Boardroom

The Board, having reviewed document GCF/B.06/06 Terms of Reference of the Independent Evaluation Unit, the Independent Integrity Unit, and the Independent Redress Mechanism:

1. Adopts the terms of reference of the Independent Evaluation Unit, as set out in Annex III to this document;
2. Adopts the terms of reference of the Independent Integrity Unit, as set out in Annex IV to this document;
3. Adopts the terms of reference of the Independent Redress Mechanism, as set out in Annex V to this document.

The Board, having considered document GCF/B.06/07 Country Ownership:

Requests Board members/alternate members Mr. Dipak Dasgupta, Mr. Omar El-Arini,  Mr. Anton Hilber and Mr. Alexander Severens to continue undertaking their deliberations on country ownership and to report back to the Board at its seventh meeting with a proposal for decision.

The Board, having considered document GCF/B.06/14 Detailed Programme of Work on Readiness and Preparatory Support:

1. Takes note of the priority activities for readiness and preparatory support:
   
   1. Establishment of national designated authorities or focal points;
   2. Strategic frameworks, including the preparation of country programmes;
   3. Selection of intermediaries or implementing entities;
   4. Initial pipelines of programme and project proposals;
2. Requests the Secretariat to elaborate a revised detailed programme of work, for consideration by the Board at its seventh meeting, that includes the following:
   
   1. Readiness activities to be undertaken in countries based on requests for support resulting from a consultation with countries and stakeholders;
   2. A delivery plan for the implementation of these readiness activities. The delivery plan will be developed in consultation with countries and existing initiatives. It will include a timeline and modalities for implementation;
   3. Options for entering into partnerships with existing initiatives, including of sub-national, national, regional and international actors, in order to implement the readiness activities supported by the Fund;
3. Decides from the resources available or to be made available in the Green Climate Fund Trust Fund, the allocation of funds in the amount of US$ 1 million to the Secretariat for the preparation of a detailed programme of work and authorizes the Interim Trustee to commit and transfer such funds from the Green Climate Fund Trust Fund to the Secretariat, subject to the availability of resources in the Green Climate Fund Trust Fund;
4. Requests the Secretariat to seek transparency, complementarity,  and coherence amongst existing initiatives, and to establish and maintain an information-sharing platform and dialogue and facilitate South-South exchanges;
5. Requests the Secretariat to review the modalities for the delivery of readiness support once the Fund’s accreditation and allocation policies are approved, with a view of ensuring consistency with the other established operational modalities of the Fund, for consideration by the Board;
6. Requests the Executive Director to report to the Board twice a year on:
   
   1. Activities undertaken, including joint activities with existing initiatives;
   2. The progress of committing and disbursing available funds.

The Board, having considered document GCF/B.06/16 Financial Terms and Conditions of Grants and Concessional Loans:

Requests the Secretariat to revise document GCF/B.06/16 for the seventh Board meeting, taking into account the ongoing work on the financial risk management and investment frameworks.

The Board:

Decides that its second meeting in 2014 will take place on 18-21 May 2014 in Songdo, Republic of Korea.

The Board, having considered document GCF/B.06/Inf.05 Logo of the Fund:

1. Requests the Secretariat to coordinate the re-design of the colour and shape of the proposed logo with the logo designer;
2. Requests the Logo Selection Panel to review the revised design and, if agreed, forward it to the Board for approval.

(This approved decision was originally presented in annex III to document GCF/B.06/19 titled “Report of the Sixth Meeting of the Board, 19-21 February 2014”)

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

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

International entities:

• Commonwealth Secretariat
• Global Green Growth Institute (GGGI)
• Kreditanstalt fuer Wiederaufbau (KfW)
• Organization for Economic Co-operation and Development (OECD)
• United Nations Entity for Gender Equality and the Empowerment of Women (UN Women)
• United Nations Industrial Development Organization (UNIDO)

Civil society organizations:

• Amis de l’Afrique Francophone- Benin (AMAF-BENIN)
• Applied Environmental Research Foundation (AERF)
• Asia Pacific Forum on Women, Law and Development (APWLD)
• Association Carre Geo & Environment
• BirdLife International
• Center for Clean Air Policy (CCAP)
• Centre for Policy Research
• Clean Energy Business Council (CEBC)
• Frankfurt School of Finance and Management GmbH
• Future Forest (FF)
• Initiatives for Integrated and Sustainable Development
• Institute for Essential Services Reform (IESR)
• International Centre for Trade and Sustainable Development (ICTSD)
• International Child Welfare Organization
• International Institute of Environment and Development (IIED)
• LDC Watch
• International Solid Waste Association (ISWA)
• Leadership for Environment and Development (Lead)
• Pakistan Native American Rights Fund (NARF)
• Nexus-Carbon for Development
• Perserikatan Solidaritas Perempuan-Women’s Solidarity for Human Right
• Rural Reconstruction Nepal (RRN)
• Sudanese Environment Conservation Society (Secs)
• The Development Institute (DI)
• The International Council on Clean Transportation (ICCT)
• Vasudha Foundation
• World Farmers’ Organisation (WFO)
• WWF International

Private sector organizations:

• Bea International
• Carbon Market Institute Limited
• Core CarbonX Solutions Private Limited
• Kommunalkredit Public Consulting GmbH (KPC)
• Nycon Energy AG
• PricewaterhouseCoopers LLP (PwC)
• Vertis Environmental Finance Ltd

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

Appoints the following Board members/alternate members to the Investment Committee for its first term, in accordance with the Terms of Reference as set out in Annex XVII to document GCF/B.05/23:

1. Mr. Shri Dipak Dasgupta, Committee member;
2. Mr. Henrik Harboe, Committee member;
3. Mr. Rodrigo Rojo, Committee member;
4. Mr. Josceline Wheatley, Committee member;
5. Mr. Liang Ziqian, Committee member.

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

Appoints the following Board members/alternate members to the Risk Management Committee for its first term, in accordance with the Terms of Reference, as set out in Annex XVI to document GCF/B.05/23:

1. Mr. Irfa Ampri, Committee member;
2. Mr. Arnaud Buisse, Committee member;
3. Ms. Irene Jansen, Committee member;
4. Mr. David Kaluba, Committee member;
5. Mr. Tosi Mpanu Mpanu, Committee member;
6. Mr. Kentaro Ogata, Committee member.

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

1. Approves the Board’s work plan for 2014, as set out in Annex I to this decision;
2. Approves the indicative timeline for the Board’s work plan for 2014, as set out in Annex II to this decision, noting that the Board may adjust the timeline on a meeting-by-meeting basis;
3. Requests the Secretariat to prepare documents listed in Annex III to this decision for the first Board meeting in 2014.

The Board:

Decides to amend paragraph (b) of decision B.04/15 by inserting “the Multilateral Fund for the Implementation of the Montreal Protocol” after “the Adaptation Fund”.

The Board:

1. Adopts the report of the fourth meeting, contained in document GCF/B.04/Drf.02;
2. Agrees to publish it on the Fund’s website (document GCF/04/18 Report of the Fourth Meeting of the Board, 26‐28 June 2013).

The Board:

1. Recalls decision B.04/04, paragraph (a), in which it noted convergence that the Fund will have a strategic focus on climate change mitigation and adaptation, and also seek to maximize sustainable development;
2. Recalls decision B.04/04, paragraph (b), in which it reaffirmed that country ownership will be a core principle of the business model framework of the Fund and that countries will identify their priority result areas in line with their national strategies and plans;
3. Notes convergence that ownership and access to Fund resources could be enhanced by inclusion of indicators capturing country‐driven policies that have the potential to promote a paradigm shift towards low‐emission and climate‐resilient development pathways in the context of sustainable development as set out in the Governing Instrument;
4. Further notes convergence on key criteria that may be considered through the results management framework when measuring performance of Fund activities, where appropriate, in addition to the core performance indicators, including potential for paradigm shift towards low‐emission and climate‐resilient development pathways; development co‐benefits; environmental co‐benefits; potential for replication and scalability; cost‐effectiveness; avoidance of lock‐in to high‐emission, low climate‐resilient alternatives; and finance mobilized from non‐public sources;
5. Adopts the initial result areas of the Fund, as contained in Annex I to this document, as initial areas of funding, in order to enable low‐emission and climate‐resilient development pathways;
6. Adopts the initial performance indicators of the Fund, as contained in Annex II to this document;
7. Decides that the Fund’s results management framework will:
   
   1. Enable effective monitoring and evaluation of the outputs, outcomes and impacts of the Funds’ investments and portfolio, and the Fund’s organizational effectiveness and operational efficiency;
   2. Include measurable, transparent, effective and efficient indicators and systems to support Fund’s operations, including, inter alia, how the Fund addresses economic, social and environmental development co‐benefits and gender sensitivity;
8. Further decides that the Fund, as a continuously learning institution, will maintain the flexibility to refine its results management framework, result areas and performance indicators, based on Fund experience in implementation and monitoring, and as evaluation outcomes become available, and that the lessons learned will feed back into the design, funding criteria and implementation of Fund activities, based on results;
9. Further decides that the Fund will assess project and programme proposals in each result area using the same impact indicators;
10. Further decides that national and sector‐wide indicators will be used only at the discretion of the recipient country;
11. Further decides that in designing a logical framework for results management, the Fund will develop indicators to measure the impact of the Fund on strategic improvements at a country level;
12. Further decides that in designing its results management framework, the Fund will use the experience of other relevant entities, and, where appropriate, align the framework and indicators with existing best practice models;
13. Requests the Secretariat to develop, for consideration by the Board at its second meeting in 2014, a detailed operational results management framework of the Fund, based on the initial result areas and core performance indicators and key criteria decided upon by the Board, taking into account the methodologies set out for illustrative purposes in Annex II of document GCF/B.05/03, input from technical expert bodies and the reporting capacity of countries;
14. Further requests the Secretariat to develop additional result areas and indicators for adaptation activities for consideration by the Board at its first meeting in 2014.

The Board, having reviewed document GCF/B.05/04 Business Model Framework: Financial Inputs:

1. Notes that the Fund will receive financial inputs from developed country Parties to the Convention;
2. Further notes that the Fund may also receive financial inputs from a variety of other sources, public and private, including alternative sources;
3. Decides that the Fund will maintain the flexibility to receive financial inputs on an on‐going basis;
4. Decides that the Fund will receive grants from public and private sources, and paid‐in capital contributions and concessional loans from public sources, and may receive additional types of inputs at a later stage to be decided by the Board;
5. Requests the Secretariat to include the specific risks associated with accepting concessional loans to the Fund, including the risk of cross‐subsidization, when developing the Fund’s risk management framework and investment strategy;
6. Requests the Secretariat to prepare a document for understanding and defining alternative sources of financial inputs to the Fund for consideration by the Board at its second meeting in 2014;
7. Requests the Secretariat to initiate discussions with the Interim Trustee to identify appropriate arrangements for receiving financial inputs;
8. Notes convergence on the importance of the relationship between the terms and conditions of financial instruments and the types of financial inputs received by the Fund.

The Board, having reviewed document GCF/B.05/05 Business Model Framework: Allocation:

1. Decides that the Fund will adopt a theme/activity‐based approach to the allocation of resources in order to meet the Fund’s objectives;
2. Decides that the Board will keep the allocation system under review with the intention of improving it over time;
3. Decides that the Fund will initially make allocations under adaptation, mitigation and the Private Sector Facility, and that there will be balance between adaptation and mitigation and the appropriate allocation of resources for other activities;
4. Decides that, in relation to adaptation, resources will be allocated based on:
   
   1. the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift;
   2. the urgent and immediate needs of vulnerable countries, in particular LDCs, SIDS and African States;
5. Decides that, in relation to mitigation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to limit and reduce greenhouse gas emissions in the context of promoting a paradigm shift;
6. Decides that, in relation to the Private Sector Facility, resources will be allocated based on the contribution a proposed activity makes towards promoting a paradigm shift and to:
   
   1. Directly and indirectly finance private sector mitigation to limit and reduce greenhouse gas emissions and adaptation to the impacts of climate change activities;
   2. Promoting the participation of private sector actors in developing countries, in particular local actors, including small and medium‐sized enterprises and local financial intermediaries, and activities to enable private sector involvement in SIDS and LDCs;
7. Requests the Secretariat to develop and present to the Board at its second meeting in 2014 a resource allocation system, based on this decision and taking into consideration the views expressed by the Board, that facilitates:
   
   1. Cross‐cutting proposals;
   2. A results‐based approach;
   3. A country‐driven approach;
   4. A geographically balanced approach;
   5. Private sector mitigation and adaptation activities at the national, regional and international levels;
8. Further requests the Secretariat to develop and present an initial process for review and approval of proposals to the Board at its second meeting in 2014.

The Board, having reviewed document GCF/B.05/06 Business Model Framework: Countries’ Transparent No‐objection Procedure:

1. Takes note of the information presented in document GCF/B.05/06;
2. Provides guidance to the Interim Secretariat on the policy matters regarding country ownership under the Fund;
3. Requests the Interim Secretariat to revise document GCF/B.05/06 in view of the guidance provided, and present a revised version of this document for the consideration by the Board at its first meeting in 2014.

The Board, having reviewed document GCF/B.05/07 Terms and Criteria for Grants and Concessional Loans:

1. Decides to adopt, for the initial operationalization of the Fund, the principles and factors for the terms and conditions of grants and concessional loans, as contained in Annex III to this document;
2. Takes note of the criteria for the terms and conditions of grants and concessional loans, as contained in Annex IV to this document;
3. Requests the Secretariat to develop terms and conditions of grants and concessional loans for consideration by the Board at its first meeting in 2014, guided by these principles and criteria, and taking into consideration progress on the business model framework; and
4. Further requests the Secretariat to prepare a document for consideration by the Board at its third meeting in 2014 on the use of other financial instruments.

The Board, having considered document GCF/B.05/08 Business Model Framework: Access Modalities – Accreditation:

1. Notes convergence on the need to develop a guiding framework and procedures for the accreditation process of the Fund that enhances country ownership, accommodates different capacities and capabilities of countries, defines the Fund’s own fiduciary principles and standards and environmental and social safeguards, and accredits entities in a transparent, objective and credible manner, in line with the Fund’s objectives, results and guiding principles;
2. Acknowledges the best‐practice fiduciary principles and standards referred to inAnnex V and the environmental and social safeguards of the entities referred to in Annex VI to this document, as the basis for developing the Fund’s own criteria and standards;
3. Takes note of the list of considerations and initial criteria to inform the elaboration of the Fund’s criteria for accreditation of sub‐national, national, regional and international intermediaries and implementing entities, as presented in Annex VII to this document, and as part of the development of the guiding framework for the Fund’s accreditation process;
4. Requests a team of four Board members/alternate members to oversee the development of the guiding framework for the Fund’s accreditation process by the Secretariat, which will also include four senior international experts to be nominated by the Executive Director, for consideration by the Board no later than at its second meeting in 2014. This will include overseeing the development by the Secretariat of:
   1. The Fund’s own environmental and social safeguards and fiduciary principles and standards;
   2. The criteria and application procedures for the accreditation of intermediaries and implementing entities of the Fund;
   3. The most appropriate governance and organizational approach for the Fund’s accreditation process, including an Independent Technical Advisory Function to conduct the accreditation process, taking into account Annex X and Annex XI to this document, and the terms of reference contained in Annex XI, as appropriate;
   4. An assessment of the list of the institutions accredited by other funds, as contained in Annex VIII to this document, in light of the development of the guiding framework for the accreditation process of the Fund;
   5. Additional modalities that further enhance direct access, including through funding entities, with a view to enhancing country ownership of projects and programmes, for consideration by the Board at its first meeting in 2014;
5. Decides that the following Board members will be part of the team referred to above: Mr. Arnaud Buisse, H.E. Mr. Jan Cedergren, Mr. Derek Gibbs and Mr. David Kaluba;
6. Requests the Secretariat to undertake all necessary actions to ensure that the work of the team and the development of the guiding framework for the Fund’s accreditation process starts as soon as possible;
7. Approves the terms of reference of the senior international experts to be nominated by the Executive Director and to serve in the team, as contained in Annex IX to this document;
8. Further requests the Secretariat to initiate work on provisions for legal and formal arrangements with intermediaries and implementing entities, policies on fees and payments, and any other necessary elements to facilitate the prompt operationalization of the Fund’s accreditation process and its access modalities, and report on its progress at the first meeting of the Board in 2014;
9. Also requests the Secretariat to initiate urgently work and activities to support readiness for accreditation in interested sub‐national, national, regional and international intermediaries and implementing entities, in the context of the Fund’s programme of work on readiness and preparatory support and as discussed in document GCF/B.05/14, and report on its progress at the first meeting of the Board in 2014.

The Board, having reviewed document GCF/B.05/09 Progress Report of the Logo Selection Panel:

1. Notes that the entries received in the logo competition were not adequate to represent the identity and image of the Fund;
2. Decides that the logo competition will be cancelled, as recommended by the Logo Selection Panel;
3. Requests the Interim Secretariat, under the overall authority of the Executive Director, to contract a professional designer to design the logo of the Fund;
4. Requests the Logo Selection Panel to oversee the work on the design of the logo;
5. Requests the Interim Secretariat to undertake the work necessary to implement the new logo in all communication products of the Fund, once the selection has been made.

The Board, having reviewed document GCF/B.05/10 Initial Structure and Staffing of the Secretariat:

1. Decides on the initial structure of the independent Secretariat, as set out in Annex XII to this document;
2. Takes note of the organizational diagram, showing the initial organization of the Secretariat in 2014, as presented in Annex XIII to this document;
3. Authorizes the Executive Director to recruit initial staff as presented in Annex XIV to this document;
4. Endorses the process and timeframe for implementing the proposed initial structure of the Secretariat, as set out in Annex XV to this document.

The Board, having considered document GCF/B.05/11 Progress Report on the Administrative Policies and Guidelines of the Independent Secretariat:

1. Approves with immediate effect, in accordance with the Governing Instrument, the establishment of the GCF Secretariat, as the fully independent secretariat foreseen in paragraph 19 of the Governing Instrument;
2. Authorizes the Executive Director to take all necessary actions and to make, on behalf of the Fund, necessary arrangements and contracts to facilitate the establishment and operations of the GCF Secretariat in the Republic of Korea in order to allow the Fund to perform its functions;
3. Authorizes the Executive Director to recruit, pending selection of staff through competitive procedures and their recruitment according to decision B.05/10, on a short‐term temporary basis, staff and experts to assist her in her functions;
4. Requests the Secretariat to seek a legal opinion of the Office of Legal Affairs of the United Nations on whether, and if so, under which circumstances, the Fund might qualify for: (i) an institutional linkage with the United Nations; and (ii) a relationship agreement with the United Nations under which the officials of the Secretariat and other persons associated with the Fund can make use of the United Nations Laissez Passer;
5. Takes note of the plan for the preparation of the administrative policies and guidelines of the Secretariat, as presented in Section 3.2 of document GCF/B.05/11;
6. Requests the Executive Director to promulgate all administrative guidelines based on the authorization given to her through decision GCF/B.04/03, and to submit policies to the Board for approval.

The Board, having considered document GCF/B.05/12 General Guidelines for Committees and Panels:

1. Takes note of document GCF/B.05/12 General Guidelines for Committees and Panels;
2. Decides to continue establishing committees, panels and groups, by defining their purpose and functions, as well as their mode of operation, in the respective terms of reference, and to consider general guidelines for committees, panels and groups at a later stage, as necessary;
3. Notes that the Rules of Procedure of the Board will apply mutatis mutandis to the committees, panels and groups established.

The Board, having reviewed document GCF/B.05/13 Terms of Reference and Establishment of Committees and Panels:

1. Establishes the Risk Management Committee as a committee of the Board in accordance with decision B.04/08 and paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
2. Adopts the Terms of reference of the Risk Management Committee as set out in Annex XVI to this document;
3. Establishes the Investment Committee as a committee of the Board in accordance with decision B.04/08 and paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
4. Adopts the Terms of reference of the Investment Committee as set out in Annex XVII to this document;
5. Establishes the Ethics and Audit Committee as a committee of the Board in accordance with paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
6. Adopts the Terms of reference of the Ethics and Audit Committee as set out in Annex XVIII to this document;
7. Appoints the following Board members/alternate members as members of the Ethics and Audit Committee for its first term:
   
   1. Mr. Omar El‐Arini, Committee member;
   2. Ms. Ana Fornells de Frutos, Committee member;
   3. Ms. Beata Jaczewska, Committee member;
   4. Mr. Matthew Kotchen, Committee member;
   5. Mr. Ayman M. Shasly, Committee member; and
   6. Mr. Kwang‐Yeol Yoo, Committee member;
8. Establishes the Private Sector Advisory Group as a panel of the Board in accordance with decision B.04/08 and paragraphs 2 (o) and 32 of the Rules of Procedure of the Board;
9. Adopts the Terms of reference of the Private Sector Advisory Group as set out in Annex XIX to this document;
10. Appoints the following Board members/alternate members to the Private Sector Advisory Group for its first term in accordance with the Terms of reference as set out in Annex XIX to this document:
    
    1. Mr. Zaheer Fakir, panel member;
    2. Mr. Anton Hilber, panel member;
    3. Mr. Farrukh Iqbal Khan, panel member; and
    4. Mr. Matthew Kotchen, panel member;
11. Requests the Secretariat to initiate an open call for nominations, including from Board members, for the selection of four private sector representatives from developing countries, four private sector representatives from developed countries, and two civil society representatives, for membership of the Private Sector Advisory Group during its first term, in accordance with the Terms of reference as set out in Annex XIX to this document, with the appointment of nominated representatives subject to the approval by the Co‐Chairs;
12. Requests the Secretariat to convene the first meeting of the Ethics and Audit Committee and the Private Sector Advisory Group, in consultation with their respective Chairs, via videoconference prior to the first meeting of the Board in 2014; and
13. Invites the Ethics and Audit Committee and Private Sector Advisory Group to develop and present to the Board, at its first meeting in 2014, agreed work plans for their first 12 months of operation, which should take into account the Terms of reference, as set out in Annexes XVIII and XIX to this document, respectively.

The Board, having reviewed document GCF/B.05/14 Modalities for Readiness and Preparatory Support:

1. Reaffirms that Fund‐related readiness and preparatory support is a strategic priority for the Fund to enhance country ownership and access during the early stages of its operationalization, and may help countries to meet the Fund’s objectives;
2. Decides that the Fund will provide readiness and preparatory support to:
   
   1. Enable the preparation of country programmes providing for low‐emission, climate‐resilient development strategies or plans;
   2. Support and strengthen in‐country, Fund‐related institutional capacities, including for country coordination and multi‐stakeholder consultation mechanisms as it relates to the establishment and operation of national designated authorities and country focal points;
   3. Enable implementing entities and intermediaries to meet the Fund’s fiduciary principles and standards, and environmental and social safeguards, in order to directly access the Fund;
3. Notes the importance of engaging with existing readiness initiatives and programmes at international, national and regional levels to enhance learning and ensure coherence, and mandates the Secretariat to play a leading coordinating role in this regard;
4. Further notes:
   
   1. That the scope of readiness and preparatory support could evolve over time and be tailored to address countries’ specific circumstances;
   2. The importance of readiness and preparatory support for effective private sector engagement, particularly for small‐ and medium‐sized enterprises and local financial intermediaries in developing countries, and activities to enable private sector involvement in small island developing States (SIDS) and least developed countries (LDCs);
   3. That readiness and preparatory support could be provided to all eligible countries, and that its allocation would take into account the urgent and immediate needs of developing countries that are particularly vulnerable to the adverse impacts of climate change, including LDCs, SIDS and African States;
5. Requests the Secretariat to begin advancing readiness in developing countries in the context of its communication and outreach activities;
6. Further requests the Secretariat to present to the Board, at its first meeting in 2014, a detailed programme of work relating to the provision of readiness and preparatory support, with relevant timelines and resource needs, which may include, inter alia:
   
   1. Facilitating the assessment of readiness and support needs;
   2. Country programming and portfolio development, including how countries may translate the objectives of the Fund into regional, national or sub‐national priorities, given the initial result areas and performance indicators of the Fund;
   3. Outreach activities, including regional workshops, aiming to raise awareness of relevant considerations of low‐emission, climate‐resilient development strategies and associated country programmes that would allow countries to identify and effectively communicate their priorities to the Fund, and to access resources; the selection, establishment, role and responsibilities of national designated authorities (NDAs) or country focal points, including in coordinating and facilitating multi‐ stakeholder consultation; and the procedures for selecting, nominating and accrediting sub‐national, national and regional implementing entities, and the associated fiduciary principles, and environmental and social safeguards;
   4. Advancing knowledge sharing and peer‐to‐peer learning among relevant partners and practitioners engaged in readiness and preparatory support, with a view to fostering coordination and coherence, as well as facilitating opportunities for South‐South learning;
   5. Advisory services, including a help desk to support NDAs or country focal points, prospective national and sub‐national implementing entities, and other key stakeholders;
   6. Facilitating, in collaboration with relevant partners, arrangements for training, mentorship and twinning in support of NDAs or country focal points and sub‐national and national entities seeking accreditation with the Fund;
7. Further requests the Secretariat to outline a system for determining the allocation of resources, separate from the support provided from the Secretariat’s administrative budget, for readiness and preparatory support, for consideration by the Board at its first meeting in 2014;
8. Decides that the urgent need to provide readiness and preparatory support should be reflected in the administrative budget and staffing of the Secretariat;
9. Further requests the Secretariat to mobilize resources for readiness and preparatory support.

The Board, having reviewed document GCF/B.05/16 Interim Information Disclosure Practice:

1. Adopts the Interim Information Disclosure Practice, set out in Annex XX to this document;
2. Requests the Secretariat to develop in 2014 a comprehensive draft information disclosure policy, based on the negative list approach described in Section 3.3 of document GCF/B.04/10;
3. Decides that the Interim Information Disclosure Practice will remain in force until the Board adopts a comprehensive information disclosure policy;
4. Requests the Secretariat to incorporate, to the extent not covered under the Interim Information Disclosure Practice, provisions on disclosure of information in all documents submitted to the Board.

The Board, having considered documents GCF/B.05/17 Draft Arrangements between the Conference of the Parties to the UNFCCC and the Green Climate Fund and GCF/B.05/17/Add.01 (Addendum):

1. Approves the draft arrangements between the Conference of the Parties and the Green Climate Fund set out in Annex XXI to this document;
2. Requests the current Co‐Chairs to inform the Co‐Chairs of the Standing Committee on Finance of the outcome of the Board’s deliberations on the arrangements;
3. Requests the Interim Secretariat to transmit to the secretariat of the UNFCCC the draft arrangements between the Conference of the Parties and the Green Climate Fund as approved by it, for transmittal to the Conference of the Parties for its subsequent agreement at its nineteenth session, in accordance with decision 7.CP/18.

The Board:

1. Decides that the Fund’s resource mobilization process will commence through an initial resource mobilization process as soon as possible and transition subsequently to a formal replenishment process;
2. Further decides that the first two meetings of the Board in 2014 will prioritize and focus on working towards completing the essential requirements for the Fund to receive, manage, programme and disburse financial resources;
3. Requests the Secretariat to make arrangements with all interested contributors, facilitating a collective engagement in the initial resource mobilization process no later than three months after the essential requirements for the Fund to receive, manage, programme and disburse financial resources, as outlined in Annex XXII to this document, have been met as decided by the Board;
4. Further decides that the policies, procedures and documents necessary to trigger the first formal replenishment meeting will be decided upon at the first Board meeting following the completion of the process outlined in paragraph (c) above.

The Board:

Requests the current Co‐Chairs, assisted by the Interim Secretariat, to finalize the draft Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change, presented in Annex II to document GCF/B.05/19, taking into consideration the comments and amendments made and decisions taken at the meeting, and forward it to the United Nations Framework Convention on Climate Change (UNFCCC) secretariat.

The Board, having considered document GCF.B.05/20 Work Plan of the Board for 2014:

1. Takes note of the information presented in document GCF/B.05/20;
2. Requests the Secretariat to revise document GCF/B.05/20, taking into account the comments made by the Board, and to circulate it to the Board for a decision between meetings on a no‐objection basis within two weeks from the end of this meeting.

The Board, having reviewed document GCF/B.05/21 Administrative Budget of the Fund for 2014:

1. Approves, from the resources available or to be made available in the GCF Trust Fund, the administrative budget of the Fund for the period from 1 January 2014 to 31 December 2014 of up to US$ 18,817,566, as set out in Annex XXIII to this document;
2. Notes that the Secretariat will continue to operate efficiently and will seek to maximize savings where possible;
3. Approves, from the resources available or to be made available in the GCF Trust Fund, the budget cost of staff salaries and emoluments for the three‐year contract period as follows:
   
   1. For 2015: US$ 12,042,101;
   2. For 2016: US$ 12,403,364;
   3. For 2017: US$ 3,125,835.
4. Authorizes the Interim Trustee to make cash transfers from the GCF Trust Fund to the Secretariat, and to the World Bank, as the Interim Trustee, in accordance with the administrative budget of the Fund approved by the Board, subject to adjustment based upon revised costs and expenditures to be incurred. In the event that the Interim Trustee determines that the amount of available resources in the GCF Trust Fund is insufficient to cover the total estimated budgets specified in paragraphs (a) and (c) above, the Board authorizes the Interim Trustee to make cash transfers to the Secretariat and the Interim Trustee up to the pro rata amount of available resources in the GCF Trust Fund to cover the total estimated budget as determined by the Interim Trustee;
5. Notes that the Secretariat will submit proposals for the full administrative budget of the Fund for 2015, 2016 and 2017 in due course.

The Board, having reviewed document GCF/B.05/22 Agreements with the Interim Trustee:

1. Approves the Agreement on the Terms and Conditions for the Administration of the Green Climate Fund Trust Fund between the Green Climate Fund and the International Bank for Reconstruction and Development, serving as the Interim Trustee of the Green Climate Fund Trust Fund, presented in Annex XXIV to this document;
2. Authorizes the Executive Director of the Fund to execute, on behalf of the Fund, that Agreement, as well as the contribution agreements to be executed between the Fund, the Interim Trustee and the Contributors, as described in the Agreement;
3. Approves the Amendment to the Amended and Restated Transfer Agreement under the Green Climate Fund Trust Fund (MTO No. 069022), presented in Annex XXV to this document.

The Board:

1. Reaffirms taking a gender‐sensitive approach as outlined in the Governing Instrument;
2. Decides to consider, at its first meeting in 2014, a gender‐sensitive approach to the Fund’s objectives and operational policies;
3. Requests the Secretariat to present for consideration by the Board, at its first meeting in 2014, including through consultations with relevant bodies and observer organizations, a working document setting out the options for a Fund‐wide gender‐sensitive approach.

The Board:

1. Takes note of the information presented in document GCF/B.05/Inf.05;
2. Requests the Secretariat to prepare a document on the participation of observers in Board meetings for the consideration by the Board at its first meeting in 2014.

The Board:

1. Decides that its first meeting in 2014 will take place on 19‐21 February 2014 in Indonesia;
2. Decides that the arrangements for this meeting will be made according to the practice of the previous meetings that took place away from the headquarters.

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

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

International entities:

African Development Bank (AfDB)

Corporación Andina de Fomento (CAF)

Economic Community Of West African States Bank for Investment and Development (EBID)

International Renewable Energy Agency (IRENA)

United Nations Environment Programme (UNEP)

Civil society organizations:

Abibimman Foundation

Action de Jeunesse pour le Développement (AJED-Congo)

CARE Denmark

Centro Alexander von Humboldt

Centro de Transporte Sustentable de México A. C. (CTS EMBARQ México)

Christian Aid

College of the Atlantic (COA)

Deutsches Institut für Entwicklungspolitik (DIE) - German Development Institute

E3G Third Generation Environmentalism

Environmental Defense Fund (EDF)

Forum for Nature Protection

Fundación M’Biguá Ciudadanía y Justicia Ambiental

NeoNepal

The Nature Conservancy

Ogiek Peoples' Development Program (OPDP)

Pesticide Action Network (PANeM)

U.S. Climate Action Network (USCAN)

Women in Informal Employment: Globalizing and Organizing (Wiego)

Zambia Climate Change Network (ZCCN)

Private sector organizations:

Air Transport Action Group (ATAG)

Amsterdam Capital Trading B.V.

Business Council for Sustainable Energy (BCSE)

ICF Incorporated, L.L.C.

International Chamber of Commerce (ICC)

International Emissions Trading Association (IETA)

Philippine Chamber of Commerce and Industry, Inc. (PCCI)

The Board:

1. Adopted the report of the third meeting, contained in document GCF/B.01‐13/Drf.04;
2. Agreed to publish it on the Fund’s website (document GCF/01‐13/13 Report of the Third Meeting of the Board, 13‐15 March 2013).

The Board:

1. Decided by consensus to select Ms. Hela Cheikhrouhou for the post of the Executive Director of the Fund;
2. Requested the Interim Secretariat to engage an executive search firm to facilitate the negotiation of the terms of the contract that will be in accordance with the approved terms of referencei (annex to Board decision B.01‐13/07) with Ms. Cheikhrouhou, including on a remuneration package that will be in accordance with Board decision B.01‐13/07, with the terms of the contract being subject to the approval by the Co‐Chairs;
3. Authorized the Co‐Chairs to sign, on behalf of the Fund, the contract between Ms. Cheikhrouhou and the Fund.

The Board, having reviewed document GCF/B.BM‐2013/01 Administrative Framework for the Green Climate Fund,

1. Approved the following hybrid option as the basis for the administrative framework for the Fund:
   
   1. Privileges and immunities for the Fund's staff to be established consistent with paragraph 8 of the Governing Instrument, with reference to those provided to the International Fund for Agricultural Development and other international financial institutions that operate effectively internationally through appropriate bilateral and multilateral agreements; and
   2. The Fund's administrative policies, including for human resources, procurement, travel and finance, are to be based on those used by the Asian Development Bank;
2. Requested the Interim Secretariat to undertake work on obtaining administrative support from another organisation to facilitate the transition from the Interim Secretariat to the independent Secretariat, for consideration and adoption by the Board at its September 2013 meeting;
3. Further requested the Interim Secretariat to initiate work on the Fund's administrative policies based on the hybrid option, and advance work as rapidly as possible and report on progress to the Board at its September 2013 meeting;
4. Authorized the Executive Director to develop the necessary administrative guidelines for the operations of the independent Secretariat based on the direction provided by the Board.

The Board:

1. Noted convergence that the Fund will have a strategic focus on climate mitigation and adaptation, and also seek to maximize sustainable development;
2. Reaffirmed that country ownership will be a core principle of the business model framework of the Fund and that countries will identify their priority result areas in line with their national strategies and plans;
3. Decided to consider further the initial result areas of the Fund, with an aim to achieve substantial progress at its September 2013 meeting;
4. Further decided to consider the core performance indicators to be employed by the Fund to measure performance against the objectives of the Fund and the mitigation and adaptation results to be considered by the Board at its September 2013 meeting;
5. Further decided to consider the expected impacts and role of the Fund in the initial result areas at its second meeting in 2014.

The Board:

1. Reaffirmed that country ownership and a country‐driven approach are core principles of the Fund;
2. Noted convergence on the importance of readiness and preparatory support for country ownership practices;
3. Further noted that countries may designate a national designated authority (NDA), in conformity with the Governing Instrument, or mandate a country focal point to interact with the Fund;
4. Decided to consider, at its September 2013 meeting, countries’ transparent no‐objection procedure;
5. Decided that the NDA or focal point will:
   
   1. recommend to the Board funding proposals in the context of national climate change strategies and plans, including through consultation processes;
   2. facilitate the communication of nominations of entities to the Fund;
   3. seek to ensure consistency of funding proposals from national, subnational, regional and international intermediaries and implementing entities with national plans and strategies;
   4. implement the no‐objection procedure; and
   5. act as the focal point for Fund communication;
6. Further decided that countries should have flexibility in relation to the location, structure, operation and governance of NDAs or focal points;
7. Requested the Secretariat to make all necessary steps to open a call to developing countries to start the processes of designating a NDA or focal point as early as possible, and preferably before June 2014;
8. Requested the Interim Secretariat to reflect in the document on readiness and preparatory support, to be prepared for the September 2013 Board meeting, options to enhance country ownership, including possible support to, NDAs or focal points;
9. Decided to consider, at its first meeting in 2014:
   
   1. Best practices for the establishment and composition of NDAs or focal points; and
   2. Best‐practice options for country coordination and multi‐stakeholder engagement, including in the context of the development of funding proposals.

The Board:

1. Noted the direction of the Governing Instrument that the Fund will provide simplified and improved access to funding, to encourage a country‐driven approach;
2. Noted that the Board will consider additional modalities that further enhance direct access, including through funding entities with a view to enhancing country ownership of projects and programmes; and that the Fund will provide for readiness and preparatory activities and technical assistance, such as the preparation or strengthening of low‐ emission development strategies or plans, NAMAs, NAPs, NAPAs, and for in‐country institutional strengthening, including the strengthening of capacities for country coordination and to meet fiduciary principles and standards and environmental and social safeguards, in order to enable countries to directly access the Fund;
3. Noted convergence on the need to develop the Fund’s own access modalities, including, inter alia, accreditation procedures, best‐practice fiduciary principles and standards and environmental and social safeguards;
4. Further noted convergence on a phased approach, during which the Fund will use, on an interim basis, the accreditation procedures, including best‐practice fiduciary principles and standards and environmental and social safeguards, of other relevant funds;
5. Noted the guidance contained in the Governing Instrument, which mandated the Board to consider additional methodologies that further enhance direct access, including through funding entities, with a view to enhancing country ownership of projects and programmes;
6. Decided to consider at its September 2013 meeting:
   
   1. interim accreditation procedures, including best‐practice fiduciary principles and standards and environmental and social safeguards and any other relevant criteria to enhance transparency, effectiveness and efficiency, used by other relevant funds;
   2. the elaboration of criteria for the accreditation of sub‐national, national, regional and international intermediaries and implementing entities; and
   3. an assessment, against the criteria, of existing accredited national, regional and international intermediaries and implementing entities by other relevant funds, with a view to agreeing whether or not those intermediaries and implementing entities should be provided with interim accreditation;
7. Decided to consider at its first meeting in 2014 additional modalities that further enhance direct access, including through funding entities with a view to enhancing country ownership of projects and programmes;
8. Further decided to consider the process for transitioning from the interim accreditation procedures, fiduciary principles and standards and environmental and social safeguards to the Fund’s own accreditation procedures, including best‐practice fiduciary principles and standards and environmental and social safeguards, at its second meeting in 2014.

The Board:

Decided to consider the terms and criteria of the grants and concessional lending to be deployed by the Fund for mitigation and adaptation through accredited national, regional and international intermediaries and implementing entities at its September 2013 meeting.

The Board:

1. Decided that the Private Sector Facility will operate efficiently and effectively under the guidance and authority of the Board as an integral component of the Fund, including in relation to the result areas and specific core performance indicators, where relevant;
2. Decided that the Private Sector Facility will address barriers to private sector investment in adaptation and mitigation activities, such as market failures, insufficient capacity and lack of awareness, in order to mobilize private capital and expertise at scale in accordance with national plans and priorities. This will include facilitating and enhancing the participation of national, regional and international private sector actors in developing countries;
3. Recalled that, in line with the Governing Instrument, the Private Sector Facility will promote the participation of private sector actors in developing countries, in particular local actors, including small and medium sized enterprises and local financial intermediaries. The Facility will also support activities to enable private sector involvement in small island developing States and least developed countries. Modalities will be developed for consideration by the Board;
4. Acknowledged that private sector investment in general relies on readiness and enabling environments, the enhancement of which could be supported by the Fund at large;
5. Emphasized the need for the Private Sector Facility to pay specific attention to Africa and to adaptation activities at the national, regional and international levels;
6. Acknowledged the need to mobilize funds at scale from, inter alia, institutional investors, such as pension funds and sovereign wealth funds, and to design modalities to that end;
7. Decided that the Private Sector Facility will seek efficient solutions that minimize market distortions and moral hazard in the use of the Fund’s resources by using, inter alia, competitive processes;
8. Decided that the Private Sector Facility will initially focus on grants and concessional lending and will also draw on a broad range of other financial instruments and modalities to achieve its objectives;
9. Decided to establish a Private Sector Advisory Group that will make recommendations to the Board on Fund‐wide engagement with the private sector and modalities to that end. The Private Sector Advisory Group will comprise two developing country Board members, two developed country Board members, up to four private sector representatives from developing countries and up to four private sector representatives from developed countries, up to two civil society representatives, subject to the criteria determined through the terms of reference. Requested the Interim Secretariat to submit draft terms of reference, bringing in the views of independent experts, and including the criteria for selection, term of office, and replacement of these members, for consideration by the Board at its September 2013 meeting, with a view to establishing the Private Sector Advisory Group at that meeting;
10. Decided that an appropriate risk management framework will be developed, enabling the Fund to exert due diligence and manage its risks prudently. For this purpose, the Board decided to establish a Risk Management Committee, and requested the Interim Secretariat to submit draft terms of reference for consideration by the Board at its September 2013 meeting, drawing on independent expertise;
11. Decided to establish an Investment Committee that will review investment proposals and instruments and recommend their approval in accordance with social and environmental safeguards and the Fund’s objectives and the risk management framework. Requested the Interim Secretariat to submit draft terms of reference, taking into account delegating the appropriate level of final approval authority to the Committee, for consideration by the Board at its September 2013 meeting, drawing on independent expertise;
12. Decided that the Private Sector Facility, in accordance with non‐objection procedures and in order to ensure consistency with national climate strategies and plans and a country‐driven approach:
    
    1. Will commence its operations through accredited national, regional and international implementing entities and intermediaries; and
    2. May over time work directly with private sector adaptation and mitigation actors at the national, regional and international levels, subject to consideration by the Board of a phased approach.

The Board:

1. Noted convergence that the initial structure and organization of both the Fund and the Secretariat should be thematic, with a Private Sector Facility, a strong country and programmatic focus, internal coherence and linkages, and the flexibility to evolve over time;
2. Requested the Executive Director, with the support of the Interim Secretariat, to prepare for consideration by the Board at its September 2013 meeting, an initial structure that can be scaled up, organizational diagrams and a staffing table covering the core, operating and other relevant functions of a flexible and efficient Secretariat, as well as the cost, procedure, timeframe and process for implementing the proposed structure and organization, based on the views expressed by the Board during its June 2013 meeting;
3. Agreed to consider, at its September 2013 meeting, the establishment and terms of reference of permanent and ad hoc committees of the Board that will assist the Board in fulfilling its roles and functions;
4. Agreed to consider, at its first meeting in 2014, mechanisms to draw on appropriate expert and technical advice, including independent scientific and technical advice and from the other relevant thematic bodies, for the Board;
5. Recognized that the Fund will have a Trustee with administrative competence to manage the financial assets of the Fund, in accordance with the Governing Instrument;
6. Established independent evaluation and integrity units and an independent redress mechanism in accordance with the Governing Instrument;
7. Agreed to consider, at its first meeting in 2014, the terms of reference of the independent evaluation and integrity units and the independent redress mechanism.

The Board, having reviewed document GCF/B.04/10 Information Disclosure, including Webcasting,

1. Decided to adopt a negative list approach for the long‐term structure of the Fund’s information disclosure policy, but to use a simplified information disclosure practice in the interim, while the negative list approach is being developed;
2. Requested the Interim Secretariat to prepare a draft interim information disclosure practice for consideration by the Board at its September 2013 meeting;
3. Requested the independent Secretariat to develop in 2014 a comprehensive draft information disclosure policy based on the negative list approach;
4. Decided that full, non‐executive sessions of the Board will be subject to recording, and those recordings will be made available on the website of the Fund, through registration only, within three weeks of each Board meeting, and to review the matter in light of experience gained and the usage statistics of the service.

The Board, having reviewed document GCF/B.04./11, Participation of Advisers in Board Proceedings,

1. Adopted the Guidelines on the participation and conduct of advisers in Board meetings as set out in Annex I to this document;
2. Requested the Interim Secretariat to publish the Guidelines on the Fund’s website;
3. Decided to implement Option 2 as presented in paragraph 18 of document GCF/B.04/11 (‘Funding would be provided from the administrative budget of the Fund for the travel costs associated with Board meetings of one designated adviser per eligible developing country Board member and alternate member’) as the basis for providing funding for the participation of adviser travel to meetings of the Board until the adoption of the Fund’s overall travel policy, and requested the Interim Secretariat to reflect this in the Fund’s overall travel policy.

The Board:

Requested the Co‐Chairs to continue consulting with the Co‐Chairs of the Standing Committee on Finance and to develop the draft arrangements between the Conference of the Parties and the Fund for the consideration by the Board at its September 2013 meeting.

The Board:

1. Took note of the extended deadline for submissions of 28 July 2013;
2. Constituted the Selection Panel, whose work will be supported by the Interim Secretariat, comprising:
   
   1. The following four members/alternate members of the Board: Ms. Ana Fornells de Frutos, Mr. Hong‐Sang Jung, Mr. Adam Kirchknopf, Mr. Farrukh I. Khan;
   2. [...] as the representative of civil society;ii
   3. (Mr. Miles Austin (CMIA) as the representative of the private sector;
   4. A well‐known graphic designer with substantial experience in designing logos; and
   5. The Director of the Interim Secretariat.
3. Requested the Interim Secretariat, under the guidance of the Co‐Chairs, to identify a well‐known graphic designer referred to in paragraph (b) (iv) above, and to invite him/her to become a member of the Panel on a pro‐bono basis;
4. Authorized the Selection Panel to establish a set of criteria to evaluate the entries and take a decision based on these pre‐determined criteria and to hold meetings, arranged with the assistance of the Interim Secretariat, as necessary for the conduct of its work;
5. Requested the Interim Secretariat, in accordance with the terms and conditions of the competition, to present a shortlisted set of 100 entries to the Selection Panel;
6. Requested the Selection Panel to assess the entries, and make a recommendation on the successful logo to the Board at its September 2013 meeting.

The Board, having reviewed document GCF/B.04/13 Concept Note on the Development of a Communication Strategy,

1. Decided to extend the timeframe for the completion of the communications strategy from September 2013 to the first Board meeting in 2014;
2. Approved the terms of reference for the development of a communication strategy, contained in Annex II to this document;
3. Requested the Interim Secretariat, under the guidance of the Co‐Chairs, to develop the communications strategy with the assistance of a consultant or consultants, on the basis of the terms of reference in Annex II to this document, for the consideration by the Board at its first meeting in 2014;
4. Acknowledged that US$ 35,000 from the administrative budget of the Fund for the period from 1 November 2012 to 31 December 2013 may be used for the completion of the work planned for 2013, as set out in Annex II to this document;
5. Further requested the Interim Secretariat to allocate US$15,000 from the administrative budget for the period commencing on 1 January 2014 to be used for the completion of the work planned in 2014, as set out in Annex II to this document.

The Board:

1. Decided that, in the short term, the Fund should commence its engagement with UNFCCC thematic bodies, with a view to reassessing this engagement as the Fund and UNFCCC thematic bodies evolve;
2. Requested the Interim Secretariat to invite the Global Environment Facility Secretariat, the Adaptation Fund and the Climate Investment Funds to take up observer status with the Green Climate Fund;
3. Further requested the Interim Secretariat to engage informally with other external bodies by exchanging information, as required.