Boardroom

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.

The Board, having considered limited distribution document GCF/B.36/11 titled “Status of approved funding proposals: Fulfilment of Board conditions in respect of FP197 Green Guarantee Company (“GGC”)”: 

Approves the conditions to funded activity agreement execution set out in annex VII to decision B.34/10 that relate to funding proposal 197.

The Board, having considered limited distribution document GCF/B.36/07 titled “Consideration of funding proposals: Consideration of a request for changes of the design and pricing in respect of funded activity FP098 (“DBSA Climate Finance Facility”)

Approves, with respect to funded activity FP098 titled “DBSA Climate Finance Facility”:

1. A change to the financial instrument between GCF and the accredited entity from a trust arrangement 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 reimbursable funds, as set out in the revised term sheet in annex III to document GCF/B.36/07; and
2. The changes to the pricing of GCF reimbursable funds, as set out in document GCF/B.36/07.

The Board, having considered document GCF/B.36/04 titled “Consideration of funding proposals: Consideration of a request for a change in the environmental and social risk category in respect of funded activity FP010 (“De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits”):

1. Approves the change of environmental and social risk category of funded activity FP010 from Category C to Category B as described in document GCF/B.36/04; 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.36/03 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: 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;
   1. Applicant R035 (RAPL035) is the Banque Ouest Africaine de Développement (West African Development Bank) (BOAD), based in Togo, as contained in document GCF/B.36/03/Add.02;
   2. Applicant R011 (RAPL011) is the Corporación Andina de Fomento (CAF), based in the Bolivarian Republic of Venezuela, as contained in document GCF/B.36/03/Add.03;
   3. Applicant R047 (RAPL047) is Fundación Avina, based in Panama, as contained in document GCF/B.36/03/Add.04; and
   4. Applicant R015 (RAPL015) is the Agence Française de Développement, based in France, as contained in document GCF/B.36/03/Add.05;
   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. Also takes note of the efforts of the Banque Ouest Africaine de Développement to advance the purpose of GCF, including through Banque Ouest Africaine de Développement’s strategic plan Djoliba (2021–2025), its letter of 26 June 2018 from the Chief Executive Officer and Chairman of the Banque Ouest Africaine de Développement to the United Nations Framework Convention on Climate Change, and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
3. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation and upgrade of RAPL035, the Banque Ouest Africaine de Développement (West African Development Bank) (BOAD), based in Togo, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/Add.02, 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. Takes note of the efforts of the Corporación Andina de Fomento to advance the purpose of GCF, including through Corporación Andina de Fomento’s Institutional Strategy 2022–2026, its statement on 9 July 2023,1 and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL011, the Corporación Andina de Fomento (CAF), based in the Bolivarian Republic of Venezuela, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL047, Fundación Avina, based in Panama, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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;
7. Takes note of the efforts of the Agence Française de Développement to advance the purpose of GCF, including through the Agence Française de Développement’s Climate and Development Strategy and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
8. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL015, the Agence Française de Développement, based in France, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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;
9. 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: 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.24/13;
   1. Applicant 118 (APL118) is Corporación Nacional para el Desarrollo (CND), based in Uruguay, as contained in document GCF/B.36/03/Add.06;
   2. Applicant 119 (APL119) is the Development Bank of Jamaica Limited (DBJ), based in Jamaica, as contained in document GCF/B.36/03/Add.07;
   3. Applicant 120 (APL120) is DFCC Bank PLC (DFCC Bank), based in Sri Lanka, as contained in document GCF/B.36/03/Add.08; and
   4. Applicant 121 (APL121) is responsAbility Investments AG (responsAbility), based in Switzerland, as contained in document GCF/B.36/03/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.24/13;

10. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL118, Corporación Nacional para el Desarrollo (CND), based in Uruguay, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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.24/13;
11. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL119, Development Bank of Jamaica Limited (DBJ) based in Jamaica, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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.24/13;
12. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL120, DFCC Bank PLC (DFCC Bank), based in Sri Lanka, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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.24/13;
13. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL121, responsAbility Investments AG (responsAbility), based in Switzerland, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.36/03/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.24/13; and
14. 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.36/03/Add.01.

The Board, having considered document GCF/B.36/12 titled “Matters related to the accreditation strategy: resourcing implications of the accreditation strategy”:

1. Takes note of the resourcing implications of the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII to that decision, including potential impact on the modalities and budget for the Readiness and Preparatory Support Programme, Project Preparation Facility, and the capacity of the Secretariat and independent Accreditation Panel;
2. Requests the Secretariat to integrate the budgetary impacts for the Readiness and Preparatory Support Programme and Project Preparation Facility into the relevant work programme and budgets when these are next presented for the Board;
3. Approves an additional administrative budget of USD 612,000 to be executed during the years 2023 and 2024 for professional services for the Secretariat to:
   1. Develop guidance on the various types of partnerships that can be built with GCF, and on the obligations and responsibilities of accredited entities, in line with the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII thereto;
   2. Develop guidance on programming directions in order to support accredited entities in their delivery of such programming, in line with the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII thereto;
   3. Update guidance on re-accreditation and accreditation for national designated authorities and entities, including reflecting GCF strategic priorities and programming directions, and the accreditation strategy, in line with the accreditation strategy adopted in decision B.34/19, paragraph (a), and annex VIII thereto; and
   4. Develop, in line with decision B.34/19, paragraph (i), a paper on:
      1. The climate change programming development and implementation competencies and capacities relevant to programming with GCF; and
      2. Options for building or strengthening such capacities of accredited entities, particularly direct access entities, including support provided through the Readiness and Preparatory Support Programme, such as through the provision of technical assistance; cooperation between international access accredited entities and direct access entities; and peer learning; and
4. Recalls decision B.34/19, paragraph (b), and notes that matters therein relevant to accreditation should be discussed at the earliest opportunity.

The Board, having considered document GCF/B.36/10 titled “Twelfth 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 “Twelfth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annex VI, taking into consideration the comments made and decisions taken at the thirty‐sixth 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-eighth 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 “Twelfth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change” capturing the progress and decisions to be made during the thirty‐seventh 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.36/17/Rev.01 titled “Green Climate Fund – Strategic Plan 2024-2027. Co-Chairs Proposal”:

1. Approves the Strategic Plan for the GCF 2024–2027, as set out in annex III;
2. Requests the Secretariat to develop a detailed action plan to implement the Strategic Plan for the GCF 2024–2027, in particular the actions needed to implement and meet the programming targets, as an information document in order to inform the Board’s consideration of the workplan of the Board 2024–2027 at its thirty-eighth meeting; and
3. Also requests the Secretariat, under the guidance of the Co-Chairs, to update the allocation parameters and portfolio targets under the GCF initial investment framework to reflect the allocation parameters and portfolio targets for the second replenishment programming period set out in annex III and present them to the Board for consideration at its thirty-seventh meeting, and further requests the Secretariat to provide for the consideration of the Board a document on the criteria and planned allocations for the targeted results, in particular 10 and 11, in the box in paragraph 16 in annex III.

The Board, having considered document GCF/B.36/15/Rev.01 titled “Updated policy for contributions to the Green Climate Fund for the second replenishment”:

1. Expresses its appreciation to the group of potential contributors, Board and alternate members, and observers who actively engaged in the consultation process;
2. Approves the updated Policy for Contributions to the Green Climate Fund for the second replenishment, as contained in annex IV;
3. Requests the Secretariat to present a plan for the financial management of GCF’s commitment authority for the second replenishment programming period for consideration by the Board at its thirty-seventh meeting; and
4. Also requests the Secretariat, under the guidance of the Co-Chairs, to present to the Board at its thirty-seventh meeting a document with potential measures to manage non-confirmed pledges and non-payment of contributions.

The Board, having considered document GCF/B.36/06 titled “Terms of Reference for a Feasibility Study to further examine options for establishing a GCF regional presence”:

1. Decides to approve the terms of reference for the feasibility study in section II of document GCF/B.36/06 to further examine options for establishing a GCF regional presence in line with decision B.30/06, paragraph (k);
2. Approves an additional budget allocation of USD 100,000 to be made available for the feasibility study; and
3. Requests the Secretariat to submit the outcomes of the above-mentioned feasibility study for the Board’s consideration at its thirty-seventh meeting to facilitate a decision on the needs and feasibility of the establishment of a GCF regional presence.

The Board, having considered document GCF/B.36/16 titled “Consideration for a Local Currency Financing Pilot Program”:

1. Takes note of the ongoing work by the Secretariat and the Investment Committee, as well as comments by Board members at the thirty-sixth meeting of the Board, to develop a local currency financing pilot programme that addresses current barriers and risks associated with currency fluctuations at the programme/project level as mandated by decision B.33/14;
2. Also takes note of the approaches listed in annex V that can be used to support local currency financing;
3. Requests the Secretariat to develop, under the guidance of the Investment Committee, a framework that specifically addresses the scope and criteria for local currency financing pilot projects, with particular attention to, inter alia, additionality, direct access entity eligibility, implications to the GCF balance sheet and commitment authority, and cost of all-in concessionality for each project/programme utilizing local currency financing, and to provide the framework for consideration by the Board at its thirty-seventh meeting;
4. Also requests the Secretariat to continue to explore, under the guidance of the Investment Committee, financing approaches under “Approach B” for local currency financing as set out in annex V, taking into account the framework developed under paragraph (c), for consideration by the Board at its thirty-seventh meeting;
5. Reaffirms decision B.34/22, paragraph (e), pursuant to which the Secretariat is requested, in consultation with the Budget Committee with respect to any related budgetary implications, to explore the mitigation of the wider emerging financial risks outlined in section II of document GCF/B.34/13 and to present to the Board any recommended action for its consideration; and
6. Requests the Secretariat, in consultation with the Budget Committee with respect to any related budgetary implications, to explore the wider application of decision B.19/04, paragraph (a) (iii), on the foreign exchange commitment risk buffer to allow it to be used to support margin calls on the Fund in connection with the deployment of the local currency financing approaches set out in annex V, with a view to the Investment Committee and, if applicable, the Risk Management Committee, making a recommendation to the Board for its consideration no later than its thirty-ninth meeting.

The Board, having considered limited distribution document GCF/B.34/15 titled “Compliance Review Report: C-0006-Nicaragua: GCF Project FP146: Bio-CLIMA: Integrated climate action to reduce deforestation and strengthen resilience in BOSAWÁS and Rio San Juan Biospheres” (“Compliance Review Report”), limited distribution document GCF/B.35/Inf.13 titled “Management response to the Compliance Review Report: C-0006-Nicaragua: GCF Project FP146: Bio-CLIMA” (“Management Response”), and limited distribution document GCF/B.36/Inf.17 titled “Information note: Updates of the actions of the Secretariat on FP146 BioCLIMA since the thirty-fifth meeting of the Board”:

1. Underscores the seriousness, as reflected in the Indigenous Peoples Policy, of GCF’s role in fostering the full respect, promotion, and safeguarding of indigenous peoples;
2. Recalls decision B.34/23 in which, among other things, the Board took note of the Compliance Review Report and decision B.35/14 in which, among other things, the Board took note of the Management Response;
3. Takes note of the actions that the Secretariat has taken under the relevant legal agreements between GCF and the accredited entity to address the instances in which the development of the funding proposal for FP146 was determined not to be in compliance with the policies and procedures of GCF, as such non-compliance was determined in the Management Response, and affirms the right of the Secretariat to exercise the rights of GCF under the relevant legal agreements in the event that the policy non-compliance is not addressed to the satisfaction of the Secretariat;
4. Requests the Secretariat to update the Board on the status and outcomes of the actions taken by the Secretariat referred to in paragraph (c) above;
5. Decides, in light of the actions referred to in paragraph (c) above, to conclude its consideration of the Compliance Review Report and that this constitutes the Board’s final decision for the purposes of decision B.34/23, paragraph (f);
6. Requests the Secretariat to make publicly available the Management Response when the Compliance Review Report is published on the Independent Redress Mechanism website;
7. Also requests the Independent Redress Mechanism to ensure that, with respect to any future compliance review report submitted to the Board for consideration, when finalizing its final compliance review report pursuant to paragraph 61 of the Procedures and Guidelines of the Independent Redress Mechanism, if the Independent Redress Mechanism does not reflect the comments received from relevant stakeholders referred to in paragraph 60 of the Procedures and Guidelines of the Independent Redress Mechanism in the final compliance review report, it includes as an annex to the final compliance review report the relevant stakeholder comments, and the reasons that such comments were not reflected therein; and
8. Further requests the Secretariat, in view of the interlinkages with the actions referred to in paragraph (c) above, to continue to suspend its review of the monitoring framework provided by the accredited entity in connection with the Board conditions set out in decision B.27/01, annex I (List of conditions and recommendations), in respect of FP146, until the accredited entity has addressed the instances of policy non-compliance to the satisfaction of the Secretariat in a manner consistent with the relevant legal agreements.

The Board, having considered document GCF/B.36/20 titled “Dates and venues of upcoming meetings of the Board”:

1. Welcomes with appreciation the expressions of interest from Mongolia, Rwanda and Tajikistan to host a meeting of the Board and encourages the Secretariat to work to facilitate their potential hosting of future Board meetings;
2. Recalls and confirms that the thirty-seventh meeting of the Board will take place from Monday, 23 to Thursday, 26 October 2023, and decides that the meeting will take place in Georgia;
3. Decides that the thirty-eighth meeting of the Board will take place from Monday, 4 to Thursday, 7 March 2024;
4. Also decides that the thirty-ninth meeting of the Board will take place from Monday, 15 to Thursday, 18 July 2024; and
5. Further decides that the fortieth meeting of the Board will take place from Monday, 21 to Thursday, 24 October 2024.

The Board, having considered document GCF/BM-2023/04 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:
Elizka Relief Foundation (ELIZKA)
Forest Stewardship Council Indigenous Foundation (FSC IF)
Research Triangle Institute (RTI)
Transparentem Ltd

Private sector organizations:
None

International entities:
None

The Board, having considered document GCF/BM-2023/03 titled “Status of approved funding proposals: change of currency to FP178 (Desert to Power G5 Sahel Facility)”:

1. Approves the change in the currency of the GCF Private Sector Loans from USD 42 million to EUR 36.213140 million, and the change in currency of the GCF Guarantee from USD 20 million to EUR 17.244352 million as described in document GCF/BM-2023/03; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

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

A limited distribution decision was adopted under this agenda item: 

DECISION B.35/01 on accreditation master agreements 

The Board, having considered document GCF/B.35/17 titled “Appointment of Members of the Independent Technical Advisory Panel”:

1. Recalling the updated terms of reference of the independent Technical Advisory Panel as noted in decision B.BM-2018/09;
2. Endorses the nomination by the Investment Committee of the following experts to the independent Technical Advisory Panel for one three-year term starting on 1 April 2023:
   1. Ina Hoxha (Female, Albania);
   2. Jan Martin Witte (Male, Germany);
   3. Jurg Grutter (Male, Switzerland); and
   4. Kenel Delusca (Male, Haiti).