Boardroom

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).

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).

(This decision was inadvertently given the same decision symbol as B.BM-2014/06 titled “Decision of the Board on the accreditation of observer organizations”)

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

Decided that its first meeting in 2015 will take place in Songdo, Republic of Korea from 24 to 26 March 2015.

The Board:

1. Adopts the report of the seventh meeting contained in document GCF/B.07/Drf.02; and
2. Agrees to publish it on the Fund’s website (document GCF/B.07/12 Report of the Seventh Meeting of the Board, 18-21 May 2014).

The Board, having considered document GCF/B.08/02 Guidelines for the Operationalization of the Fit-for-purpose Accreditation Approach and recalling decision B.07/02, paragraph (r):

1. Recalls that all entities, including international, regional, national and subnational entities, can apply for accreditation to the Green Climate Fund;
2. Stresses the fundamental importance for the accreditation process to contribute to building the capacities of entities in developing countries;
3. Approves the guidelines for the operationalization of the fit-for-purpose accreditation approach set out in Annex I;
4. Requests the Secretariat to finalize the relevant accreditation application documents and open a call for submissions of accreditation applications from implementing entities and intermediaries within four weeks after the eighth meeting of the Board, and use best efforts to have applications ready for consideration and possible decision on accreditation by the Board at its ninth meeting;
5. Requests the Secretariat to develop a monitoring and accountability framework, which will include policies on the suspension and cancellation of accreditation to complement the operational guidelines approved in Annex I to document GCF/B.07/11 and the Fund’s other relevant accountability mechanisms, for consideration by the Board at its ninth meeting; and
6. Requests the Secretariat to prepare a document on additional guidelines of the Fund with regard to non-multilateral international entities, in particular on their role with respect to the Fund’s objectives and modalities, and following a country-driven approach, for consideration by the Board at its ninth meeting.

The Board, having reviewed document GCF/B.08/03 Assessment of Institutions Accredited by Other Relevant Funds and Their Potential for Fast-track Accreditation:

1. Recalls that all entities, including subnational, national, regional and international entities, can apply for accreditation to the Green Climate Fund;
2. Takes note of the assessment of institutions accredited by other relevant funds and their potential for eligibility to apply under the fast-track accreditation process presented in Annex II to this document;
3. Decides that the purpose of the fast-track accreditation is to expedite the accreditation of entities, including subnational, national, regional, and international entities, that have already been accredited by a relevant fund or institution that has an accreditation process, and whose fiduciary and environmental and social standards are found to be comparable to the Fund’s fiduciary standards and environmental and social safeguards (ESS);
4. Decides that in the fast-track accreditation process, the Accreditation Panel shall:
   
   1. Identify, with the support of the Secretariat, the extent to which the fiduciary and environmental and social standards of the relevant fund or institution are comparable to those of the Fund and where gaps may exist;
   2. Rely on the assessment of the relevant fund or institution with respect to the fiduciary and environmental and social standards that are comparable to those of the Fund when accrediting an entity to the Fund;
   3. Assess whether the applicant adequately meets the Fund’s fiduciary standards and ESS where there are gaps, consistent with the application of the fit-for-purpose approach, and
   4. Recommend to the Board whether an applicant entity shall be granted accreditation and indicate conditions, if any;
5. Decides that entities accredited by the GEF up to the time of this Board decision and in full compliance with the GEF’s Minimum Fiduciary Standards and Minimum Standards on Environmental and Social Safeguards (ESS) are eligible to apply under the fast-track accreditation process for the Fund’s basic fiduciary standards, the specialized fiduciary standard for project management, and ESS. The assessment for accreditation will focus on the following gaps (see paragraphs (e) (i) and (ii) below) insofar as they are relevant to the entity’s intended activities, which are to be addressed by the entity. The entity will be assigned a risk category for funding proposals for projects and activities commensurate with its track record if and when the entity is approved for accreditation:
   
   1. Fiduciary gap: Anti-money laundering and anti-terrorist financing (basic fiduciary criteria for the purpose of transparency and accountability) (see Annex III); and
   2. ESS gap: Have the capacity to assess and manage relevant elements of Performance Standards 1-4 and 6 environmental and social risks and impacts, per Table 1 in Annex IV, in line with the Fund's ESS through an ESMS (see Annex IV);
6. Decides that entities accredited by the Adaptation Fund (AF) up to the time of this Board decision and in full compliance with the AF’s fiduciary standards are eligible to apply under the fast-track accreditation process for the Fund’s basic fiduciary standards, the specialized fiduciary standard for project management, and ESS. The assessment for accreditation will focus on the following gaps (see paragraphs (f) (i)–(iv) below) insofar as they are relevant to the entity’s intended activities, which are to be addressed by the entity. The entity will be assigned a risk category for funding proposals for projects and activities commensurate with its track record if and when the entity is approved for accreditation:
   
   1. Fiduciary gap: Have publicly available terms of reference that outline the purpose, authority and accountability for the investigation function (basic fiduciary criteria for the purpose of transparency and accountability and scope of investigation) (see Annex III);
   2. Fiduciary gap: Ensure functional independence by having the investigations function headed by an officer who reports to a level of the organization that allows the investigation function to fulfil its responsibilities objectively (basic fiduciary criteria for the purpose of transparency and accountability and scope of investigation) (see Annex III);
   3. Fiduciary gap: Publish guidelines for processing cases, including standardized procedures for handling complaints received by the function and managing cases before, during and after the investigation process (basic fiduciary criteria for the purpose of transparency and accountability and scope of investigation) (see Annex III); and
   4. ESS gap: Have the capacity to assess and manage relevant Performance Standards 1-8 environmental and social risks and impacts in line with the Fund's ESS through an ESMS (see Annex IV);
7. Decides that entities accredited by the Directorate-General for Development and Cooperation – EuropeAid of the European Commission (EU DEVCO) up to the time of this Board decision and in full compliance with EU DEVCO’s fiduciary standards are eligible to apply under the fast-track accreditation process for the Fund’s basic fiduciary standards, the specialized fiduciary standard for grant award and/or funding allocation mechanisms, and ESS. The assessment for accreditation will focus on the following gaps (see paragraphs. (g) (i) and (ii) below), insofar as they are relevant to the entity’s intended activities, which are to be addressed by the entity. The entity will be assigned a risk category for funding proposals for projects and activities commensurate with its track record if and when the entity is approved for accreditation:
   
   1. Fiduciary gap: anti-money laundering and anti-terrorist financing (basic fiduciary criteria for the purpose of transparency and accountability) (see Annex III); and
   2. ESS gap: Have the capacity to assess and manage relevant Performance Standards 1-8 environmental and social risks and impacts in line with the Fund's ESS through an ESMS (see Annex IV).
8. Decides that any entity accredited by funds referred to in paragraphs (e), (f) and (g) must address any remaining gaps identified in relation to those funds. The entity will be assigned a risk category for funding proposals for projects and activities commensurate with its track record if and when the entity is approved for accreditation;
9. Recommends that those entities referred to in paragraphs (e), (f) and (g) to apply for fast- track accreditation once the application process is open;
10. Recommends that international entities who apply for fast-track propose, as an important additional consideration of their fast track accreditation application, how they intend to strengthen capacities of or otherwise support potential subnational, national and regional implementing entities and intermediaries to meet, at the earliest opportunity, the accreditation requirements of the Fund in order to enhance country ownership; and
11. Requests the Secretariat, in consultation with the Accreditation Panel, to identify other entities applying fiduciary and environmental and social principles or standards found to be comparable with the Fund’s fiduciary standards and ESS, and to propose to the Board that the eligibility to apply under the fast-track accreditation process be extended to those entities.

The Board, having reviewed document GCF/B.08/04 Policy on Fees for Accreditation of the Fund:

1. Approves the policy on fees for accreditation of the Green Climate Fund set out in Annex VI; and
2. Requests the Secretariat to initiate, no later than three years from the date of approval of the policy, a review, based on lessons learned, of the policy on fees for accreditation of the Fund.

The Board, having reviewed document GCF/B.08/05 Relevant International Private Sector Best-Practice Fiduciary Principles and Standards and Environmental and Social Safeguards:

1. Recalls decision B.07/02 in which the Board decided to adopt the initial guiding framework for the Fund’s accreditation process as contained in Annex I to document GCF/B.07/11, recognizing that it also applies to private sector entities;
2. Reaffirms that the fiduciary standards and environmental and social safeguards (ESS) will apply to all applicant entities, regardless of their public or private sector status;
3. Invites institutions with a track record of engaging with the private sector, in particular those in areas that are relevant to the Fund’s objectives, to apply for accreditation to the Fund; and
4. Requests the Secretariat, in consultation with the Accreditation Panel, to provide recommendations on their potential accreditation or fast-tracking for decision by the Board at its first meeting in 2015.

The Board, having reviewed document GCF/B.08/06 Application Documents for Submissions of Applications for Accreditation and recalling decision B.07/02, paragraph (r):

1. Adopts the content of the application for accreditation to the Green Climate Fund set out in Annex VII;
2. Requests the Secretariat to finalize the relevant accreditation application documents and open a call for submissions of accreditation applications from implementing entities and intermediaries within four weeks after the eighth meeting of the Board, and use best efforts to have applications ready for consideration and possible decision on accreditation by the Board at its ninth meeting; and
3. Requests the Secretariat, recognizing that applications and supporting information will be initially submitted in English, to work on a way to allow for the submission of applications in other United Nations official languages with due consideration of implications in terms of cost and complexity.

The Board, having considered GCF/B.08/07 Further Development of the Initial Results Management Framework,

Regarding agenda item 7 (a), (f) and (g):

1. Adopts the proposed mitigation and adaptation performance measurement frameworks (PMFs) as outlined in Annex VIII, that decides on certain indicators as identified, and takes note of other indicators that require further refinement;
2. Requests the Secretariat to further develop those indicators that need refinement for Board consideration;
3. Takes note that the Secretariat will further develop methodologies for the indicators in consultation with the relevant experts and thematic bodies and will refine them as necessary based on experience gained and lessons learned over time;
4. Takes note that the Secretariat will further develop the PMF’s gender-sensitive approach;
5. Affirms that any national, economic, and sector-wide indicators will be used only at the discretion of the recipient countries;
6. Takes note of the initial approach to the monitoring and evaluation policy contained in Annex IX;
7. Reiterates that the Fund, as a continuous learning institution, will maintain the flexibility to refine its PMFs, including indicators;

Regarding agenda item 7 (c), (d) and (e):

8. Takes note of the initial overview of the role and expected impact of the Fund’s initial results areas as contained in document GCF/B.08/07;
9. Also notes the Board’s decision GCF/ B.04/04 that countries will identify their priority results areas in line with their national strategies and plans;
10. Further notes the Board’s decision that the initial approvals process recognizes the importance of the Board approving programmes and projects that best meet the Fund’s objectives as contained in decision GCF/B.07/08 paragraph (b);
11. Decides that the Board will aim to start taking decisions on programme and project proposals no later than its third meeting 2015;
12. Requests the Secretariat to complete the analysis of the expected role and impact of the Fund’s initial results areas and present for consideration by the Board options for determining Board level investment portfolios across the structure of the Fund based on the resource level outcomes of the initial resource mobilization process; and
13. Requests the impact analysis of the Fund’s initial results areas to focus on, inter alia:
    
    1. The identification of appropriate type of investment opportunities in the Fund’s results areas that can achieve paradigm shift towards low-emission and climate- resilient pathways; and
    2. What impacts the Fund can/will generate in (each of) the initial result areas that would advance the Green Climate Fund’s initial investment criteria and sub-criteria, and are not currently being adequately supported by existing finance channels.

The Board, having considered document GCF/B.08/08/Rev.01 Initial Logic Model and Performance Measurement Framework for REDD+ Results-based Payments,

Regarding agenda item 7 (b):

1. Adopts the initial logic model for REDD+ results-based payments and the performance measurement framework (PMF) for REDD+ results-based payments, as presented in Annex X and Annex XI, respectively;
2. Acknowledges that the initial logic model and PMF are prepared in accordance with the methodological guidance in the Warsaw Framework for REDD+ and in response to decision B.07/04, paragraph (k);
3. Notes that:
   
   1. This model shows the way in which results-based payments for REDD+ contribute to the achievement of the Fund’s overall mitigation objectives at the levels of the paradigm shift and impacts; and
   2. The Warsaw Framework specifies that results are to be expressed in tCO2e (UNFCCC decisions 9-15/CP.19) and this initial logic model is therefore designed in line with this definition of results;
4. Further notes that methodologies for the indicators in the PMF will be aligned with methodological guidance provided by the Conference of the Parties to the United Nations Framework Convention on Climate Change;
5. Also notes that the operationalization of REDD+ results-based payments needs to be considered in the context of the Fund’s investment framework and in line with its allocation policy; and
6. Notes that this initial logic model and PMF may be updated as decided by the Board.

The Board, having considered document GCF/B.08/09 Additional Modalities that Further Enhance Direct Access, Including through Funding Entities:

1. Requests the Secretariat, under the guidance of the Accreditation Committee and in consultation with relevant stakeholders, to prepare terms of reference for modalities for the operationalization of a pilot phase that further enhances direct access, which will include relevant readiness support if requested by subnational, national and regional entities, for approval by the Board at its ninth meeting; these terms of reference will launch the pilot phase; and
2. Clarifies that the terms of reference will specify, inter alia:
   
   1. The objective of the pilot phase;
   2. The type of entities to be involved;
   3. The specialized fiduciary standards required;
   4. The type of activities to be undertaken;
   5. The timeframe of the pilot phase; and
   6. The financial volume of the pilot phase.

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

1. Decides that the Board will only consider funding proposals that are submitted with a formal letter of "no-objection", in accordance with the procedure approved in this decision;
2. Approves the initial no‐objection procedure for funding proposals contained in Annex XII;
3. Endorses the initial best‐practice guidelines for the establishment of national designated authorities and focal points as contained in Annex XIII, noting their relevance for the implementation of the programme of work on readiness and preparatory support;
4. Endorses the initial best‐practice options for country coordination and multi‐stakeholder engagement, set out in Annex XIV noting that the specific guidance on multi‐stakeholder engagement in the context of the development of funding proposals will be included in the Fund’s environmental and social safeguards;
5. Urges developing countries, as well as entities in a position to provide readiness and preparatory support, to take into account the best‐practice guidelines for the establishment of national designated authorities and focal points and the best‐practice options for country coordination and multi‐stakeholder engagement endorsed in this decision;
6. Reiterates its invitation to developing countries to nominate and register with the Fund, through the Secretariat, their respective national designated authority or focal point as soon as possible and no later than March 2015; and
7. Requests the Secretariat to:
   
   1. Communicate the no‐objection procedure to developing countries and to make it available on the Fund’s website;
   2. Publish on the Fund’s website the list and contact details of registered national designated authorities and focal points and present to the Board an update on their nomination and registration at its next meeting; and
   3. Communicate and publish the recommended best‐practice guidelines for the establishment of national designated authorities and focal points, as well as the best‐practice options for country coordination and multi‐stakeholder engagement, for their use in accordance with this decision.

The Board, having reviewed document GCF/B.08/10 Revised Programme of Work on Readiness and Preparatory Support, and in alignment with decisions B.05/14 and B.06/06:

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. Takes note of the overview of national designated authority (NDA) or focal point designations and requests for readiness support presented in Annex XV;
3. Recalls that, in accordance with decision B.06/11, the Secretariat shall report in detail twice a year on activities undertaken by the readiness and preparatory support programme, and the progress of committing and disbursing available funds;

Allocation

4. Recalls decision B.05/14 paragraph (d) (iii);
5. Decides that all developing countries will have access to readiness support and that the Fund will aim for a floor of 50% of the readiness support allocation to particularly vulnerable countries, including small island developing States, least developed countries and African States;
6. Also decides that readiness commitments to individual developing member countries will be capped at US$ 1 million per calendar year;
7. Affirms that readiness requests will be assessed to ensure complementarity with existing readiness activities, if any;
8. Decides that this interim readiness funding allocation system will be reviewed in 2016, taking into consideration the bi-annual reporting referred to in paragraph (c);

Objectives and activities

9. Decides that the core objectives of the readiness programme shall be consistent with the Governing Instrument and prior Board and Conference of the Parties (COP) decisions. Readiness funding will be used to support the indicative activities listed in Annex XVI, and in accordance with decision B.08/10, and will include:
   
   1. Supporting the NDA or focal point in accordance with decision B.08/10, to engage with regional, national and sub-national government, civil society and private sector stakeholders with regard to the priorities of the Fund, taking a gender sensitive approach;
   2. Developing strategic frameworks for national engagement with the Fund (including country programmes, in accordance with decision B.08/10 and decision B.07/03 (initial proposal approval process), building on existing strategies and plans, including low-emission development strategies, Nationally Appropriate Mitigation Actions, National Adaptation Plans, and National Adaptation Programmes of Action. Annex XVII provides initial general guidelines for the preparation of country programmes;
   3. Enabling regional, national and sub-national institutions to meet the accreditation standards of the Fund, including for the fast-track accreditation process in coordination with the NDA or focal point; and
   4. Supporting the development of initial pipelines of programme and project proposals, including the identification of appropriate financial instruments, that are aligned with the objectives and initial investment framework of the Fund and that will support a paradigm shift to low-emission and climate-resilient development;
10. Decides that progress in meeting these objectives will be subject to an independent evaluation after two years to assess lessons learned;
11. Also decides that the Fund can provide up to US$ 300,000 of direct support to help establish an NDA or focal point and meet the costs of delivering on the Fund’s requirements for activities in accordance with Annex XVIII on the basis of needs and actual demand;
12. Further decides that the Fund, in coordination with and with the approval of the relevant NDA(s) or focal point(s), will:
    
    1. Deploy readiness funding to potential sub-national, national or regional implementing entities (IEs) and intermediaries who wish to be accredited to the Fund, consistent with the fit-for-purpose accreditation approach of the Fund; and
    2. Prepare sub-national, national, and regional IEs and intermediaries to apply for accreditation;
13. Decides that the Fund, in close coordination with the relevant NDA(s) or focal point(s), will deploy readiness funding to accredited IEs or intermediaries to develop project and programme pipelines, consistent with the Fund’s objectives;
14. Requests the Private Sector Advisory Group to provide recommendations for the deployment of readiness funding aimed at fostering private sector engagement in climate change financing and activities;
15. Decides that, from the resources available or to be made available in the GCF Trust Fund, US$ 15 million is to be made available for the execution of the readiness and preparatory support programme, and authorizes the Interim Trustee to commit and transfer such funds from the GCF Trust Fund to the Secretariat subject to the availability of resources, with a view to making available a further US$ 14 million after reviewing the bi-annual report referred to in paragraph (c) above;

Modalities and approach

16. Decides that all deployment of readiness and preparatory support funding will be led by the NDA or focal point. The NDA or focal point will either be the direct beneficiary of readiness support funding and/or will select delivery partners, including international organizations, and other international, regional, national and sub-national, public or private institutions well-versed in readiness activities. The delivery partners will have to demonstrate relevant expertise, experience, and ability to implement. This process will be supported by the Secretariat and the disbursement of funds will be based on agreed milestones;
17. Requests the Secretariat to coordinate, collaborate, and enter into partnerships, where appropriate, through framework cooperation agreements such as Memorandums of Understanding, with other national, regional and international institutions involved in the delivery of readiness support. This may include, inter alia, information-sharing and multi- stakeholder dialogues, to maximize complementarity and coherence with existing readiness initiatives. At national level, these efforts will be undertaken in coordination with the NDA or focal point;
18. Decides that funding proposals for readiness support will have information on the objectives, activities, outputs, implementation approach, and estimated costs. Each activity will be monitored using appropriate indicators;
19. Requests that results, emerging lessons learned and global experiences of the programme be included in the bi-annual report referred to in paragraph (c) above;
20. Further decides that readiness support will be implemented in conformity with the administrative policies of the Fund, including its procurement guidelines, and will address any conflicts of interest; and
21. Decides that, after reviewing the bi-annual report referred to in paragraph (c) above, the Board may authorize the allocation of additional funds for the execution of additional approved readiness and preparatory support activities.

The Board, having considered document GCF/B.08/12 Use of Other Financial Instruments:

1. Notes that the use of other financial instruments to support the objectives of the Fund is in line with the Fund's allocation criteria contained in the investment framework;
2. Decides that accredited entities shall list, as part of their application for accreditation, the range of financial instruments that they have the capacity and expertise to deploy;
3. Decides that the Fund will work through accredited implementing entities and intermediaries, who may deploy the resources in approved projects and programmes by using financial instruments, focusing on grants, concessional loans, equity, and guarantees;
4. Requests the Risk Management Committee to assess and monitor risks related to the implementation of the Fund's projects or programmes by accredited implementing entities or intermediaries, in accordance with the Fund's Risk Management Framework; and
5. Requests the Secretariat to carry out a review of lessons learned from the deployment of additional financial instruments within 36 months, under the oversight of the Risk Management Committee.

The Board, having considered document GCF/B.08/16 Policies for Contributions to the Green Climate Fund: Recommendations by Interested Contributors:

Endorses the policies for contribution to the Green Climate Fund set out in Annexes XIX, XX, XXI, XXII and XXIII hereto.

The Board, having considered document GCF/B.08/17 Decision-making Procedures for the Board in the Absence of Consensus:

1. Reaffirms paragraph 14 of the Governing Instrument for the Green Climate Fund that decisions of the Board will be taken by consensus of the Board members and that the Board will develop procedures for adopting decisions in the event that all efforts at reaching consensus have been exhausted; and
2. Requests the Secretariat to develop options for procedures for adopting decisions in the event all efforts at reaching consensus have been exhausted for consideration by the Board at its first meeting in 2015 taking into consideration document GCF/B.08/44 (Limited Distribution) Co-Chairs Non-paper: Voting Procedures.