decision B.BM-2018/09; and
2. Endorses the renewal 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. Mr. Rey Guarin;
   2. Mr. Ricardo Nogueira; and
   3. Ms. Caroline Petersen.

The Board, having considered document GCF/B.37/20 titled “2024 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 2024, noting the intent for programming levels to be scaled up over 2025–2027:
   1. Annual programming target of USD 1.75 to 2.2 billion in funding proposals approved by the Board;1 and
   2. Annual disbursement target of USD 990 million to 1,490 million;
2. Approves the 2024 work programme and the objectives set out in annex IV, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
3. Also approves the administrative budget for the GCF Secretariat as set out in table 8 of annex IV for the period 1 January 2024 to 31 December 2024 in the amount of USD 101,961,000, which includes USD 28,720,239 in new funding, as well as the USD 73,240,720 for 2024 staff salaries and emoluments that was approved by the Board in decisions B.30/06 and B.30/07;
4. Recognizes that the new funding of USD 28,720,239 includes a contingency budget of USD 1,999,000. The contingency budget will be used to support both the Secretariat and the independent units;
5. Approves USD 72,100,000 for projected staff salaries and emoluments for 2026;
6. Adopts the International Staff and Administrative Services staff salary scales shown in annex V, appendix III, which will enter into force on 1 January 2024;
7. Approves a budget of USD 1,741,000 to be allocated in 2024 for the implementation of the 2024 salary scale adjustment;
8. Tasks the Executive Director with setting the guidelines for the distribution of salary increases in line with the Administrative Guidelines on Human Resources, sections E.I.5 and E.I.10;
9. Requests the Secretariat to develop a process for the adjustment of salary scales that provides information to the Board prior to the last meeting of the year;
10. Approves a budget for the Board in the amount of USD 5,947,000 as found in table 7 of annex IV;
11. Also approves a budget for the Trustee in the amount of USD 4,531,000 as included in table 9 of annex IV; and
12. Recalls that the Board will consider in 2024 a proposal for updating the budgeting system for all GCF administrative budgets, pursuant to decision B.34/05, paragraph (k).

1 This target aligns with the Secretariat programming indicator of USD 2.14–2.63 billion submitted to the independent Technical Advisory Panel.

The Board, having considered document GCF/B.37/21 titled “Independent Evaluation Unit 2024 Work plan and Budget and Update of its three-year rolling work plan and objectives”:

1. Approves the work plan and budget of the Independent Evaluation Unit for 2024 as contained in document GCF/B.37/21 (total budgeted amount of USD 7,649,286);
2. Requests the Independent Evaluation Unit, in consultation with the Budget Committee, to prepare a multi-year budget and schedule for the third performance review of GCF for consideration by the Board at its thirty-eighth meeting; and
3. Notes the update on the Independent Evaluation Unit’s three-year rolling work plan, outlined in annex VI, as requested by the Board to ensure flexibility, learning and predictability for the Independent Evaluation Unit.

The Board, having considered document GCF/B.37/18 titled “Work Programme and Budget of the Independent Integrity Unit for 2024”:

1. Approves the work programme and budget of the Independent Integrity Unit for 2024 as contained in annexes VII and VIII with a total budgeted amount of USD 3,601,000; and
2. Requests the Budget Committee and the Ethics and Audit Committee to review the budget execution during 2024 and acknowledge that the Independent Integrity Unit may present to the Board, for its consideration at its thirty-ninth meeting, an additional budgetary request to execute its work programme for 2024.

The Board, having considered document GCF/B.37/19 titled “Independent Redress Mechanism Work Plan and Budget for 2024”:

1. Approves the work plan and the administrative budget of the Independent Redress Mechanism for 2024 in the amount of USD 1,993,209, as contained in annexes II and III, respectively, to document GCF/B.37/19; and
2. Notes that on the basis of cases filed, the Independent Redress Mechanism may need to present a supplementary budget for travel and case-related expenses in 2024 for the consideration and approval of the Board.

The Board, having considered document GCF/B.37/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 030 titled “Strengthening Climate Resilience of the Lao People’s Democratic Republic (PDR) Health System” by Save the Children Australia, as contained in document GCF/B.37/02/Add.01;
   2. Simplified approval process funding proposal 031 titled “Marajó Resiliente: Enhancing the resilience of smallholders to climate change impacts through adapting and scaling up diversified agroforestry systems in the Marajo Archipelago of Brazil” by Fundación Avina, as contained in document GCF/B.37/02/Add.02;
   3. Simplified approval process funding proposal 032 titled “Local Climate Adaptive Living Facility - LoCAL” by National Fund for Environment and Climate of Benin (FNEC), as contained in document GCF/B.37/02/Add.03;
   4. Simplified approval process funding proposal 033 titled “Enhancing Climate Information Systems for Resilient Development in Sierra Leone” by the African Development Bank, as contained in document GCF/B.37/02/Add.04;
   5. Funding proposal 214 titled “Thai Rice: Strengthening Climate-Smart Rice Farming” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.37/02/Add.05;
   6. Funding proposal 215 titled “Community Resilience Partnership Program” by the Asian Development Bank, as contained in document GCF/B.37/02/Add.06;
   7. Funding proposal 216 titled “Scaling up climate resilient flood risk management in Bosnia and Herzegovina” by the United Nations Development Programme, as contained in document GCF/B.37/02/Add.07;
   8. Funding proposal 217 titled “Building Resilience of Vulnerable Communities to Climate Variability in Rwanda’s Congo Nile Divide through Forest and Landscape Restoration” by the Government of Rwanda, acting through the Ministry of Environment, as contained in document GCF/B.37/02/Add.08;
   9. Funding proposal 218 titled “Building climate resilience in the landscapes of Kigoma region, Tanzania” by the United Nations Environment Programme, as contained in document GCF/B.37/02/Add.09;
   10. Funding proposal 219 titled “Staple Crops Processing Zone (SCPZ): Promoting Sustainable Agricultural Value Chains” by the African Development Bank, as contained in document GCF/B.37/02/Add.10;
   11. Funding proposal 220 titled “Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) for East Africa region” by the International Fund for Agricultural Development, as contained in document GCF/B.37/02/Add.11 and 16;
   12. Funding proposal 221 titled “Rwanda Green Investment Facility (RGIF)” by the African Development Bank, as contained in document GCF/B.37/02/Add.12 and 17;
   13. Funding proposal 222 titled “Renewable Energy Performance Platform (REPP 2)” by Camco Management Limited, as contained in document GCF/B.37/02/Add.13 and 18;
   14. Funding proposal 223 titled “Project GAIA (“GAIA”)” by MUFG Bank, Ltd., as contained in document GCF/B.37/02/Add.14 and 19; and
   15. Funding proposal 224 titled “Renewstable Barbados Project” by the International Finance Corporation, as contained in document GCF/B.37/02/Add.15 and 20;
2. Approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, simplified approval process funding proposal 030, submitted by Save the Children Australia, for the amount of USD 24,978,084, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
3. Also approves simplified approval process funding proposal 031, submitted by Fundación Avina, for the amount of USD 9,388,923, subject to the conditions set out annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
4. Further approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, simplified approval process funding proposal 032, submitted by the National Fund for Environment and Climate of Benin (FNEC), for the amount of USD 9,387,720, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
5. Approves simplified approval process funding proposal 033, submitted by the African Development Bank, for the amount of USD 15,094,264, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
6. Also approves funding proposal 214, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 38,174,347, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
7. Further approves funding proposal 215, submitted by the Asian Development Bank, for the amount of USD 120,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
8. Approves funding proposal 216, submitted by the United Nations Development Programme, for the amount of USD 14,400,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
9. Also approves funding proposal 217, submitted by the Government of Rwanda, acting through the Ministry of Environment, for the amount of USD 39,056,421, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
10. Further approves funding proposal 218, submitted by the United Nations Environment Programme, for the amount of USD 19,007,353, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
11. Approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 219, submitted by the African Development Bank, for the amount of USD 102,790,988.06, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
12. Also approves funding proposal 220, submitted by the International Fund for Agricultural Development, for the amount of USD 55,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.16;
13. Further approves funding proposal 221, submitted by the African Development Bank, for the amount of USD 42,793,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.17;
14. Approves, pursuant to a vote in which 22 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which 1 of the Board members present abstained from the vote, funding proposal 222, submitted by Camco Management Limited, for the amount of USD 50,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.18;
15. Also approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 223, submitted by MUFG Bank, Ltd., for the amount of USD 152,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.19;
16. Further approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 224, submitted by International Finance Corporation, for the amount of USD 41,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.20;
17. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her designee is authorized to negotiate and enter into legal agreements on behalf of GCF with accredited entities and other parties involved in respect of funding proposals approved bythe Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
18. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered limited distribution document GCF/B.37/10 titled “Status of approved funding proposals: Extension of deadline in respect of SAP016 (Fiji Agrophotovoltaic Project in Ovalau)”:

Decides to extend the deadline until 24 April 2024 for the execution of the funded activity agreement for the following approved funding proposal:

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

The Board, having considered document GCF/B.37/07 and its limited distribution Add.01 titled “Status of approved funding proposals: adding host countries in respect of FP086 (Green Cities Facility)”:

1. Approves the inclusion of: Bosnia and Herzegovina, Kazakhstan, Kyrgyzstan, Morocco, Tajikistan and Uzbekistan as host countries for FP086; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

The Board, having considered limited distribution document GCF/B.37/08 titled “Consideration of funding proposals: Extension of deadline in respect of FP185 (Climate Change: The New Evolutionary Challenge for the Galapagos)”:

Decides to extend the deadline by one hundred and eighty (180) days after the effectiveness of the amended and restated accreditation master agreement for the submission by the accredited entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed project/programme, for the following approved funding proposal:

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

The Board, having considered limited distribution document GCF/B.37/09 titled “Consideration of funding proposals: Extension of deadline in respect of FP166 (Light Rail Transit for the Greater Metropolitan Area (GAM) in Costa Rica)”:

Decides to extend the deadline until 22 April 2025 for the execution of the funded activity agreement, in a form and substance satisfactory to the GCF Secretariat, for the following approved funding proposal:

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

The Board, having considered limited distribution document GCF/B.37/04 titled “Consideration of funding proposals: Consideration of a request for restructuring in respect of funded activity FP093 (“Yeleen Rural Electrification Project in Burkina Faso”)”:

1. Approves the restructuring of funded activity FP093 as described in limited distribution document GCF/B.37/04; and
2. Authorizes the Secretariat to negotiate and execute relevant amendments to the funded activity agreement for FP093 to reflect the changes hereby approved.

The Board, having considered document GCF/B.37/03 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants for re-accreditation:
   1. Applicant R043 (RAPL043) is the Foreign Environmental Cooperation Center of the Ministry of Ecology and Environment of China (formerly Foreign Economic Cooperation Office) (FECO), based in China, as contained in document GCF/B.37/03/Add.03;
   2. Applicant R053 (RAPL053) is the Micronesia Conservation Trust (MCT), based in Micronesia (Federated States of), as contained in document GCF/B.37/03/Add.04;
   3. Applicant R040 (RAPL040) is the Food and Agriculture Organization of the United Nations (FAO), based in Italy, as contained in document GCF/B.37/03/Add.05;
   4. Applicant R038 (RAPL038) is the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (GIZ), based in Germany, as contained in document GCF/B.37/03/Add.06;
   5. Applicant R041 (RAPL041) is the International Fund for Agricultural Development (IFAD), based in Italy, as contained in document GCF/B.37/03/Add.07; and
   6. Applicant R054 (RAPL054) is MUFG Bank, Ltd (MUFG) (formerly Bank of TokyoMitsubishi UFJ, Ltd. (BTMU)), based in Japan, as contained in document GCF/B.37/03/Add.08;
      
      pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL043, the Foreign Environmental Cooperation Center of the Ministry of Ecology and Environment of China (formerly Foreign Economic Cooperation Office) (FECO), based in China, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL053, Micronesia Conservation Trust (MCT), based in Micronesia (Federated States of), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL040, the Food and Agriculture Organization of the United Nations (FAO), based in Italy, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL038, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (GIZ), based in Germany, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.06, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL041, the International Fund for Agricultural Development (IFAD), based in Italy, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.07, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL054, MUFG Bank, Ltd (MUFG) (formerly Bank of Tokyo- Mitsubishi UFJ, Ltd. (BTMU)), based in Japan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.08, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
8. Takes note of the efforts of MUFG Bank, Ltd. to advance the purpose of the GCF, including through the MUFG Carbon Neutrality Declaration, and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
9. Also 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 122 (APL122) is the Federated States of Micronesia Development Bank (FSMDB), based in Micronesia (Federated States of), as contained in document GCF/B.37/03/Add.09;
   2. Applicant 123 (APL23) is the CARICOM Development Fund (CDF), based in Barbados, as contained in document GCF/B.37/03/Add.10; and
   3. Applicant 124 (APL124) is SK Securities, Co., Ltd (SK Securities), based in the Republic of Korea, as contained in document GCF/B.37/03/Add.11; pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessment by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
10. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL122, the Federated States of Micronesia Development Bank (FSMDB), based in Micronesia (Federates States of), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.09, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
11. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL123, the CARICOM Development Fund (CDF), based in Barbados, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.10, 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;
12. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL124, SK Securities, Co., Ltd (SK Securities), based in the Republic of Korea, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.11, 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;
13. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel contained in document GCF/B.37/03/Add.01;
14. Approves, pursuant to the recommendation by the Accreditation Panel contained in document GCF/B.37/03/Add.01, the modification of the condition of accreditation for the Japan International Cooperation Agency (JICA), as contained in paragraph 45(b)(ii) of annex XVI to decision B.17/13, by amending the condition such that it shall be met by the entity within two years of the first disbursement by the GCF for an approved project/programme to be undertaken by Japan International Cooperation Agency (JICA);
15. Recalls that the scope of review for assessment of accreditation are set out in the updates to the accreditation framework adopted by the Board in decision B.31/06, annex IV, and, in respect of re-accreditation, the scope of review set out in the re-accreditation process adopted by the Board in decision B.24/13, annex XXVI;
16. Recognizes that information included by the Accreditation Panel in the assessment of entities that goes beyond the scopes of review recalled in paragraph (o), is informative in nature and does not imply or impose additional requirements on applicants for accreditation or re-accreditation;
17. Decides, notwithstanding the provisions of decision B.11/10, annex I, paragraph 6, and decision B.24/13, paragraph (a), that the accreditation term of all accredited entities is extended by three (3) years from the date its accreditation term lapsed or will lapse or until the date on which a revised accreditation framework is adopted by the Board, whichever is earlier. For the avoidance of doubt, in respect of the fifth year of the accreditation term, accredited entities are to report to the Secretariat consistent with the form and requirements of the midterm report required under the monitoring and accountability framework. The extension described herein does not apply to (1) any accredited entity which has notified the Secretariat prior to the date of this decision that it will not apply for re-accreditation; or (2) any accredited entity which notifies the Secretariat of its decision to opt out of the extension; in each case the accreditation term is to lapse at the end of the fifth year of their accreditation term; and
18. Requests the Secretariat, in consultation with the Accreditation Committee, to present a revised accreditation framework at the last Board meeting of 2024.

The Board, having considered document GCF/B.37/16/Rev.01 titled “Report on the outcomes of GCF’s second formal replenishment”:

1. Welcomes and endorses the successful conclusion of the second formal replenishment process of GCF, as mandated by decision B.33/11;
2. Expresses its gratitude to Germany for hosting the High-Level Pledging Conference for the second replenishment and its strong support and advocacy throughout the replenishment process;
3. Also expresses its appreciation to the group of potential contributors, members and alternate members of the Board and observers who actively engaged in the replenishment process;
4. Further expresses its sincere appreciation to the Facilitator, Mahmoud Mohieldin, for his leadership, commitment and proactive engagement in making the second formal replenishment of GCF a success;
5. Welcomes the pledges made by 25 contributors at the pledging conference for a total of USD 9.322 billion equivalent, including credit earned due to early payment and/or encashment;
6. Encourages contributing countries to confirm their pledges to GCF in the form of fully executed contribution agreements/arrangements as soon as possible; and
7. Also encourages further pledges and contributions during the replenishment period, in accordance with decision B.05/04, paragraph (c).

The Board, having considered document GCF/B.37/22 titled “Update of the initial investment framework: allocation parameters and portfolio targets for 2024–2027”:

Approves the update to the investment framework set out in annex IX, updating the allocation parameters and portfolio targets for the second replenishment period, with effect from 1 January 2024.

The Board, having considered document GCF/B.37/17 titled “Readiness and Preparatory Support Programme: revised strategy 2024–2027”:

1. Reaffirms that the Readiness and Preparatory Support Programme is a strategic priority for GCF to enhance country ownership, support direct access to GCF resources, and strengthen strategic programming in support of the objectives laid out in the Strategic Plan for the GCF 2024–2027;
2. Approves the Readiness Strategy 2024–2027, as set out in annex X;
3. Also approves an amount of USD 501.5 million to be made available for the execution of the Readiness and Preparatory Support Programme for 2024–2027;
4. Requests the Secretariat to develop the operational modalities, including outcome indicators, as appropriate, to be consistent with the Readiness Strategy 2024–2027 as set out in annex X; and
5. Also requests the Secretariat to report on the implementation of the Readiness and Preparatory Support Programme at the final Board meeting of each year.

The Board, having considered document GCF/B.37/05 and its addendum Add.01 titled “Project Preparation Facility: revised operating modalities, activities and funding”:

1. Endorses the revised operating modalities and activities of the Project Preparation Facility as set out in annex XI;
2. Approves an allocation of USD 90.3 million for the Project Preparation Facility; and
3. Also approves that up to 2.5 per cent of the Project Preparation Facility resource allocation can be employed for partnership-building and knowledge-sharing activities for project preparation.

The Board, having considered document GCF/B.37/06 titled “Independent evaluation of the GCF’s Readiness and Preparatory Support Programme: Final Report”:

1. Takes note of the findings and recommendations in the independent evaluation of the GCF’s Readiness and Preparatory Support Programme undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.37/06/Add.01; and
3. Requests the Independent Evaluation Unit to submit a management report to the Board no later than one year following the adoption of this decision.

The Board:

Elects Ms. Milagros de Camps German and Ms. Sarah Metcalf as the Co-Chairs of the Board for 2024 from 1 January until 31 December 2024.

The Board, having considered document GCF/B.37/15 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the thirty-eighth meeting of the Board will take place from Monday, 4 to Thursday, 7 March 2024, and decides that the meeting will take place in Kigali, Rwanda;
2. Decides that the thirty-ninth meeting of the Board will take place from Monday, 15 to Thursday, 18 July 2024, in the Republic of Korea; and
3. Also decides that the fortieth meeting of the Board will take place from Monday, 21 to Thursday, 24 October 2024, in the Republic of Korea.

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

A limited distribution decision was adopted under this agenda item: 

DECISION B.36/01 on accreditation master agreements

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

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

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

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

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

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

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

1. Takes note of the following funding proposals:
   1. Funding proposal 206 titled “Resilient Homestead and Livelihood support to the vulnerable coastal people of Bangladesh (RHL)” by the Palli Karma-Sahayak Foundation (PKSF), as contained in document GCF/B.36/02/Add.01;
   2. Funding proposal 207 titled “Recharge Pakistan: Building Pakistan’s resilience to climate change through Ecosystem-based Adaptation (EbA) and Green Infrastructure for integrated flood risk management” by the World Wildlife Fund, Inc. (WWF), as contained in document GCF/B.36/02/Add.02/Rev.01;
   3. Funding proposal 208 titled “Enhanced climate resilience in the Trois-Rivières region of Haiti through Integrated Flood Management” by the United Nations Development Programme (UNDP), as contained in document GCF/B.36/02/Add.03;
   4. Funding proposal 209 titled “Climate Change Resilience through South Africa’s Water Reuse Programme (“WRP”)” by the Development Bank of Southern Africa (DBSA), as contained in document GCF/B.36/02/Add.04;
   5. Funding proposal 210 titled “KawiSafi II” by Acumen Fund, Inc. (Acumen), as contained in document GCF/B.36/02/Add.05 and 09;
   6. Funding proposal 211 titled “Hardest-to-Reach” by Acumen Fund, Inc. (Acumen), as contained in document GCF/B.36/02/Add.06 and 10;
   7. Funding proposal 212 titled “&Green Fund: Investing in Inclusive Agriculture and Protecting Forests” by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), as contained in document GCF/B.36/02/Add.07 and 11;
   8. Funding proposal 213 titled “The Blue Green Bank (BGB)” by Pegasus Capital Advisors (PCA), as contained in document GCF/B.36/02/Add.08 and 12/Rev.01;
   9. Simplified approval process funding proposal 026 titled “Extended Community Climate Change Project-Drought (ECCCP-Drought)” by the Palli Karma-Sahayak Foundation (PKSF), as contained in document GCF/B.36/02/Add.13;
   10. Simplified approval process funding proposal 027 titled “Solomon Islands Knowledge-Action-Sustainability for Resilient Villages (SOLKAS) Project” by Save the Children Australia (SCA), as contained in document GCF/B.36/02/Add.14/Rev.01;
   11. Simplified approval process funding proposal 028 titled “Women-Adapt: Enhancing the climate change adaptive capacity of smallholder farmer communities in the Poro Region, focusing on vulnerable women and youth” by the World Food Programme (WFP), as contained in document GCF/B.36/02/Add.15; and
   12. Simplified approval process funding proposal 029 titled “Ecosystem-based Adaptation (EbA) for Reducing Community Vulnerability to Climate Change in Northern Pacific Small Island Developing States (SIDS)” by the Micronesia Conservation Trust (MCT), as contained in document GCF/B.36/02/Add.16; 
2. Approves funding proposal 206, submitted by the Palli Karma-Sahayak Foundation, for the amount of USD 42,201,200, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
3. Also approves funding proposal 207, submitted by the World Wildlife Fund, Inc., for the amount of USD 66,000,005, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
4. Further approves funding proposal 208, submitted by the United Nations Development Programme, for the amount of USD 22,427,206, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
5. Approves funding proposal 209, submitted by the Development Bank of Southern Africa, for the amount of USD 235,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
6. Also approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 210, submitted by Acumen Fund, Inc., for the amount of USD 52,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.09;
7. Further approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 211, submitted by Acumen Fund, Inc., for the amount of USD 65,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.10;
8. Approves funding proposal 212, submitted by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., for the amount of USD 189,350,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.11;
9. Also approves funding proposal 213, submitted by Pegasus Capital Advisors, for the amount of USD 15,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.12/Rev.01;
10. Further approves simplified approval process funding proposal 026, submitted by the Palli Karma-Sahayak Foundation, for the amount of USD 24,957,990, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
11. Approves simplified approval process funding proposal 027, submitted by Save the Children Australia, for the amount of USD 24,965,114, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18; 
12. Also approves simplified approval process funding proposal 028, submitted by the World Food Programme, for the amount of USD 8,999,880, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
13. Further approves simplified approval process funding proposal 029, submitted by the Micronesia Conservation Trust, for the amount of USD 8,896,275, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.36/02/Add.18;
14. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her designee is authorized to negotiate and enter into legal agreements on behalf of GCF with accredited entities and other parties involved in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
15. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered document GCF/B.36/13 titled “Independent evaluation of the relevance and effectiveness of the GCF’s investments in the African States”:

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