Boardroom

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:

1. Adopts the report of the fifth meeting, contained in document GCF/B.05/Drf.02, as amended;
2. Agrees to publish it on the Fund’s website (document GCF/05/24 Report of the Fifth Meeting of the Board, 8-10 October 2013).

The Board:

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

Mr. Ewen McDonald, Committee member.

The Board, having considered document GCF/BM-2014/01 Administrative Policies of the Fund:

1. Adopts the Administrative Policies of the Fund, as contained in Annex I to this document; and
2. Approves the Fund’s initial staff salary structure for internationally and locally recruited staff effective 1 January 2014, as set out in Annex II to this document.

The Board, having considered document GCF/B.06/02 Initial Modalities for the Operation of the Fund’s Mitigation and Adaptation Windows and the Private Sector Facility:

1. Notes that the initial modalities for the operation of the Fund’s mitigation and adaptation windows and the Private Sector Facility are under discussion by the Board according to the items as set out in document GCF/B.06/02. In addition, modalities for the operation of the Fund’s Private Sector Facility will be developed based on the  recommendations of the Private Sector Advisory Group;
2. Decides that a conclusion on the initial modalities of the Fund can only be reached at the end of the May 2014 Board meeting, once the Board has completed its deliberations on the different elements that constitute the modalities;
3. Decides that the Board will continue considering the initial modalities for the operation of the Fund’s mitigation and adaptation windows and the Private Sector Facility at its May 2014 meeting, based on a revised document, taking into consideration the views expressed during this meeting.

The Board, having considered document GCF/B.06/03 Additional Result Areas and Indicators for Adaptation Activities:

Requests the Secretariat to further develop the proposals for adaptation result areas and indicators in conjunction with the Fund’s results management framework, taking into account the comments made by the Board.

The Board, having reviewed document GCF/B.06/05 Policies and Procedures for the Initial Allocation of Fund Resources,

1. Adopts the following initial parameters and guidelines for allocation of resources, during the initial phase of the Fund:
   
   1. Decision to aim for a 50:50 balance between mitigation and adaptation over time;
   2. Decision to aim for a floor of fifty per cent of the adaptation allocation for particularly vulnerable countries, including least developed countries (LDCs), small island developing States (SIDS) and African States;
   3. Decision to manage access to resources with a view to seeking geographic balance and a reasonable and fair allocation across a broad range of countries, while maximizing the scale and transformational impact of the mitigation and adaptation activities of the Fund;
   4. Decision to maximize engagement with the private sector, including through a significant allocation to the Private Sector Facility; (v)    Decision that sufficient resources should be provided for readiness and preparatory support;
   5. Decision that all allocation parameters should be determined in grant equivalents;
2. Requests the Secretariat to report annually on the status of resources in respect of the allocation parameters;
3. Decides to undertake a review of the initial allocation parameters and guidelines, including of concentration risks, subject to the size of the Fund, no later than two years from the start of allocation of resources.

The Board, having considered document GCF/B.06/13 Options for a Fund-wide Gender-sensitive Approach:

1. Requests the Secretariat to integrate gender considerations in the preparation of draft policy documents and draft documents containing operational modalities, in line with the Governing Instrument, including those documents for consideration by the Board at its seventh meeting;
2. Requests the Secretariat to prepare a draft gender policy and action plan for discussion at the seventh Board meeting, consistent with a country-driven approach, including through consultations with relevant bodies and observer organizations, for adoption at the eighth Board meeting.

The Board:

Requests the Secretariat to present to the seventh Board meeting a proposal, with draft terms of reference, to establish a Board committee to assist the Board in the appointments, performance reviews, salary decisions and accountability of the Head of the Independent Evaluation Unit, the Head of the Independent Integrity Unit and the Head of the Independent Redress Mechanism Unit as well as the Executive Director.

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.

The Board, having considered document GCF/B.23/07 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2018”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2018 as contained in annex I.

The Board, having considered document GCF/B.23/21/Add.01/Rev.01 titled “Report on the activities of the Co-Chairs – Addendum I: Updated workplan of the Board for 2019” and document GCF/B.23/21/Add.02 titled “Report on the activities of the Co-Chairs – Addendum II: Approach to developing the environmental and social safeguards of GCF”:

1. Takes note of the updated Board workplan for 2019, as set out in annex II;
2. Decides to defer consideration of the Evaluation Policy of the GCF to its twenty-fourth meeting;
3. Also decides to defer consideration of the following matters and requests the Secretariat, in consultation with the Co-Chairs and the relevant committees, panels and groups of the Board, to progress its work on these matters and present these for consideration by the Board at its twenty-fifth meeting:
   
   1. Initial analysis of options to minimize the effects of currency fluctuations on the commitment authority of GCF requested pursuant to decision B.21/14, paragraph (j); and
   2. Review of the effectiveness of the committees, panels and group established by the Board requested pursuant to decision B.20/04, paragraph (b);
4. Further decides to delegate the following matter to the Secretariat with the proviso to bring any recommendations requiring Board attention back to the Board:
   
   1. Reviewed administrative guidelines on procurement requested pursuant to decision B.08/21, decision B.12/39, paragraph (a), and decision B.17/01, paragraph (c);
5. Requests the Secretariat to conduct further consultations with active observers and accredited observer organizations in relation to the comprehensive review of the participation of observers in the activities of the Board, with a view to identifying existing gaps and needed improvements, and to presenting a report with recommendations on the outcomes of the review for consideration by the Board when the matter is considered;
6. Takes note of the proposed approach and options for developing the GCF environmental and social safeguards contained in the annex to document GCF/B.23/21/Add.02;
7. Requests the Secretariat to proceed with the development of the GCF environmental and social safeguards, based on the approach presented in the annex to document GCF/B.23/21/Add.02, section 4.1, titled “GCF interim environmental and social safeguards with revisions and enhancements”;
8. Approves a budget of USD 399, 200 for the development of the GCF environmental and social safeguards. This amount will be added to the Secretariat’s administrative budget; and
9. Further requests the Secretariat to present the GCF environmental and social safeguards for the Board’s consideration at its second meeting in 2021.

The Board, having considered document GCF/B.23/09 titled “Co-Chairs consultations: decision-making in the event that all efforts at reaching consensus have been exhausted”:

1. Adopts the procedures for adopting decisions in the event that all efforts at reaching consensus have been exhausted as set out in annex III;
2. Confirms that the procedures for adopting decisions in the event that all efforts at reaching consensus have been exhausted shall only be used as a last resort;
3. Requests the Co-Chairs to continue to enhance the effectiveness of pre-Board meeting consultations in an open, inclusive, consultative and transparent matter; and
4. Also requests the Co-Chairs to consult and present to the Board for its consideration, not later than the twenty-fourth meeting of the Board, a proposal regarding the next steps in the event that during the application of the procedure referred to in section VI of annex III, any Board member expresses the view that they are unable to join consensus regarding the outcome of such procedure.

The Board, having considered document GCF/B.23/10 titled “Eighth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”:

Requests the Co‐Chairs, assisted by the Secretariat, to finalize the “Eighth 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.23/10, taking into consideration the comments made and decisions taken at the twenty-third meeting of the Board, and submit the revised report to the United Nations Framework Convention on Climate Change secretariat no later than 12 weeks prior to the twenty-fifth session of the Conference of the Parties, in accordance with decision 7/CP.20, paragraph 23.

The Board, having considered the document titled “Report of the Performance Oversight Committee of the Heads of Independent Units to the Board”:

1. Takes note of the report of the Performance Oversight Committee as contained in annex IV;
2. Decides, based on the recommendations by the Performance Oversight Committee, to convey its intention to offer reappointment to the Heads of the following Independent Units:
   
   1. Independent Integrity Unit;
   2. Independent Evaluation Unit; and
   3. Independent Redress Mechanism Unit;
3. Requests the Co-Chairs to conduct the necessary work to make sure that all Heads of Independent Units will be in post, including negotiating the terms of the contract for the reappointed Heads of Independent Units, in accordance with the approved detailed terms of reference for Heads of Independent Units (annex VI to document GCF/B.22/21), in prior consultation with the Budget Committee, and signing, on behalf of the GCF, the new employment contract between the said Heads of Independent Units and the GCF;
4. Also requests the Performance Oversight Committee to consider, in close consultation with the GCF Secretariat and the Budget Committee, a policy related to the performance-based increment increases in payment for the Heads of Independent Units and submit it to the Board for its consideration;
5. Further requests the Performance Oversight Committee to consider the development of the annual performance evaluation of the three Heads of Unit and the Executive Director, in line with the relevant decisions and guidelines including annex X to the approved decision B.17/12 titled “Performance criteria and measurement procedures of the Executive Director of the Green Climate Fund Secretariat”, and to submit the same to the Board for its consideration; and
6. Decides that the Performance Oversight Committee will engage an independent external human resources firm for the purpose of the following tasks, in consultation with the Budget Committee, following a procurement process in accordance with the Administrative Guidelines on Procurement and supported by the Secretariat:
   
   1. Assisting the Co-Chairs in negotiating and concluding the terms of contract with the reappointed Heads of Independent Units;
   2. Assisting the Performance Oversight Committee in developing and carrying out the annual regular performance evaluation of the Heads of Independent Units and the Executive Director; and
   3. Assisting the Performance Oversight Committee in developing the policy related to the introduction of performance-based pay increase as referred to in paragraph 4 above, if need arises.

The Board, having considered document GCF/B.23/20 titled “Forward-Looking Performance Review of the GCF”:

1. Takes note of the first review of the performance of the GCF by the Independent Evaluation Unit as requested in decision B.21/17;
2. Also takes note of the findings and recommendations presented in the final report of the Forward-Looking Performance Review of the GCF;
3. Requests the Secretariat to provide a management response to the Forward-Looking Performance Review of the GCF to the Board at its twenty-fourth meeting; and
4. Decides to continue its consideration of this matter at the twenty-fourth meeting of the Board.

The Board, having considered document GCF/B.23/03 titled “Period of the first replenishment of the GCF”:

1. Decides that the first replenishment of the GCF would secure financing for a four-year programming period from 1 January 2020 to 31 December 2023; and
2. Requests the Secretariat to incorporate the four-year replenishment period in the update to the policies for contributions for the first replenishment of the GCF.

The Board, having considered document GCF/B.23/11 titled “Policy on ethics and conflicts of interest for active observers of the Green Climate Fund”:

1. Adopts the Policy on Ethics and Conflicts of Interest for Active Observers of the Green Climate Fund as set out in annex V to this document;
2. Also decides to amend section III, paragraph 6 of the Policy on Prohibited Practices, adopted by the Board pursuant to decision B.22/19, paragraph (a), to include the definition of “Active Observers” as follows: “Active Observers” has the meaning given to that term in the Rules of Procedure of the Board;
3. Further decides to amend the definition of “Covered Individual” in section III, paragraph 6(f) of the Policy on Prohibited Practices, adopted by the Board pursuant to decision B.22/19, paragraph (a), and replace it with the following: “Covered Individual” means GCF Personnel, Co-Chairs of the Board, Board and Alternate Members, their Advisers, Board- Appointed Officials, External Members and Active Observers; and
4. Requests the Secretariat to publish a consolidated version of the Policy on Prohibited Practices taking into account the amendments referred to in paragraphs (b) and (c) above.

The Board:

1. Takes note of the oral report made by the two Board members entrusted by the Co-Chairs with facilitating the discussions on the updated Gender Policy;
2. Welcomes the progress made in the consultations on the document;
3. Requests the Secretariat to present an assessment of implementation considerations, including direct costs and benefits associated with the implementation of the Gender Policy, as well as an assessment of the capacity within the Secretariat, direct access entities and other accredited entities, and national designated authorities/focal points to implement such Policy; and
4. Also requests the Secretariat to present for consideration of the Board at its twenty-fourth meeting a revised updated Gender Policy and an updated Gender Action Plan, building on the progress made in the consultations on the draft document so far and the assessment of the Secretariat on the implementation considerations, with a view to circulate it to Board members and alternate members with sufficient time for consultations to occur between Board members and alternate members prior to its finalization and publication in accordance with paragraph 21 of the Rules of Procedure of the Board.

The Board, having considered document GCF/B.23/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   
   1. Funding proposal 107 titled “Supporting Climate Resilience and Transformational Change in the Agriculture Sector in Bhutan”, by the United Nations Development Programme, as contained in document GCF/B.23/02/Add.01 and Add.14;
   2. Funding proposal 108 titled “Transforming the Indus Basin with Climate Resilient Agriculture and Water Management”, by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.23/02/Add.02 and Add.14;
   3. Funding proposal 109 titled “Safeguarding rural communities and their physical and economic assets from climate induced disasters in Timor-Leste”, by the United Nations Development Programme, as contained in document GCF/B.23/02/Add.03 and Add.14;
   4. Funding proposal 110 titled “Ecuador REDD-plus RBP for results period 2014”, by the United Nations Development Programme, as contained in document GCF/B.23/02/Add.04 and Add.14;
   5. Funding proposal 111 titled “Promoting climate-resilient forest restoration and silviculture for the sustainability of water-related ecosystem services”, by the InterAmerican Development Bank, as contained in document GCF/B.23/02/Add.05 and Add.14;
   6. Funding proposal 112 titled “Addressing Climate Vulnerability in the Water Sector (ACWA) in the Marshall Islands”, by the United Nations Development Programme, as contained in document GCF/B.23/02/Add.06 and Add.14;
   7. Funding proposal 113 titled “TWENDE: Towards Ending Drought Emergencies: Ecosystem Based Adaptation in Kenya’s Arid and Semi-Arid Rangelands”, by the International Union for Conservation of Nature, as contained in document GCF/B.23/02/Add.07 and Add.14;
   8. Funding proposal 114 titled “Program on Affirmative Finance Action for Women in Africa (AFAWA): Financing Climate Resilient Agricultural Practices in Ghana”, by the African Development Bank, as contained in document GCF/B.23/02/Add.10;
   9. Funding proposal 115 titled “Espejo de Tarapacá”, by MUFG Bank, Ltd., as contained in document GCF/B.23/02/Add.11; and
   10. Simplified approval process (SAP) funding proposal 007 titled “'Integrated Climate Risk Management for Food Security and Livelihoods in Zimbabwe focusing on Masvingo and Rushinga Districts”, by the World Food Programme, as contained in document GCF/B.23/02/Add.12 and Add.14;
2. Approves funding proposal 107 for the amount of USD 25,347,194, submitted by the United Nations Development Programme, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
3. Also approves funding proposal 108 for the amount of USD 34,990,832, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
4. Further approves funding proposal 109 for the amount of USD 22,356,805, submitted by the United Nations Development Programme, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
5. Approves funding proposal 110 for the amount of USD 18,571,766, submitted by the United Nations Development Programme, subject to the conditions set out annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
6. Also approves funding proposal 111 for the amount of USD 35,000,000, submitted by the Inter-American Development Bank, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
7. Further approves funding proposal 112 for the amount of USD 18,631,216, submitted by the United Nations Development Programme, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
8. Approves funding proposal 113 for the amount of USD 23,152,082, submitted by the International Union for Conservation of Nature, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
9. Also approves funding proposal 114 for the amount of USD 20,000,000, submitted by the African Development Bank, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.10; and
   
   1. Recognizes that there is an opportunity to explore further options to improve the financial structure regarding increasing the grant portion of the GCF funding, to the benefit of the most vulnerable women; and encourages the accredited entity, in consultation with the national designated authority, to consider using the Policy on Restructuring and Cancellation to amend funding proposal 114 accordingly;
10. Further approves funding proposal 115 for the amount of USD 60,000,000, submitted by MUFG Bank, Ltd., subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.11;
11. Approves simplified approval process (SAP) funding proposal 007 for the amount of USD 8,858,316, submitted by the World Food Programme, subject to the conditions set out in annex XI and in the respective term sheet set out in document GCF/B.23/02/Add.14;
12. Reaffirms that, pursuant to annex IV to decision B.17/09, the Executive Director or his designee is authorized to negotiate and enter into legal agreements on behalf of the GCF with accredited entities and other parties involved in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
13. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered document GCF/B.23/05 titled “Updated accreditation framework”:

1. Decides that the accreditation process as defined in annex I to decision B.07/02 is considered complete upon the effectiveness of the accreditation master agreement in Stage III of the accreditation process, and that such date of effectiveness shall serve as the start of the accreditation term for all entities accredited to GCF, including those accredited prior to the date of this decision;
2. Recalling decision B.14/08, paragraph (d)(i), decision B.18/04, paragraph (c), decision B.19/13, paragraph (c), and decision B.21/16, paragraph (e), decides that future accreditation decisions by the Board should aim to bring forward accredited entities that fulfil the mandate on balance, diversity and coverage and advance the objectives of GCF, and to that end decides to prioritize up to the end of the twenty-fourth meeting of the Board the following, not listed in order of priority:
   
   1. National direct access entities nominated for accreditation by national designated authorities or focal points of countries that do not have a national accredited direct access entity;
   2. Private sector entities, in particular those in developing countries, seeking a balance of diversity of entities in line with decision B.09/07, paragraph (g), and decision B.10/06, paragraph (h);
   3. Entities responding to requests for proposals issued by GCF, for example, including a pilot phase for enhancing direct access; a pilot programme to support micro, small, and medium-sized enterprises; and a pilot programme to mobilize resources at scale in order to address adaptation and mitigation;
   4. Accredited entities seeking fulfilment of their conditions for accreditation; and
   5. Accredited entities requesting upgrades in their accreditation scope;
3. Agrees the principle of the project-specific assessment approach, as contained in section VII in annex II to document GCF/B.23/05, that combines assessments undertaken during the existing accreditation and proposal approval processes in a fit-for-purpose manner; and
4. Decides to defer its consideration of the updated accreditation framework and the implementation arrangements and budget for the project-specific assessment approach until the twenty-fourth meeting of the Board.

The Board, having considered document GCF/B.23/13 titled “Consideration of restructuring paper for FP015 ‘Tuvalu Coastal Adaptation Project (TCAP)’ – RP1” and its addendum Add.01 titled “Consideration of restructuring paper – Addendum I”:

1. Takes note of the restructuring paper for FP015 titled “Tuvalu Coastal Adaptation Project (TCAP)”, by the United Nations Development Programme, as contained in document GCF/B.23/13/Add.01;
2. Approves the major change to FP015 described in the restructuring paper for FP015, subject to the conditions set out in annex VI to this document; and
3. Reaffirms that, pursuant to the Policy on Restructuring and Cancellation, the Secretariat is authorized to negotiate and execute the amendment to the funded activity agreement for FP015, which shall reflect the major change described in the restructuring paper for FP015 and the list of conditions set out in annex VI to this document.

The Board, having considered document GCF/B.23/04 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant annexes for the following applicants:
   
   1. Applicant 086 (APL086) is the Banco Nacional de Desenvolvimento Econômico e Social (BNDES, the Brazilian Development Bank), based in Brazil, as contained in annex IV of document GCF/B.23/04;
   2. Applicant 087 (APL087) is the Ministry of Water and Environment (MWE) of Uganda, as contained in annex V of document GCF/B.23/04;
   3. Applicant 088 (APL088) is Ecobank Ghana Limited (EGH), based in Ghana, as contained in annex VI of document GCF/B.23/04; and
   4. Applicant 089 (APL089) is Enabel, based in Belgium, as contained in annex VII of document GCF/B.23/04;
2. Accredits applicants APL086, APL087, APL088 and APL089 pursuant to paragraph 45 of the Governing Instrument for the GCF, and subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant annexes for each of the applicants;
3. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant annexes for the following applicants seeking to upgrade their accreditation type:
   
   1. Infrastructure Development Company Limited (IDCOL), based in Bangladesh, as contained in annex VIII of document GCF/B.23/04; and
   2. Secretariat of the Pacific Regional Environment Programme (SPREP), based in Samoa, as contained in annex IX of document GCF/B.23/04;
4. Agrees to upgrade the accreditation type of the Infrastructure Development Company Limited (IDCOL) as contained in decision B.17/05, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex VIII of document GCF/B.23/04;
5. Also agrees to upgrade the accreditation type of Secretariat of the Pacific Regional Environment Programme (SPREP) as contained in decision B.09/07, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex IX of document GCF/B.23/04;
6. Takes note that, pursuant to decision B.08/03, paragraph (k), and that the entity, as contained in paragraph (a)(ii) above and listed in annex VII, was reviewed under the normal track as per the assessment contained in annex V of document GCF/B.23/04, the Secretariat, in consultation with the Accreditation Panel, is proposing that the eligibility to apply under the fast-track accreditation process be extended to those entities listed in annex VII; and
7. Decides that those entities referred to in annex VII are also eligible to apply under the fasttrack accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (g), for entities under the Adaptation Fund.

The Board, having reviewed document GCF/B.23/06 titled “Risk management framework: compliance risk policy – proposal by the Risk Management Committee”:

Adopts the risk management framework component VIII – compliance risk policy, as set out in annex VIII.

The Board, having considered document GCF/B.23/22 titled “Standards for the Implementation of the Anti-Money Laundering and Countering the Financing of Terrorism Policy”:

1. Adopts the “Standards for the Implementation of the Anti-Money Laundering and Countering the Financing of Terrorism Policy” contained in annex IX;
2. Reiterates its request (decision B.14/01, paragraph (f)) for the Accreditation Committee, in consultation with the Head of the Independent Integrity Unit, to consider the best way to integrate the Anti-Money Laundering and Countering the Financing of Terrorism Policy in the interim fiduciary standards and present to the Board a proposal for its consideration in 2019 as a matter of urgency;
3. Requests the Secretariat and the Independent Integrity Unit to develop standard operating procedures, subject to the approval of the Ethics and Audit Committee, to operationalize these Standards for the Implementation of the Anti-Money Laundering and Countering the Financing of Terrorism Policy and the Anti-Money Laundering and Countering the Financing of Terrorism Policy in 2019 as a matter of urgency; and
4. Also requests the Secretariat to implement the GCF Anti-Money Laundering and Countering the Financing of Terrorism Policy, the Standards for the Implementation of the Anti-Money Laundering and Countering the Financing of Terrorism Policy, the Policy on Prohibited Practices and other integrity-related matters in a coherent manner while fully respecting the scope and provisions of the respective policies, and further requests the Secretariat to amend the accreditation master agreement template, as approved by the Board in decision B.12/31, to ensure consistency with the scope of the Anti-Money Laundering and Countering the Financing of Terrorism Policy such that clause 9.03(a) reads as follows:

apply its own fiduciary principles and standards relating to any ‘know your customer’ checks, AML/CFT, and financial sanctions imposed by the United Nations Security Council, which should enable it to comply with the Policy on Prohibited Practices and the principles of the AML/CFT Policy.

and that clause 9.03(b) reads as follows:

unless prohibited by law applicable to the Accredited Entity, not use GCF Proceeds or Other GCF Funds for the purposes of any payment to individuals or entities, or for the import of goods, if such payment or import is prohibited by a Decision as may be adopted from time to time by the Board or by a financial sanction of the United Nations Security Council.

The Board, having considered document GCF/B.23/14 titled “Policy on the Prevention and Protection from Sexual Exploitation, Sexual Abuse, and Sexual Harassment”:

1. Adopts the Policy on the Prevention and Protection from Sexual Exploitation, Sexual Abuse, and Sexual Harassment as set out in annex X to this document (the Policy);
2. Requests the Accreditation Committee, in consultation with the Head of the Independent Integrity Unit, to consider the best ways to update and amend, as appropriate, the requirements placed on accredited entities in the relevant standards, safeguards and policies of the GCF so as to integrate the obligations set out in this Policy, including, but not limited to, the:
   
   1. Initial basic fiduciary standards, pursuant to decision B.07/02, paragraph (b);
   2. Environmental and social safeguards, pursuant to decision B.07/02, paragraph (d), and decision B.19/10, paragraph (c), as relevant; and
   3. Gender Policy and Gender Action Plan pursuant to decision B.09/11, paragraphs (a)–(b); and present to the Board for its consideration such updates and amendments no later than the twenty-fourth meeting of the Board as a matter of urgency;
3. Also requests the Secretariat, in consultation with the Head of the Independent Integrity Unit, to establish rules and procedures, as appropriate, in accordance with, and for the purpose of implementing, the Policy, and report to the Board on the actions no later than the twenty-fourth meeting of the Board;
4. Further requests the Secretariat to assess the cost implications of the implementation of this Policy and submit to the Budget Committee a budget request for its consideration as required;
5. Requests the Independent Integrity Unit to provide a report on experiences and lessons learned to the Board one year after the entry into effect of this Policy, which may include recommendations for how to improve the Policy and its implementation; and
6. Also requests the Secretariat to report annually to the Board on the implementation of this Policy.

The Board, having considered limited distribution document GCF/B.23/15 titled “Cost implications of the implementation of the Interim Policy on the Protection from Sexual Exploitation, Sexual Abuse, and Sexual Harassment”:

1. Approves the total budget of USD 90,000 for the year 2019 for the implementation of the Interim Policy on the Protection from Sexual Exploitation, Sexual Abuse and Sexual Harassment as set out in table 1 of document GCF/B.23/15; and
2. Notes the limited experience of GCF in handling such cases and that the budgets provided are estimates. Therefore, both the Secretariat and the Independent Integrity Unit will need to monitor these budgets constantly to ensure that the policy continues to be enforced at the expected level.

The Board, having considered document GCF/B.23/08 titled “Dates and venues of upcoming meetings of the Board”:

1. Decides that the twenty-fourth meeting of the Board will take place from Tuesday, 12 November to Thursday, 14 November 2019 in Songdo, Incheon, Republic of Korea;
2. Also decides that the twenty-fifth meeting of the Board will take place from Tuesday, 10 March to Thursday, 12 March 2020 in Songdo, Incheon, Republic of Korea;
3. Further decides that the twenty-sixth meeting of the Board will take place from Tuesday, 23 June to Thursday, 25 June 2020 in Songdo, Incheon, Republic of Korea;
4. Decides that the twenty-seventh meeting of the Board will take place from Thursday, 22 October to Saturday, 24 October 2020;
5. Requests the Secretariat to present the following for consideration by the Board at its twenty-fifth meeting:
   
   1. A cost-benefit analysis for Board meetings held outside of the GCF Headquarters, including non-cost elements; and
   2. Options for engaging with stakeholders and understanding the realities experienced in developing countries.

The Board:

1. Adopts the report of the sixth meeting contained in document GCF/B.06/Drf.03, as amended;
2. Agrees to publish it on the Fund’s website (document GCF/B.06/19 Report of the Sixth Meeting of the Board, 19-21 February 2014);

The Board, having considered document GCF/B.07/02 Guiding Framework and Procedures for Accrediting National, Regional and International Implementing Entities and Intermediaries, Including the Fund’s Fiduciary Principles and Standards and Environmental and Social Safeguards:

1. Decides to adopt the initial guiding framework for the Fund’s accreditation process as contained in Annex I to this document, recognizing that it also applies to private sector entities;
2. Also decides to adopt the initial fiduciary principles and standards contained in Annex II to this document, and will conduct a review of these standards within three years;
3. Further decides to adopt, on an interim basis, the Performance Standards of the International Finance Corporation (IFC), as contained in Annex III to this document, noting that their use and implementation will be guided by the IFC Guidance Notes;2
4. Decides to aim to complete the process of developing the Fund’s own environmental and social safeguards (ESS), which will build on evolving best practices, within a period of three years after the Fund becomes operational, and with inclusive multi-stakeholder participation;
5. Establishes an Accreditation Committee comprised of four Board members or alternates in accordance with the terms of reference contained in Annex IV;
6. Invites the Board members in the team established in decision B.05/08, paragraphs (d) and (e), to serve as the Fund’s Accreditation Committee for its first term, with [Name of Board member or alternate] as Chair and [Name of Board member or alternate] as Vice-Chair;
7. Establishes the Fund’s Accreditation Panel as an independent technical panel to advise the Board on matters related to the accreditation of implementing entities (IEs) and intermediaries to the Fund. The Panel will be comprised of six expert members with balanced representation between developing and developed countries and the appropriate range of expertise, to be nominated by the Accreditation Committee for endorsement by the Board soon thereafter. This Panel will be in charge of conducting the accreditation process in accordance with its terms of reference;
8. Adopts the terms of reference for the Fund’s Accreditation Committee and Accreditation Panel contained in Annex IV and Annex V to this document, respectively;
9. Requests the Secretariat to develop, in consultation with the Accreditation Committee hereby established, a policy on accreditation fees that takes into account the financial capacities of institutions;
10. Agrees on a fit-for-purpose accreditation approach that matches the nature, scale and risks of proposed activities to the application of the initial fiduciary standards and interim ESS;
11. Requests the Secretariat to elaborate, under the guidance of the Accreditation Committee and Panel, the following elements for decision by the Board at its third meeting in 2014:
    
    1. Guidelines for the operationalization of the fit-for-purpose accreditation approach referred to in paragraph (j) above; and
    2. A work programme on complementarity and coherence with the accreditation systems and processes of other relevant funds, as well as relevant private sector associations, in consultation with the Private Sector Advisory Group (PSAG) and relevant stakeholders;
12. Requests the Accreditation Panel, with the support of the Secretariat, under the guidance of the Accreditation Committee, to elaborate the following elements for decision by the Board at its third meeting in 2014:
    
    1. An assessment, including a gap analysis, of institutions accredited by other relevant funds and in line with the Fund’s objectives against the interim ESS and initial fiduciary standards with recommendations on their potential accreditation or fast-tracking; and
    2. The identification of potential relevant private sector international best practice fiduciary principles or standards and ESS, and an assessment of gaps against the Fund’s initial fiduciary standards and interim ESS, in collaboration with the PSAG and in consultation with relevant stakeholders;
13. Also requests the Secretariat to issue a progress report by September on the items contained in paragraph (k) above;
14. Further requests the Secretariat, in consultation with the Accreditation Committee and the Accreditation Panel as needed, to develop an environmental and social management system for the Fund, based on the outline contained in Annex VI, which will include guidelines on the categorization of projects by IEs and intermediaries according to the level of environmental and social risk and in accordance with the Fund’s interim ESS;
15. Requests the Accreditation Panel, in collaboration with the Accreditation Committee and the Secretariat, to report annually to the Board on the status of applications for accreditation, identifying and analyzing barriers faced by applicants in meeting the requirements;
16. Recalling decision B.05/14, paragraph (b), on providing readiness and preparatory support to enable IEs and intermediaries to meet the Fund’s fiduciary principles and standards, and ESS, in order to directly access the Fund, requests the Secretariat to consider the findings of the report referenced in paragraph (m) above in updating its readiness support programme accordingly, and to prepare tools and guidance materials to enable applicants to comply with the fit-for-purpose accreditation requirements and process;
17. Requests the Secretariat to develop, under the guidance of the Accreditation Panel, additional specialized fiduciary standards that may be deemed necessary to effectively accommodate all institutional capacities required in IEs and intermediaries in the initial phase of operations of the Fund; and
18. Decides to open a call for submissions of accreditation applications from IEs and intermediaries after the Board’s third meeting of 2014, and requests the Secretariat to prepare the relevant application documents for consideration by the Board at its third meeting in 2014.

The Board, having reviewed document GCF/B.07/03, Initial Proposal Approval Process, Including the Criteria for Programme and Project Funding: 

1. Adopts the initial proposal approval process, as contained in Annex VII;
2. Recognizes that the initial proposal approval process will identify programmes and projects for Board consideration that best achieve the Fund’s objectives, and requests the Secretariat to develop methodologies for the selection process;
3. Takes note of the initial post-approval items contained in Annex VIII and requests the Secretariat to further develop them for further consideration by the Board at its ninth meeting;
4. Confirms that the criteria for programme and project funding are outlined in decision B.07/06 on the investment framework;
5. Notes convergence on the need to consider: proposal development funds; early endorsement prior to full proposal development; the initial proposal approval process for regional programmes and projects; and a policy for cancellation and termination;
6. Decides to establish an independent technical advisory panel composed of experts to provide an independent technical assessment of and advice on funding proposals for the Board;
7. Requests the Secretariat to present draft terms of reference for the independent technical advisory panel for consideration by the Board at its eighth meeting;
8. Further requests the Secretariat to develop an operations manual and an appraisal toolkit for the initial proposal approval process for programme and project funding;
9. Also requests the Secretariat in the development of the Fund’s information disclosure policy to address issues related to the initial proposal approval process
10. Decides to review the initial proposal approval process and to take action when it deems necessary. 3

The Board, having reviewed document GCF/B.07/04 Initial Results Management Framework of the Fund:  

1. Affirms that the elements of the initial results management framework of the Fund contained in this decision complement decision B.05/03, including the initial result areas of the Fund referred to in that decision, as contained in Annex I to document GCF/B.05/23, as well as the performance indicators of the initial result areas of the Fund also referred to in that decision, as contained in Annex II of document GCF/B.05/23;
2. Adopts the elements of the initial results management framework of the Fund as outlined hereunder:
   
   1. Levels of the logic model:
      • Paradigm shift objective
      • Impacts (Fund level)
      • Project/Programme outcomes
      • Project/Programme outputs
      • Activities
      • Inputs
   2. Initial mitigation logic model:
      
      1. Paradigm shift objective for mitigation:
         • Shift to low-emission sustainable development pathways;
      2. Fund level impacts for mitigation:
         
         1. Reduced emissions through increased low-emission energy access and power generation;
         2. Reduced emissions through increased access to low-emission transport;
         3. Reduced emissions from buildings, cities, industries and appliances;
         4. Reduced emissions from land use, deforestation, forest degradation, and through sustainable forest management and conservation and enhancement of forest carbon stocks; 
      3. Project/programme level outcomes for mitigation:
         
         1. Strengthened institutional and regulatory systems for low-emission planning and development;
         2. Increased number of small, medium and large low-emission power suppliers;
         3. Lower energy intensity of buildings, cities, industries, and appliances;
         4. Increased use of low-carbon transport;
         5. Improved management of land or forest areas contributing to emissions reductions;
   3. Initial adaptation logic model:
      
      1. Paradigm shift objective for adaptation:
         • Increased climate-resilient sustainable development
      2. Fund level impacts for adaptation:
         
         1. Increased resilience and enhanced livelihoods of the most vulnerable people, communities, and regions;
         2. Increased resilience of health and well-being, and food and water security;
         3. Increased resilience of infrastructure and the built environment to climate change threats;
         4. Improved resilience of ecosystems and ecosystem services;
      3. Project/programme level outcomes for adaptation:
         
         1. Strengthened institutional and regulatory systems for climate- responsive planning and development;
         2. Increased generation and use of climate information in decision- making;
         3. Strengthened adaptive capacity and reduced exposure to climate risks;
         4. Strengthened awareness of climate threats and risk-reduction processes;
3. Adopts the following core indicators for mitigation:
   
   1. Tonnes of carbon dioxide equivalent (tCO2eq) reduced as a result of Fund-funded projects/programmes;
   2. Cost per tCO2eq decreased for all Fund-funded mitigation projects/programmes;
   3. Volume of finance leveraged by Fund funding, disaggregated by public and private sources;
4. Adopts the following core indicator for adaptation: Total number of direct and indirect beneficiaries; number of beneficiaries relative to total population;
5. Confirms that performance measured at the paradigm shift and impact levels refers to the aggregate project/programme-based results of the Fund;
6. Acknowledges that the inputs, activities, and outputs will be defined for each project/programme on a case-by-case basis;
7. Takes note of the initial performance indicators in Annex IX and Annex X to this document;
8. Affirms that national and sector-wide indicators will be used only at the discretion of the recipient country;
9. Decides that the results management framework should take a gender-sensitive approach and that the results should be disaggregated by gender where relevant;
10. Requests the Secretariat to further develop the mitigation and adaptation performance measurement frameworks of the Fund, engaging international experts as required, for the Board to consider at its third meeting of 2014, including an approach to gender, indicators on mitigation and adaptation, and methodologies, data sources, frequency, and responsibilities for reporting;
11. Further requests the Secretariat to develop a logic model and performance framework for ex-post REDD+ results-based payments, in accordance with the methodological guidance in the Warsaw framework for REDD+, for consideration at the third Board meeting of 2014.