Boardroom

The Board, having reviewed document GCF/B.11/20 titled “Update to administrative guidelines on corporate procurement”:

1. Decides to extend the period of application of the Corporate Procurement Guidelines on the Use of Consultants and the Corporate Procurement Guidelines for Goods and Services, as approved by the Board in decision B.08/21, to the end of its twelfth meeting;
2. Further decides that the Board will review the guidelines at its twelfth meeting; and
3. Authorizes the Executive Director to implement the guidelines.

The Board, having reviewed document GCF/B.11/12 titled “Administrative Budget of the Green Climate Fund for 2016–2018”:

1. Notes the proposed administrative budget of the Green Climate Fund (GCF), for the period from 1 January 2016 to 31 December 2016, as set out in Annex to document GCF/B.11/12;
2. Approves an administrative budget for the GCF of USD 29,157,227 as per the annex to this decision;
3. Requests the Secretariat to present a revised staff structure of the Secretariat and budget proposal for the GCF that responds to the strategic plan for the GCF for consideration by the Board at its thirteenth meeting; and
4. Decides to establish a Budget Committee as a standing committee of the Board, in accordance with paragraph 30 of the Rules of Procedure of the Board, and requests the Secretariat to present terms of reference of the Committee for consideration by the Board at its twelfth meeting.

The Board:

1. Requests the current Co-Chairs, assisted by the Secretariat, to present the report of the Green Climate Fund to the twenty-first session of the Conference of the Parties to the United Nations Framework Convention on Climate Change; and
2. Elects Mr. Zaheer Fakir and Mr. Ewen McDonald as the Co-Chairs for a period of one year.

The Board, having reviewed document GCF/B.11/05 titled “Initial monitoring and accountability framework for accredited entities”:

1. Recalling paragraph 23(j) of the Governing Instrument for the Green Climate Fund, adopts the monitoring and accountability framework for accredited entities as contained in annex I to this decision;
2. Requests the Secretariat to develop the appropriate tools and internal procedures to operationalize the initial monitoring and accountability framework, including standardized templates that take into account the nature of the entities and their capacities;
3. Also requests the Secretariat to annually report to the Board on the operationalization of the initial monitoring and accountability framework, including the Secretariat’s staffing requirements and budgetary implications;
4. Acknowledges that this framework is a living document and may be amended, as appropriate, based on lessons learned;
5. Adopts the interim policy on fees for accredited entities as detailed in annex II to this decision;
6. Requests the Accreditation Committee, with the support of the Secretariat, to develop a policy on fees for accredited entities for consideration by the Board by its fourteenth meeting. This policy will take into account the lessons learned from the interim policy on fees and relevant decisions of the Board and will explore options for a performance-based approach and appropriate incentives; and
7. Requests the Secretariat to conduct an analysis of the fee structure of comparable funds to establish the appropriateness and applicability of the fee structure to accredited direct access entities.

The Board, having considered document GCF/B.11/04 titled “Consideration of funding proposals” and its related addenda, as well as matters related to the proposal approval process:

1. Recognizes that the Green Climate Fund (GCF) has agreed an initial framework of policies and procedures related to the proposal submission and approval processes;
2. Notes that the GCF is a continuously learning institution and will draw on the lessons from this first round of proposal consideration in order to improve the process in future iterations;
3. Acknowledges existing policy gaps in the GCF approval process, including project eligibility criteria, calculation of incremental costs, and risk investment criteria;
4. Notes common areas in which projects could provide a better demonstration of how they meet existing GCF policies taking into account the gaps in paragraph (c) above at the eleventh meeting of the Board, including but not limited to:
   
   1. The linkage between climate actions and how they enable economic development to proceed in a sustainable manner;
   2. How the project/programme incorporates potential innovation;
   3. How benefits will be sustained once GCF financing ends;
   4. Monitoring and evaluation, including how lessons can be disseminated to inform and possibly promote replication in other regions/countries;
   5. How benefits for women and girls will be delivered;
   6. How fiduciary weaknesses in project countries will be addressed;
   7. Country ownership and effective stakeholder engagement; and
   8. Additionality of the funding;
5. Also notes convergence on the need within the approval process to enhance transparency, clarity, accessibility, balance, knowledge management and country ownership, including by actively seeking the participation of national designated authorities, focal points and relevant stakeholders in the early stages of the project cycle and beyond the provision of the no-objection letter;
6. Further notes convergence on the need to ensure that matters related to enhancing transparency and scaling up of the GCF pipeline are captured in the preparation of the strategic plan for the GCF and related decisions on country programming, and readiness and preparatory support, with the objective of ensuring sufficient country ownership and enhancing the participation of direct access entities;
7. Requests the Secretariat to provide an update of the pipeline portfolio and to submit it for information to the Board as part of the documentation submitted for every Board meeting;
8. Further requests the Secretariat to include the assessment of the independent Technical Advisory Panel (TAP) of each funding proposal as part of the documentation published on the GCF website for funding proposals;
9. Agrees to include in the consideration of the 2016 work plan matters related to outstanding decisions regarding the proposal approval process and the project and programme activity cycle. This would include consideration of matters related to the implementation of decision B.07/03 and Annex VII thereto and paragraph 53 of the Governing Instrument for the GCF with regard to the simplified process for the approval of proposals for certain activities, in particular for small-scale activities;
10. Decides to review the proposal approval process approved by the Board in decision B.07/03 and Annex VII to document GCF/B.07/11 based on the experience gathered from the review of the first batch of proposals submitted for consideration of the Board, with a view to:
    
    1. Strengthening and scaling up the GCF pipeline, including the country programme pipeline;
    2. Streamlining and improving the transparency of the proposal approval process;
    3. Defining further decision-making options, including deferral of proposal approvals;
    4. Reviewing how concept notes should work within the project cycle, facilitating the feedback of the TAP on concept notes and facilitating contact of the TAP with accredited entities as useful and necessary;
    5. Supporting the Board to make decisions regarding funding proposals;
    6. Strengthening project/programme eligibility criteria, including categories of incremental cost eligible for funding; and
    7. Developing interim procedures for redress pending the recruitment of the head of the independent redress mechanism; The review will include, but is not limited to, the policy gaps listed in paragraph (c) above and other common areas as contained in paragraph (d) above;
11. Requests the Secretariat to undertake this review overseen by the ad hoc group of Board members as set out in decision B.11/03, to discuss at the informal meeting of the Board and subsequently deliver a progress report at the twelfth meeting of the Board and a final report at the thirteenth meeting;
12. Also decides to establish a project preparation facility to provide funding of up to 10 per cent of requested GCF funding with a maximum of USD 1.5 million for any single proposal. The process would involve concept notes providing due justification of need from accredited entities. After an appropriate review and an initial assessment against the investment criteria and justification of need, the Secretariat will send its funding request for project preparation to the Board for approval. The project preparation facility would be targeted to small-scale activities and direct access entities. The Secretariat will review the project preparation facility for consideration by the Board at its fourteenth meeting;
13. Aspires to approve funding proposals in 2016 to a value of USD 2.5 billion;
14. Requests the Accreditation Committee in the accreditation strategy to include options for streamlining modalities for fast-tracking accreditation of national implementing entities using third-party assessments as appropriate;
15. Also requests the Secretariat, in consultation with the TAP, national designated authorities, focal points and accredited entities to simplify the funding proposal template and concept note template in an expeditious manner;
16. Decides that concept notes sent to the GCF should include a clear paragraph indicating how the project fits in with the country’s national priorities and its full ownership of the concept;
17. Takes note of the following funding proposals:
    
    1. Funding proposal 001 titled “Building the Resilience of Wetlands in the Province of Datem del Marañón in Peru” (submitted by Profonanpe), as contained in document GCF/B.11/04/Add.01;
    2. Funding proposal 002 titled “Scaling Up the Use of Modernized Climate Information and Early Warning Systems in Malawi” (submitted by the United Nations Development Programme), as contained in document GCF/B.11/04/Add.02;
    3. Funding proposal 003 titled “Increasing the Resilience of Ecosystems and Communities through the Restoration of the Productive Bases of Salinized Lands in Senegal” (submitted by Centre de Suivi Ecologique), as contained in document GCF/B.11/04/Add.03;
    4. Funding proposal 004 titled “Climate Resilient Infrastructure Mainstreaming in Bangladesh” (submitted by KfW Development Bank), as contained in document GCF/B.11/04/Add.04;
    5. Funding proposal 005 titled “KawiSafi Ventures Fund” (submitted by Acumen), as contained in document GCF/B.11/04/Add.05/Rev.05; (vi) Funding proposal 006 titled “Energy Efficiency Green Bond in Latin America and the Caribbean” (submitted by the Inter-American Development Bank), as contained in document GCF/B.11/04/Add.06; (vii) Funding proposal 007 titled “Supporting Vulnerable Communities in Maldives to Manage Climate Change-Induced Water Shortages” (submitted by the United Nations Development Programme), as contained in document GCF/B.11/04/Add.07; and
    6. Funding proposal 008 titled “Urban Water Supply and Wastewater Management Project in Fiji” (submitted by the Asian Development Bank), as contained in document GCF/B.11/04/Add.08;
18. Approves, contingent on the fulfilment of the conditions and due consideration of the recommendations as contained in Annex I to this decision, the amount of USD 6.24 million in grants for the project titled “Building the Resilience of Wetlands in the Province of Datem del Marañón in Peru”, submitted by Profonanpe;
19. Approves, contingent on the due consideration of the recommendations as contained in Annex I to this decision, the amount of USD 12.295 million in grants for the project titled “Scaling Up the Use of Modernized Climate Information and Early Warning Systems in Malawi”, submitted by the United Nations Development Programme;
20. Approves, contingent on the fulfilment of the conditions and due consideration of the recommendations as contained in Annex I to this decision, the amount of USD 7.61 million in grants for the project titled “Increasing the Resilience of Ecosystems and Communities through the Restoration of the Productive Bases of Salinized Lands in Senegal”, submitted by Centre de Suivi Ecologique;
21. Approves, contingent on the fulfilment of the conditions and due consideration of the recommendations as contained in Annex I to this decision, the amount of USD 40 million in grants for the project titled “Climate Resilient Infrastructure Mainstreaming in Bangladesh”, submitted by KfW Development Bank;
22. Approves, contingent on the fulfilment of the conditions as contained in Annex I to this decision, the amount of USD 20 million in equity and, subject to Acumen’s upgrade of the accreditation type for the specialized fiduciary standard for grant award and/or funding allocation mechanisms, USD 5 million in grants for the programme titled “KawiSafi Ventures Fund”, submitted by Acumen;
23. Approves, contingent on the fulfilment of the conditions and due consideration of the recommendations as contained in Annex I to this decision, the amount of USD 20 million of guarantee for the pilot phase in Mexico and USD 2 million as a programme development grant for the programme titled “Energy Efficiency Green Bond in Latin America and the Caribbean” in Colombia, the Dominican Republic and Jamaica, submitted by the Inter-American Development Bank;
24. Approves, contingent on the fulfilment of the conditions and due consideration of the recommendations as contained in Annex I to this decision, the allocation of USD 195 million for the next phases of the programme titled “Energy Efficiency Green Bond in Latin America and the Caribbean”, to be committed, subject to funding approval by the Board, in several tranches over the course of the next five years;
25. Approves, contingent on the due consideration of the recommendation as contained in Annex I to this decision, the amount of USD 23.64 million in grants for the project titled “Supporting Vulnerable Communities in Maldives to Manage Climate Change-Induced Water Shortages”, submitted by the United Nations Development Programme;
26. Approves the amount of USD 31.04 million in grants for the project titled “Urban Water Supply and Wastewater Management Project in Fiji”, submitted by the Asian Development Bank;
27. Reaffirms that pursuant to decision B.07/03, Annex VII, the Executive Director or her designee is authorized to negotiate and enter into legal agreements on behalf of the GCF with accredited entities in respect of funding proposals approved by the Board, taking into account any condition set by the Board in this decision and in the decision accrediting the relevant accredited entity; and
28. 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 interim policy on fees for accredited entities.

The Board, having considered the information contained in document GCF/B.11/19 titled “Updated administrative guidelines on human resources”:

1. Takes note of the recommendations made by members of the Board and the clarifications provided by the Secretariat;
2. Also takes note of the revised salary structure of the Asian Development Bank and the study conducted on the cost of living;
3. Notes that the Executive Director may apply, in exceptional cases based on experience and merit considerations, more flexibility to appoint staff on a broader range, between the minimum and midpoint, on each salary level, based on a gradual negotiation which starts at the minimum;
4. Approves the continued application of the administrative guidelines on human resources until the Board shall have approved the revised guidelines;
5. Requests Board members to provide written suggestions for possible changes to the guidelines by 15 December 2015;
6. Also requests the Secretariat to consider the proposed changes and present the revised guidelines with the appropriate changes to the Board for its approval; and
7. Decides to review the administrative guidelines on human resources at its twelfth meeting.

The Board, having reviewed document GCF/B.11/16 titled “Date and venue of the next meeting of the Board of the Green Climate Fund”:

1. Decides that:
   1. The twelfth meeting of the Board will take place in the week of 7 March 2016, in Songdo, Republic of Korea. The Co-Chairs will, in collaboration with the Secretariat, develop the provisional agenda and communicate the exact dates of the meeting;
   2. The thirteenth meeting of the Board will take place from Tuesday, 28 June 2016, to Thursday, 30 June 2016, in Songdo, Republic of Korea, with these dates to be confirmed at the twelfth meeting of the Board;
   3. The fourteenth meeting of the Board will take place from Tuesday, 18 October 2016, to Thursday, 20 October 2016, with these dates to be confirmed at the thirteenth meeting of the Board; and
2. Welcomes the confirmation by Ecuador of its interest to host the fourteenth meeting of the Board.

The Board, having reviewed document GCF/B.11/23 titled “Appointment of members to committees of the Board”:

1. Appoints as members of the Investment Committee, for a term starting on 8 July 2015:
   
   1. Mr. Frank Fass-Metz;
   2. Ms. Kate Hughes; and
   3. Mr. Atsuyuki Oike;
2. Also appoints as members of the Risk Management Committee, for a term starting on 8 July 2015:
   
   1. Mr. Arnaud Buisse;
   2. Mr. Masaaki Iizuka; and 
   3. Mr. Jacob Waslander;
3. Further appoints Ms. Ludovica Soderini as member of the Ethics and Audit Committee, for a term starting on the date of adoption of this decision;
4. Appoints Mr. Morten Elkjæ r as member of the Private Sector Advisory Group, for the second term; and
5. Also appoints as members of the Accreditation Committee, for the second term:
   
   1. Mr. Henrik Harboe;
   2. Mr. Leonardo Martinez-Diaz; and
   3. Mr. Anders Wallberg.

The Board, in accordance with decision B.08/20 and through a decision taken between meetings on a no-objection basis:

Approved the accreditation of the following organizations as observer organizations with the Fund:

Civil Society Organizations:

• Afrique Action contre les Changements Climatiques (ACC)
• African Center for a Green Economy (Africege)
• African Climate Finance Hub (ACFH)
• Asabe Shehu Yar’Adua Foundation (ASYARF)
• Asia-Pacific Network for Food Sovereignty (APNFS)
• Association pour l’integration et le developpement durable au Burundi (AIDB NGO)
• Asociacion Interetnica de Desarollo de la Selva Peruana (AIDESEP)
• Benin Environment and Education Society (BEES NGO)
• Centar za životnu sredinu/Center for Environment, Friends of Earth Bosnia and Herzegovina (CZZS/CfE/FoE BiH)
• Center for Clilmate and Energy Solutions (C2ES)
• Center for Global Development (CGD)
• Centre for Renewable Energy and Action on Climate Change (CREACC)
• CERES Inc.
• Climate Change Center (CCC)
• Climate & Sustainable Development Network of Nigeria (CSDevNet)
• Congolese Association for Agriculture Development (ACDA)
• Consejo Civil Mexicano para la Silvicultura Sostenible A.C. (CCMSS)
• Defense against AIDS Poverty and Underdevelopment (DAAPU)
• Delta Electronics Foundation
• Development & Integrity Intervention Goal Foundation (DIG Nigeria)
• Development Wheel (DEW)
• Echnoserve Consulting
• Energy Efficiency Center Georgia (EEC)
• Environmental Investment Fund (EIF)
• Environmental Management for Livelihood Improvement Bwaise Facility (EMLI)
• Federation for Self-Determination of Indigenous Peoples (FAPI)
• Fundación Hondureňa de Ambiente y Desarollo Vida (Fundación Vida)
• Gender and Water Alliance (GWA)
• Gorakhpur Environmental Action Group (CEAG)
• Governors’ Climate and Forests Fund
• Helvetas Swiss Intercooperation (Helvetas)
• Independent University Bangladesh (IUB)
• Institute of Sustainable Development (ISD)
• Klima-Buendnis der europaeischen Staedte mit indigenen Voelkern der Regenwaelder / Alianza del clima e.V. (Climate Alliance)
• Logos
• Mulanje Mountain Conservation Trust (MMCT)
• Organisation pour l’Environnement et le Développement Durable (OPED)
• Organización de los Pueblos Indígenas de la Amazonía Colombiana (OPIAC)
• Phunzirani Development Organnisation (PDO)
• Profonanpe
• Rainforest Foundation Norway (RFN)
• Small and Medium Scale Entrepreneurship Fundamentals Foundation (SMEFUNDS)
• South Asian Forum for Environment (SAFE)
• Stiftung myclimate – The Climate Protection Partnership (myclimate)
• Stockholm International Water Institute (SIWI)
• The Asia Foundation (TAF)
• Technical University Denmark (DTU)
• The Energy and Resource Institute (TERI)
• The Regional Network of Local Authorities for the Management of Human Settlements (CityNet)
• Trinannul Unnayan Sangstha (TUS)
• Voluntary Association for Agriculture, General Development, Health & Reconstruction Alliance (VAAGDHA)
• Water Aid World Bioenergy Association (WBA)
• Ya’axche Conservation Trust

Private sector organizations:

• Climate Focus B.V.
• Dalberg Global Development Advisors (DGDA)
• Differ AS
• Global Off-Grid Lighting Association (GOGLA)
• Korea Security Computer Corporation (KOSKOM)
• Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. (MUMSS)
• Mott MacDonald Limited
• Shared Value Africa Limited (SVA)
• Sindicatum Sustainable Resources Private Limited (Sindicatum)
• Swiss Foundation of Small and Medium Enterprises (sgv)
• Swiss Reinsurance Company Ltd. (Swiss Re)
• World Coal Association (WCA)

International entities:

• Caribbean Community Climate Change Centre (CCCCC)
• Central American Bank for Economic Integration (CABEI)
• International Energy Agency (IEA)
• United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP)
• Sustainable Energy for All Initiative (SE4All)
• United Nations High Commissioner for Refugees (UNHCR)
• West African Science Service Center on Climate Change and Adapted Land use (WASCAL)

The Board, in accordance with decision B.10/19 and through a decision taken between meetings on a no‐objection basis:

Decided that its third meeting in 2015 will take place from 2 to 5 November 2015.

The Board, having reviewed document GCF/B.09/24/Drf.01 Draft Report of the Ninth Meeting of the Board, 24-26 March 2015:

1. Requests the Secretariat to revise the draft report of the ninth meeting to reflect the amendments suggested by the Board;
2. Adopts the report of the ninth meeting of the Board contained in document GCF/B.09/24 on the understanding that it includes the decisions of the ninth meeting of the Board and the amendments suggested by Board members; and
3. Agrees to publish the report on the Fund’s website (document GCF/B.09/24 Report of the Ninth Meeting of the Board, 24-26 March 2015).

The Board, having reviewed document GCF/B.10/Inf.09 Status of the Initial Resource Mobilization Process:

1. Takes note of the information presented in document GCF/B.10/Inf.09 Status of the Initial Resource Mobilization Process;
2. Welcomes the progress made by those countries that have converted their pledges to the Green Climate Fund (the Fund) into fully executed contribution agreements/arrangements; and
3. Urges other contributing countries to confirm their pledges to the Fund in the form of fully executed contribution agreements/arrangements.

The Board, having reviewed document GCF/B.10/06 Level of Concessional Terms for the Public Sector:

Requests the Risk Management Committee, with the support of the Secretariat, to present a revised document on this matter for the Board’s consideration at its twelfth meeting.

The Board, having considered document GCF/B.10/05 Additional Modalities that Further Enhance Direct Access: Terms of Reference for a Pilot Phase:

1. Approves the terms of reference for a pilot phase enhancing direct access to the Green Climate Fund (the Fund) as contained in Annex I to this document;
2. Requests the Secretariat, under the guidance and oversight of the Accreditation Committee and in consultation with relevant stakeholders and the independent Technical Advisory Panel, to prepare and launch a request for proposal for countries, in accordance with Annex I hereto (Request for Proposal), through their national designated authorities or focal points and public media;
3. Recalls that access to Fund resources will be through accredited entities. As such, nominated entities must be accredited by the Fund, in respect of the Fund’s fit-for-purpose approach, prior to the review by the Board of their pilot proposals;
4. Requests the Secretariat to publish the pilot proposals on the Fund’s website at least 21 calendar days before the first day of the meeting at which they will be presented to the Board for approval;
5. Also requests the Secretariat and the independent Technical Advisory Panel to undertake the assessment of pilot proposals received in response to a request for proposal from countries in accordance with the Fund’s initial proposal approval process,1 and the initial investment framework and to provide recommendations on pilots to be approved with the initial aim of providing up to US$ 200 million for at least 10 pilots, including at least four pilots to be implemented in small island developing States, the least developed countries and African States; and
6. Further requests the Secretariat to report back to the Board on the progress made on this request for proposal at the twelfth meeting of the Board.

The Board having taken note of the information presented in document GCF/B.10/09 Selection Process and Terms of Reference of the Heads of the Accountability Units: Recommendations of the Appointment Committee:

1. Endorses the selection process, as set out in Annex II to this document;
2. Takes note of the indicative timeline encompassing the entire selection process, as set out in Annex III to this document;
3. Endorses the terms of reference of the recruitment firm, as set out in Annex IV to this document;
4. Agrees to appoint a recruitment firm via an in-between meetings decision with an invitation to approve the decision within a period of one week;
5. Approves a budget for the selection process of the accountability units, including the costs of the recruitment firm;
6. Decides that the remuneration levels of the heads of the three accountability units will be comparable to the salary levels of equivalent roles in other specialized global funds;
7. Requests the Secretariat to provide a comparison of salary levels for comparable positions at other specialized global funds;
8. Also requests the Appointment Committee to provide additional recommendations on the salary levels for consideration by the Board at its eleventh meeting;
9. Decides that the heads of the units will be offered performance-based contracts;
10. Requests the Appointment Committee to develop the performance criteria and measurement procedure for approval by the Board via an in-between meetings decision before the twelfth meeting of the Board;
11. Adopts the terms of reference of the Head of the Independent Evaluation Unit in accordance with decision B.09/14, paragraph (c), as set out in Annex V to this document;
12. Also adopts the terms of reference of the Head of the Independent Integrity Unit in accordance with decision B.09/14, paragraph (c), as set out in Annex VI to this document;
13. Further adopts the terms of reference of the Head of the Independent Redress Mechanism in accordance with decision B.09/14, paragraph (c), as set out in Annex VII to this document; and
14. Agrees to amend the terms of reference of the Independent Redress Mechanism, as set out in Annex V to decision B.06/09, to make the position of the Head of Independent Redress Mechanism a full-time post.

The Board, having considered document GCF/B.10/03 Consideration of Accreditation Proposals and after further exchange with the Accreditation Panel (AP):

1. Takes note with appreciation of the in-depth assessment conducted by the AP contained within the relevant annexes for the following applicants:
   
   1. Applicant 008 (APL008) is the Environmental Investment Fund of Namibia (EIF), as contained in Annex VIII;
   2. Applicant 009 (APL009) is the Ministry of Natural Resources of Rwanda (MINIRENA), as contained in Annex IX;
   3. Applicant 010 (APL010) is the National Bank for Agriculture and Rural Development (NABARD), as contained in Annex X;
   4. Applicant 011 (APL011) is the Corporación Andina de Fomento (CAF), as contained in Annex XI;
   5. Applicant 012 (APL012) is the Caribbean Community Climate Change Centre (CCCCC), as contained in Annex XII;
   6. Applicant 013 (APL013) is the Africa Finance Corporation (AFC), as contained in Annex XIII;
   7. Applicant 014 (APL014) is Deutsche Bank AktienGesellschaft (Deutsche Bank AG), as contained in Annex XIV;
   8. Applicant 015 (APL015) is the Agence Française de Développement (AFD), as contained in Annex XV;
   9. Applicant 016 (APL016) is the Conservation International Foundation (CI), as contained in Annex XVI;
   10. Applicant 017 (APL017) is the European Bank for Reconstruction and Development (EBRD), as contained in Annex XVII;
   11. Applicant 018 (APL018) is the Inter-American Development Bank (IDB), as contained in Annex XVIII;
   12. Applicant 019 (APL019) is the United Nations Environment Programme (UNEP), as contained in Annex XIX; and
   13. Applicant 020 (APL020) is the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) (together as “World Bank”, as contained in Annex XX;
2. Also takes note that the Board exercised its discretion and best judgement in reliance on the information furnished by the AP;
3. Accredits APL008, APL009, APL010, APL011, APL012, APL013, APL014, APL015, APL016, APL017, APL018, APL019 and APL020 pursuant to paragraph 45 of the Governing Instrument for the Green Climate Fund (the Fund), and subject to, and in accordance with, the assessment, including any conditions and recommendations, by the AP as contained in the relevant annexes for each of the applicant entities and reiterated in Annex XXII;
4. Decides that the Board shall continue to exercise its discretion and best judgement in future accreditation decisions;
5. Requests the Secretariat to track and report on the fulfilment of conditions of accreditation on a regular basis;
6. Takes note that, pursuant to decision B.08/03, paragraph (k), the Secretariat in consultation with the AP, is proposing that the eligibility to apply under the fast-track accreditation process be extended to those entities listed in Annex XXI;
7. Decides that those entities referred to in Annex XXI are also eligible to apply under the fast- track accreditation process for the Fund’s standards in accordance with decision B.08/03, paragraph (e), for Global Environment Facility agencies, decision B.08/03, paragraph (f), for entities accredited by the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate-General for Development and Cooperation – EuropeAid of the European Commission;
8. Also decides that, recalling decision B.06/06 and pursuant to decision B.09/07, paragraph (g), the Secretariat will actively support applications for accreditation received from subnational, national and regional public and private sector entities in order to ensure a balance of diversity, including between entities under the direct access and international access modalities, in the list of entities being considered for accreditation by the Board;
9. Further decides that, recalling decision B.08/03, all international entities, as an important consideration of their accreditation application, shall indicate how they intend to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of the Fund in order to enhance country ownership and that they report annually on these actions;
10. Reaffirms that information on how the entity will contribute to the mandate of the Fund and any information considered material, particularly information with potential reputational risks to the Fund, shall be provided in the recommendation of the AP to the Board;
11. Requests the Secretariat, as part of the information disclosure policy to be considered by the Board at its eleventh meeting, in consultation with relevant stakeholders, to develop a proposal to increase the transparency of the accreditation process, including the modalities for the disclosure of the names of applicant entities and/or those recommended by the AP to the Board for accreditation;
12. Decides that, recalling decision B.09/08, the accreditation master agreement, to be signed between the Fund and each accredited entity, shall define the relationship between the Fund and the entity, including the roles of each and how each will carry out its responsibilities, under those arrangements, with regard to the extent and scope of its accreditation;
13. Requests the Secretariat to address through the accreditation master agreement or other relevant documents, including the risk management framework, any conflict of interest, potential conflict of interest and reputational risks which may arise from the relationship between the Fund and its accredited entities reflecting generally accepted international standards;
14. Also requests the Secretariat to present relevant policies addressing fraud, corruption and other prohibited practices, and policies addressing anti-money laundering and countering the financing of terrorism issues, taking into account relevant Board decisions and international best practices and standards for inclusion in the Fund’s fiduciary principles and standards adopted in decision B.07/02, for consideration by the Board no later than its eleventh meeting;
15. Authorizes the Executive Director to recruit a fiduciary compliance specialist with anti- money laundering and countering financing of terrorism skills;
16. Decides that, in accordance with the disclosure policies of the Fund:
    
    1. The Secretariat will submit a document on the consideration of accreditation proposals, including the AP’s assessment and recommendations on accreditation and names of the entities, to the Board at least 21 days before the start of the Board meeting;
    2. Board members may provide questions about the entities being recommended for accreditation, in writing, to the Secretariat within one week of the AP’s recommendations being circulated to the Board;
    3. The Secretariat shall compile questions provided by the Board, and circulate the compilation of questions, verbatim, to the AP and all Board members; and
    4. The AP shall respond to all questions and provide a compilation of those responses to the Board at the latest one week before the Board meeting. The AP will have sole authority to decide whether or not to make changes to its recommendation in response to feedback from the Board.
17. Also decides to revise the membership of the Accreditation Committee, as contained in Annex IV to decision B.07/02, to comprise:
    
    1. Three Board members or alternate members from developing country Parties; and
    2. Three Board members or alternate members from developed country Parties; and
18. Requests the Accreditation Committee with the support of the Secretariat to work on a strategy on accreditation for consideration by the Board at its eleventh meeting. The report should examine issues including efficiency, fairness and transparency of the accreditation process, as well as the extent to which current and future accredited entities enable the Fund to fulfil its mandate.

The Board, having reviewed document GCF/B.10/Inf.11 Initial Monitoring and Accountability Framework for Accredited Entities (Progress Report):

1. Notes the need for ongoing monitoring of compliance with the Green Climate Fund’s (the Fund) fiduciary standards, environmental and social safeguards, and gender policy;
2. Decides that the accreditation of an entity to the Fund is valid for a fixed term of five years or less, depending on the terms of accreditation;
3. Also decides that the Board will decide whether an entity is to be re-accredited, based on the assessment conducted by the Secretariat and the Accreditation Panel;
4. Further decides that the initial monitoring and accountability framework will focus on compliance with the Fund’s environmental and social safeguards, fiduciary standards, and gender policy, and will comprise at least four compliance checks of the accredited entities and activities financed by the Fund as follows:
   
   1. Annual self-reporting to the Secretariat by the accredited entity and at any time when an important change in the capacity or any other material aspect of the accredited entity with regard to the Fund’s fiduciary standards, environmental and social safeguards, and gender policy occurs;
   2. Ad hoc checks by the Secretariat at the level of the accredited entity and/or at the level of the project/programme, when any significant concern of potential non-compliance arises;
   3. Annual review on a given proportion by number of projects, of the Fund’s portfolio of projects and programmes, where projects and programmes to be reviewed are selected inter alia with consideration of the risk category of the project/programme; and
   4. A light-touch review of the accredited entity halfway through its five-year accreditation period;
5. Requests the Secretariat to further develop the initial monitoring and accountability framework for consideration by the Board at its eleventh meeting, in particular providing more detail on:
   
   1. Corrective actions and remedies that can be implemented in cases of non-compliance;
   2. The implementation of the compliance checks listed in paragraph (d) above and any additional compliance checks that may be identified;
   3. An early warning system to support ad hoc checks and the annual review of a portion of the Fund’s portfolio;
   4. Local monitoring (including feedback from a range of stakeholders, including women);
   5. How to process the potential reaccreditation of accredited entities at the end of their five-year accreditation period;
   6. How the initial monitoring and accountability framework will relate to and work with the Fund’s accountability units;
   7. Ensuring there are sufficient resources available to the Secretariat to implement the framework;
   8. How the framework will use a risk-based approach, including by leveraging other monitoring processes, to use its resources efficiently;
   9. Reporting on the findings of activities under the monitoring and accountability framework; and
   10. How the national designated authority or focal point can be included in the initial monitoring and accountability framework; and
6. Also requests the Secretariat, when further developing the initial monitoring and accountability framework, to do so in consultation with the Accreditation Committee and entities accredited by the Fund, and by engaging a wide group of stakeholders, including women through a call for public input.

The Board, having reviewed document GCF/B.10/07 Initial Risk Management Framework: Methodology to Determine and Define the Fund’s Risk Appetite:

1. Adopts the risk dashboard and the related categories and subcategories of risk proposed in Annex XXIII to this document;
2. Also adopts the Fund’s risk appetite methodology as contained in Annex XXIV to this document;
3. Requests the Secretariat, in consultation with the Risk Management Committee, to prepare for the eleventh Board meeting, a detailed risk register, which shall further define the risk categories and subcategories, as outlined in Annex XXIII to this document;
4. Also requests the Secretariat, in consultation with the Risk Management Committee, to develop and run scenarios, for the eleventh Board meeting, based on the adopted risk categories and subcategories, for consideration by the Board in the establishment of priorities, targets, tolerances and limits for the different risk categories and subcategories, as outlined in Annex XXIV to this document and to specify the risks to be addressed by the Fund and other actors such as accredited entities; and
5. Further requests the Secretariat, in consultation with the Risk Management Committee, to undertake a review of the risk dashboard by the third Board meeting of 2016.

The Board, having reviewed document GCF/B.10/15 Appointment of Experts of the Independent Technical Advisory Panel:

1. Endorses the nomination by the Investment Committee of the following experts of the independent Technical Advisory Panel for one term:
   
   1. Mr. Ahsan Uddin Ahmed (Male, Bangladesh);
   2. Ms. Silvie Kreibiehl (Female, Germany);
   3. Ms. Claudia Martinez (Female, Colombia); and
   4. Mr. Jo Yamagata (Male, Japan);
2. Reaffirms that the work of the independent Technical Advisory Panel will be conducted as per the terms of reference approved in decision B.09/10, paragraph (a);
3. Also reaffirms that the Panel will comprise six members as per the terms of reference approved in decision B.09/10, paragraph (a), and that the remaining two Panel members will be selected before the twelfth meeting of the Board with due consideration to the United Nations Framework Convention on Climate Change (UNFCCC) roster of experts and to the geographic and specialty coverage, as appropriate;
4. Decides that the Secretariat, in consultation with the Investment Committee, will conduct a review of the independent Technical Advisory Panel’s effectiveness to be provided to the Board for consideration at its fourteenth meeting. This review will include an assessment of:
   
   1. Projected demands on the Panel and its associated capacity to assess funding proposals in terms of time commitment and range of technical expertise;
   2. Any specific gaps in the Panel’s technical expertise that should be filled through the appointment of additional Panel members (including from the UNFCCC roster of experts as appropriate) rather than ad hoc technical support; and
   3. Costings for the recruitment and employment of such additional Panel members;
5. Moreover, based on the objectives and guiding principles, and paragraph 70 on expert and technical advice of the Governing Instrument, and on the Panel’s terms of reference as approved in decision B.09/10, paragraph (a), agrees that:
   
   1. The Panel will, with the help of the Secretariat, draw on technical expertise, particularly including that from, but not limited to, the UNFCCC roster of experts and thematic bodies, as appropriate; and
   2. The Secretariat should, in line with the Panel’s terms of reference, establish a dedicated roster of experts for the Panel in major mitigation and adaptation areas over time, and to report on progress at the fourteenth meeting of the Board; and
6. Decides, noting decision 5/CP.19, to include in its annual report to the Conference of the Parties of the UNFCCC information on the development and implementation of mechanisms to draw on appropriate expert and technical advice, including from the relevant thematic bodies established under the Convention, as appropriate.

The Board, having reviewed document GCF/B.10/Inf.07 Country Ownership, reaffirming that the Green Climate Fund (the Fund) will pursue a country driven approach:

1. Takes note of the document;
2. Recognizes the importance of enhancing country ownership, country drivenness and the role that national designated authorities (NDAs)/focal points(FPs) can play in this regard;
3. Affirms that all efforts should be undertaken to:
   
   1. Strengthen the key role of NDAs/FPs in the formulation of country programme/project pipelines, the consideration of implementation partners, and financial planning, and enhance capacity, including through the programme on readiness and preparatory support;
   2. Also strengthen the role of NDAs/FPs in monitoring and providing feedback regarding the impact of Fund operations within countries in terms of the degree to which the Fund’s initiatives add value to national development priorities, building institutional capacity, and promoting a paradigm shift towards low carbon and climate resilient development; and
   3. Promote a central and leading role of NDAs/FPs in the coordination of the Fund’s engagements within countries while highlighting the importance of the differentiation of roles between the Secretariat, accredited entities and NDAs/FPs in relation to country programming;
4. Requests the Secretariat to prepare a proposal of guidelines and drawing upon learning experiences and best practices across NDAs/FPs in order to address the aspects outlined in paragraph (c) above for consideration by the Board at its twelfth meeting;
5. Recognizes that NDAs/FPs should facilitate country coordination and engagement with representatives of relevant stakeholders such as the private sector, academia and civil society organizations and women’s organizations, taking into account the best practice options adopted by the Board in decision B.08/10 and supported as needed by the Secretariat; and
6. Reaffirms, in accordance with decision B.08/11, the readiness and preparatory support programme as a mechanism to enhance country ownership.

The Board, having reviewed document GCF/B.10/16 Recommendations from the Private Sector Advisory Group to the Board of the Green Climate Fund (the Fund):

1. Decides, taking note of the recommendations contained in document GCF/B.10/16, to establish a pilot programme to support micro-, small-, and medium- sized enterprises (MSMEs) and a pilot programme to mobilize resources at scale in order to address adaptation and mitigation;
2. Also decides to allocate over the course of the initial resource mobilization period, in several tranches:
   
   1. Up to US$ 200 million for the MSME pilot programme; and
   2. Up to US$ 500 million for the mobilizing resources pilot programme;
3. Further decides that the Board may review the aforementioned amounts when it deems appropriate;
4. Requests the Secretariat, in the implementation of decision B.09/09, paragraph (h), taking note of the Private Sector Advisory Group (PSAG) recommendations as contained in document GCF/B.10/16, to present for the Board’s consideration by no later than the twelfth meeting of the Board the terms of reference for a request for proposal (RFP) for entities to manage the MSME pilot programmes, and the terms of reference for an RFP for entities to mobilize resources at scale, with an aim of launching both RFPs in 2016;
5. Decides that both pilot programmes will be consistent with the objectives and policies of the Fund, including country ownership through the participation of national designated authorities (NDAs)/focal points (FPs), stakeholders and accredited observers, inter alia NDAs/FPs providing non-objection for selected proposals;
6. Notes that the use of RFPs is complementary to, and not a substitute for, proposals submitted to the Fund by accredited entities and NDAs/FPs;
7. Also notes the PSAG recommendation that external support may prove useful and the Secretariat will explore the need to retain external support in order to operationalize the pilot programmes;
8. Requests the Accreditation Committee and the PSAG to present further recommendations on possible measures to support the accreditation of entities with solid track records in supporting MSMEs and in mobilizing resources at scale for the Board’s consideration by no later than its twelfth meeting; and
9. Decides to review the implementation and scale of the initial phase of the MSME pilot programme and the mobilization pilot programme two years from the date on which the RFPs are made.

The Board, having reviewed document GCF/B.10/12 Template for Bilateral Agreement on Privileges and Immunities:

1. Authorizes the Executive Director to negotiate and sign, or otherwise develop, taking account of the draft provisions set out in Annex XXV hereto and the domestic legal and policy frameworks of countries, agreements or other appropriate arrangements with countries on the privileges and immunities of the Green Climate Fund (the Fund);
2. Also authorizes the Executive Director to develop additional arrangements to elaborate on the privileges and immunities negotiated or otherwise developed by the Fund and country Parties to address privileges, immunities or exemptions for:
   
   1. Conferences or other international meetings of the Fund;
   2. Country or regional offices of the Fund, or any permanent presence in a country;
   3. Resolution of disputes regarding the application of privileges and immunities of the Fund; and
   4. Any other privileges, immunities, or exemptions that the country and the Fund may agree as necessary to protect the Fund and persons associated with the Fund;
3. Requests the Secretariat to report at each meeting of the Board as part of the Secretariat’s activities on any agreements or other appropriate arrangements which have been concluded or implemented;
4. Also requests the Secretariat to implement measures such as insurance, indemnification, or other liability protection to assure that Secretariat staff, Board members and alternates are protected, as appropriate, including while on mission; and
5. Further requests the Secretariat to incorporate in the report to the Conference of the Parties to the United Nations Framework Convention on Climate Change a section on the status of the Fund’s existing privileges and immunities with regard to its operational activities, starting at its twenty-first session and thereafter biennially, consistent with decision 7/CP.20, paragraph 22.

The Board, having reviewed document GCF/B.10/13/Rev.01 Policies on Ethics and Conflicts of Interest:

1. Adopts the Policy on Ethics and Conflicts of Interest for External Members of Green Climate Fund Panels and Groups as set out in Annex XXVI to this document (the Policy);
2. Decides that, solely in respect of the role of the Independent Integrity Unit (IIU) under the Policy, the Ethics and Audit Committee will fulfil such role on a temporary basis until the IIU shall have become operational;
3. Adopts the Policy on Ethics and Conflicts of Interest for the Executive Director of the Green Climate Fund Secretariat as set out in Annex XXVII to this document (the Executive Director Policy);
4. Decides to authorize the Ethics and Audit Committee to carry out the responsibilities assigned to it in the Executive Director Policy; and
5. Requests the Ethics and Audit Committee, with the support of the Secretariat, to continue its work on recommended policies on ethics and conflicts of interest for the other Board appointed officials and active observers.

The Board, having considered agenda item 26 “Strategic plan for the Fund” of document GCF/B.10/01/Rev.01 Agenda:

Invites members of the Board to send inputs to the Secretariat by 31 July 2015, in order for the Secretariat to produce a progress report on the strategic plan for consideration by the Board at its eleventh meeting.

The Board, having reviewed document GCF/B.10/18/Drf.02 Items for consideration at the eleventh meeting of the Board:

Requests the Co-Chairs to propose a provisional agenda for the eleventh meeting of the Board in consultation with their respective constituencies before 31 July 2015.

The Board, having reviewed document GCF/B.10/14 Further Consideration of the Initial Term of Board Membership:

1. Decides that:
   
   1. Members and alternate members of the Board whose terms expire on 23 August 2015 shall continue in their functions until their successors have been selected;
   2. Members and alternate members of the Board serving in the capacity of members of the Accreditation Committee, the Risk Management Committee, the Investment Committee and the Private Sector Advisory Group, whose terms expire in 2015 shall continue in their functions until their successors have been selected;
   3. Representatives of the active observers from accredited civil society organizations and private sector organizations whose terms expire in 2015 shall continue in their functions until their successors have been selected; and
   4. All of the above are subject to no person continuing in his/her function as part of the initial term after 31 December 2015 or changing the cycle of the terms; and
2. Requests the Secretariat to further consider the possibility of aligning the term of Board membership to the calendar year and to report back to the Board at its twelfth session.

The Board, having reviewed document GCF/B.10/04 Applying Scale in the Assessment of Funding Proposals, and recalling decision B.09/05:

1. Decides that in applying the scaling pilot, the proposal size is defined as:
   
   1. Micro proposals: up to and including US$ 10 million in total project size;
   2. Small proposals: above US$ 10 million and up to and including US$ 50 million in total project size;
   3. Medium proposals: above US$ 50 million and up to and including US$ 250 million in total project size; and
   4. Large proposals: above US$ 250 million in total project size;
2. Also decides that the scaling pilot will apply to all medium and large proposals;
3. Further decides that in monitoring the effectiveness of the scaling pilot, mitigation proposals will only be compared with mitigation proposals and adaptation proposals will only be compared with adaptation proposals;
4. Decides to recognize country needs and circumstances while applying the scaling pilot, in line with decision B.09/05, paragraph (g); and
5. Requests the Secretariat to review the scaling pilot on an annual basis and to communicate its findings to the Investment Committee and to the Board.

The Board, having considered document GCF/B.10/08 Fourth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change:

1. Requests the current Co‐Chairs, assisted by the Secretariat, to finalize the Fourth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change (hereinafter referred to as Fourth Report), presented in the Annex XXVIII to this document, taking into consideration the comments made and decisions taken at the tenth meeting, and submit the revised report to the United Nations Framework Convention on Climate Change (UNFCCC) secretariat as soon as possible, but no later than 12 weeks prior to the twenty-first session of the Conference of the Parties (COP21), in accordance with decision 7/CP.20, paragraph 23;
2. Also requests the current Co-Chairs, assisted by the Secretariat, to issue and submit to the UNFCCC secretariat an addendum to the Fourth Report after the eleventh meeting of the Board and before COP 21; and
3. Decides to adopt an annual reporting period running from 1 August up to and including 31 July of the following calendar year for the report of the Green Climate Fund to the Conference of the Parties, starting with the next annual report to the Conference of the Parties.

The Board, having reviewed document GCF/B.10/02 Date and Venue of the Eleventh Meeting of the Board:

1. Decides that its third meeting in 2015 will take place in Zambia from 4 to 6 November 2015, with dates to be further confirmed; and
2. Requests the Secretariat to pursue its consultations with Zambia with a view to concluding the required agreement and to making the necessary arrangements.

The Board, having considered the information contained in document GCF/BM-2015/Inf.06 Administrative Guidelines on the Internal Control Framework and Internal Audit Standards:

1. Adopts the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework as the internal control framework for the Green Climate Fund (the Fund);
2. Also adopts the Institute of Internal Auditor’s (IIA) International Professional Practices Framework (IPPF) that comprises the Definition of Internal Auditing, the Standards, and the Code of Ethics applied to the Fund’s internal auditor; and
3. Requests that the Executive Director implement the internal control framework and oversee the implementation of the internal audit framework by the Fund’s Internal Auditor in line with Annex I to this document.

The Board, in accordance with decision B.08/20 and through a decision taken between meetings on a no-objection basis:

Approved the accreditation of the following organizations as observer organizations with the Fund:

Civil Society Organizations:

Center for American Progress

Centre de Suivi Ecologique (CSE)

Centre for Science and Environment (CSE)

Fundación Ambiente y Recursos Naturales (FARN)

Foundation for a Sustainable Society Inc (FSSI)

Green Asia Network (GAN)

Huvadhoo Aid (HAD)

Oil Change International (OCI)

Private sector organizations:

Carbonbay GmbH & Co. KG

International entities:

Caribbean Development Bank (CDB)

International Labour Organization (ILO)

Observatoire du Sahara et du Sahel Sahara and Sahel Observatory (OSS)

The Board having reviewed document B.BM-2015/04 Administrative Guidelines on the Budget and Accounting System:

1. Approves the Administrative Guidelines on the budget and accounting system contained in Annex I hereto;
2. Notes that the Board retains the right to request revision of these guidelines if warranted; and
3. Confirm the Executive Director to promulgate and implement the guidelines.

The Board, through a decision taken between meetings on a no-objection basis:

Appoints the following members and alternate members of the Board to the Appointment Committee, in accordance with the Terms of Reference as set out in Annex XV to decision B.09/14.

1. Ms. Aize Azqueta;
2. Ms. Andrea Ledward;
3. Mr. Jan Cedergren;
4. Ms. Mariana Micozzi;
5. Mr. Nojibur Rahman; and
6. Mr. Zaheer Fakir.

The Board, having reviewed document GCF/B.08/46 Report of the Eighth Meeting of the Board, 14-17 October 2014:

1. Adopts the report of the eighth meeting of the Board contained in document GCF/B.08/46; and
2. Agrees to publish the report on the Fund’s website (document GCF/B.08/46 Report of the Eighth Meeting of the Board, 14-17 October 2014).

The Board, having considered document GCF/B.09/06 Analysis of the Expected Role and Impact of the Green Climate Fund,

1. Takes note of the findings of the analysis undertaken by the Secretariat, including illustrative investment opportunities in the Fund’s results areas; and
2. Requests the Secretariat to monitor the portfolio, report to the Board, and recommend needed actions, in order to align the portfolio composition with the initial results management framework as contained in decision B.07/04 when the portfolio reaches US$ 2 billion, but no later than two years after the first funding decision.

The Board, having reviewed document GCF/B.09/16 Policy on Ethics and Conflicts of Interest for the Board:

1. Adopts the policy on ethics and conflicts of interest for the Board of the Green Climate Fund set out in Annex I to this document, including the delegation of authority to the Ethics and Audit Committee contained therein; and
2. Requests the Secretariat to draft a policy on ethics and conflicts of interest for the Executive Director, other Board appointed officials, active observers and external members of panels established by the Board for consideration by the Ethics and Audit Committee to

The Board, having reviewed document GCF/B.09/08 Financial Terms and Conditions of the Fund’s Instruments:

1. Notes that the Fund will provide grants both with and without repayment contingency;
2. Adopts the financial terms and conditions of grants and concessional loans as contained in Annex II to this document;
3. Decides that use of grants with repayment contingency shall be limited to the private sector and that their terms and conditions shall be determined on a case-by-case basis;
4. Also decides that the Fund will use differentiated terms for outgoing concessional loans to the public sector following the principles and factors set out in Annex III to decision B.05/07;
5. Further decides the financial terms and conditions for non-grant instruments to the public sector, other than concessional loans, will be established on a case-by-case basis;
6. Decides that all non-grant instruments extended to the private sector shall be determined on a case-by-case basis, taking into consideration Annex III to decision B.05/07 and section III in Annex XIV to decision B.07/06;
7. Notes the need for the Fund, when making funding decisions, to consider the terms and conditions of the proposed financial instruments by the Accredited Entity to the recipient, as well as the financial terms and conditions of the financial instruments being requested from the Fund;
8. Decides to review the financial terms and conditions of the Fund’s instruments on an annual basis;
9. Requests the Secretariat to prepare and submit for the Board’s consideration at its tenth meeting a brief guideline on the application of the case-by-case provisions in the financial terms and conditions of the Fund’s instruments; and
10. Decides to consider at the tenth meeting of the Board a proposal regarding the cases in which the high level concessional terms and the low level concessional terms in Annex II, table 2, for public sector proposal will apply.

Taking into account the need to provide information required by national designated authorities (NDAs) and focal points, institutions and organizations that may be considering projects and programmes for possible funding from the Fund, and to provide predictability to the process of how the proposals might be reviewed;

The Board, having reviewed document GCF/B.09/07 Further Development of the Initial InvestmentFramework: Sub-CriteriaandMethodology:

1. Notes the Board’s agreement to keep under review the initial investment framework and to take action as necessary, in particular with respect to the criterion on needs of the recipient countries in the investment guidelines in decision B.07/06, paragraph (e);
2. Adopts the initial activity-specific sub-criteria and indicative assessment factors contained in Annex III, which take into account the Fund’s initial investment framework, the Fund’s initial result areas and initial results management framework, and other relevant decisions, with the understanding that national and sector-wide sub-criteria can be used only at the discretion of the recipient countries;
3. Decides to use indicative minimum benchmarks, in accordance with investment policies as decided by the Board, to ensure that projects and programmes demonstrate the maximum potential for a paradigm shift towards low-carbon and climate-resilient sustainable development;
4. Requests the Secretariat to present for consideration by the Board at its thirteenth meeting indicative minimum benchmarks in order to:
   
   1. Encourage ambition; and
   2. Take into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change, in particular the least developed countries (LDCs), small island developing States (SIDS), and African States, according to project size, mitigation/adaptation, and local and sector circumstances;
5. Also requests the Secretariat and the independent Technical Advisory Panel (iTAP) in the application of the indicative minimum benchmarks to be flexible and take into account country circumstances and country ownership;
6. Decides to use a scale of low/medium/high in order to assess the relative expected performance of a subset of projects and programmes based on the initial investment criteria. The Investment Committee will recommend to the Board to which subset of proposals this will apply. In the event that the Board is unable to agree an appropriate subset of proposals by its tenth meeting, the scaling pilot will automatically apply to all medium and large projects;
7. Requests the Secretariat and iTAP in the application of the assessment scale to take into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change, in particular LDCs, SIDS and African States; and
8. Also requests the Secretariat in the development of the operations manual and appraisal toolkit to include guidance to accredited entities and NDAs on the application of the proposal approval process, including indicative minimum benchmarks and assessment scale. The inputs of NDAs will be taken into consideration in the development of the guidance.

The Board, having reviewed document GCF/B.09/13 Initial Risk Management Framework: Survey of Methodologies to Define and Determine Risk Appetite:

1. Takes note of this document; and
2. Requests the Secretariat, in consultation with the Risk Management Committee, to continue the work on determining the initial risk appetite of the Green Climate Fund, consistent with decision B.07/05.

The Board, having considered document GCF/B.09/04 Consideration of Accreditation Proposals:

1. Takes note with appreciation of the in-depth assessment conducted by the Accreditation Panel contained within the relevant annexes for the following applicants:
   
   1. Applicant 001 (APL001) is the Centre de Suivi Ecologique, as contained in Annex IV;
   2. Applicant 002 (APL002) is the Peruvian Trust Fund for National Parks and Protected Areas, as contained in Annex V;
   3. Applicant 003 (APL003) is the Secretariat of the Pacific Regional Environment Programme, as contained in Annex VI;
   4. Applicant 004 (APL004) is Acumen Fund, Inc., as contained in Annex VII;
   5. Applicant 005 (APL005) is the Asian Development Bank, as contained in Annex VIII;
   6. Applicant 006 (APL006) is Kreditanstalt für Wiederaufbau, as contained in Annex IX; and
   7. Applicant 007 (APL007) is the United Nations Development Programme, as contained in Annex X;
2. Accredits APL001, APL002, APL003, APL004, APL005, APL006 and APL007, pursuant to paragraph 45 of the Governing Instrument for the Green Climate Fund, and subject to, and in accordance with, the assessment by the Accreditation Panel contained in the relevant annexes for each of the applicant entities;
3. Requests the Secretariat to inform the national designated authorities and focal points whenever an entity is accredited for operation in their country, and encourages the accredited entities to make contact with the national designated authority or focal point when they intend to operate outside the country(countries) that nominated them;
4. Encourages the timely implementation of the accreditation framework and requests the Secretariat to pay special attention to the priority needs of developing countries, emphasizing readiness support to national and regional entities that request it, including those eligible for fast-tracking;
5. Requests the Secretariat to invite national and regional entities that are operating at scale to apply for accreditation to the Green Climate Fund in coordination with their national designated authority or focal point, as appropriate, to ensure country ownership and promote direct access to funding as envisaged under the Governing Instrument for the Fund;
6. Also requests the Secretariat to use best efforts to have applications ready for consideration and possible decision on accreditation by the Board at its tenth meeting;
7. Further requests the Secretariat to aim to achieve a balance of diversity, including equitable representation of different geographical/regional areas, in the list of entities considered for accreditation at the tenth meeting of the Board, between direct access entities, including some operating at scale, private entities and international entities;
8. Requests the Secretariat, in consultation with the Accreditation Panel, when implementing decision B08/03, paragraph (k), to provide recommendations for the fast-tracking of national, regional and private sector entities; and
9. Also requests the Secretariat to publish the assessment methodology and the questions used in the assessment of accreditation applications.

The Board, having considered document GCF/B.09/03 Legal and Formal Arrangements with Accredited Entities:

1. Endorses that the Fund shall enter into agreements or other arrangements with entities upon their accreditation by the Board taking into account the considerations set out in Annex XI;
2. Authorizes, to the extent necessary, the Executive Director – or his/her designee – on behalf of the Fund to negotiate and agree on the terms and conditions of such agreements with accredited entities reflecting the scope of the accreditation, and to enter into such agreements.
3. Requests the Secretariat to inform the Board regularly on progress made in the implementation of this decision;
4. Also requests the Secretariat to include in the proposal on the monitoring and accountability framework to be prepared for consideration by the Board at its tenth meeting a proposal on the potential fixed term of the accreditation decisions.

The Board, having reviewed documents GCF/B.09/11/Rev.01 Private Sector Facility: Potential Approaches to Mobilizing Funding at Scale, and GCF/B.09/12 Private Sector Facility: Working with Local Private Entities, Including Small and Medium-Sized Enterprises:

1. Takes note of the documents;

Aiming to accelerate the operationalization of the Private Sector Facility (PSF) consistent with the objectives of the Fund:

2. Requests the Secretariat to take into consideration comments from the Board in its day to day work, including outreach, support for accreditation process and reviews of concepts;
3. Also requests the Secretariat to aim to achieve a diverse balance in accredited private entities, including subnational, national, regional and international intermediaries that have a significant on-the-ground presence in developing countries. These entities would have to meet the Fund’s accreditation requirements and demonstrate a track record of operating in developing countries;
4. Notes that the Secretariat may issue, after informing the relevant national designated authority, non-binding letters of intent as needed to accredited or potentially accredited entities. In the latter case, the letter shall contain a provision to the effect that the interactions will not influence the process of accreditation;
5. Requests the Secretariat to produce a regular update report to the Board on PSF activities;
6. Also requests the Private Sector Advisory Group (PSAG) to present to the Board at its tenth meeting additional recommendations regarding the establishment of a small and medium- sized enterprise (SME) programme as presented in document GCF/B.09/12;
7. Further requests the PSAG to present to the Board at its tenth meeting additional recommendations for activities regarding mobilizing resources at scale based on document GCF/B.09/11/Rev.01, and comments from the Board, including modalities for issuing requests for proposals, consistent with the objectives of the Fund; and
8. Requests the Secretariat to submit for the Board’s consideration at its eleventh meeting the request for proposals for the SME programme and an outline of activities that could be undertaken to mobilize resources at scale.

The Board, having reviewed document GCF/B.09/09 Terms of Reference of the Technical Advisory Panel:

1. Approves the terms of reference of the independent Technical Advisory Panel (the Panel) as contained in Annex XII hereto; and
2. Requests the Investment Committee, with support from the Secretariat and as soon as is possible, to nominate six experts as members of the Panel, for endorsement by the Board through a decision to be taken between meetings on a no objection basis.

The Board, having considered document GCF/B.09/10 Gender Policy and Action Plan :

1. Adopts the gender policy proposed in Annex XIII, acknowledging the progress made in advancing gender balance and gender equality within the context of climate change policies and in line with individual country circumstances, when applying said policy;
2. Also adopts the gender action plan as contained in Annex XIV;
3. Requests the Secretariat to take the necessary measures in order to expedite the implementation of the policy and action plan; and
4. Also requests the Secretariat’s Gender and Social Development Specialist to conduct a review of the gender policy and action plan, in consultation with the civil society organizations accredited with the Fund, and to submit an updated version of both by the twelfth meeting of the Board. Members of the Board are invited to submit their comments or additional proposals regarding the current policy and action plan by the tenth meeting of the Board.

The Board, having taken note of the information presented in document GCF/B.09/20 Initial Term of Board Membership:

1. Takes note that the initial terms for members and alternate members of the Board expire on 23 August 2015;
2. Affirms that the following principles should apply if successors to the current members and alternate members of the Board or to active observers, as the case may be, are not selected by 23 August 2015:
   
   1. Members and alternate members of the Board whose terms expire on 23 August 2015 shall continue their functions until their successors have been selected;
   2. Members and alternate members of the Board serving in the capacity of members of the Accreditation Committee, the Risk Management Committee, the Investment Committee and the Private Sector Advisory Group whose terms expire in 2015 shall continue their functions until their successors have been selected;
   3. Representatives from the active observers from accredited civil society organizations and private sector organizations whose terms expire in 2015 shall continue their functions until their successors have been selected; and
   4. Successors are expected to be selected not later than 31 December 2015.
3. Requests the Secretariat to convey the principles set out in paragraph (b) above to all Parties to the United Nations Framework Convention on Climate Change;
4. Decides to consider further the principles set out in paragraph (b) above at its tenth meeting.

The Board, having reviewed document GCF/B.09/21 Date and Venue of the Tenth Meeting of the Board:

1. Decides that its second meeting in 2015 will take place in Songdo, Republic of Korea, from 6 to 9 July 2015; and
2. Also decides that its third meeting in 2015 will take place from 27 to 29 October with dates and venue to be further confirmed.

The Board, having reviewed document B.BM-2015/02 Establishment and Terms of Reference of the Appointment Committee:

1. Establishes the Appointment Committee as a 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 Appointment Committee, as set out in Annex XV to this document;
3. Requests the Appointment Committee to present promptly upon its members being appointed, for consideration by the Board at its tenth meeting, the terms of reference for the Head of the Evaluation Unit, the Head of the Integrity Unit and the Head of the Redress Mechanism, the criteria for their selection, as well as details of the selection process to be conducted;
4. Agrees that an open, merit-based selection process should begin no later than the second quarter of 2015;
5. Requests the Secretariat to convene the first meeting of the Appointment Committee via videoconference as soon as practicable after the appointment of its members; and
6. Decides to take up at its eleventh meeting the establishment of a standing Board committee to assist the Board in the appointments, performance reviews, salary decisions and accountability of the Head of the Evaluation Unit, the Head of the Integrity Unit and the Head of the Redress Mechanism as well as the Executive Director.

The Board, in accordance with decision B.08/20 and through a decision taken between meetings on a no-objection basis:

Appoints Daemyung Grant Thornton as the External Auditor of the Fund for a three-year period beginning with the audit of the 2014 financial statements.

The Board, in accordance with decision B.08/20 and through a decision taken between meetings on a no-objection basis:

Approved the accreditation of following organizations as observer organizations with the Fund:

Civil Society Organizations:

• Catholic Agency for Overseas Development
• Climate Change, Agriculture and Food Security hosted by University of Copenhagen (CCAFS)
• Climate Justice Programme Inc. (CJP)
• Climate Mundial Limited
• Society for Development Alternatives
• Energy Research Center of the Netherlands
• The Federation for Associations connected to the International HUMANA PEOPLE to PEOPLE Movement (Humana People to People) (FAIHPP)
• Indus Development Organization (I.D.O.)
• Abdul Momen Khan Memorial Foundation (Khan Foundation)
• Korea Federation for Environmental Movements
• New Climate Institute for Climate Change and Global Sustainability
• Sindh Community Foundation (SCF)
• World Vision International (WVI)

Private sector organizations:

• Beijing Tianqing Power International CDM Consulting Co. Ltd. (TQ Power)

International entities:

• Nordic Environment Finance Corporation (NEFCO)
• Secretariat of the UN International Strategy for Disaster Risk Reduction

The Board, in accordance with decision B.08/20 and through a decision taken between meetings on a no‐objection basis:

Endorses the nomination by the Accreditation Committee of the following expert to the Accreditation Panel for one term:

Mr. Max Contag (Ecuador).