Boardroom

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.

The Board, having considered document GCF/B.08/18 Legal Arrangements for Contributions:

1. Decides to approve the Amended and Restated Agreement on the Terms and Conditions for the Administration of the Green Climate Fund Trust Fund (“The Amended and Restated Interim Green Climate Fund Trust Fund Agreement”), attached hereto as Annex XXIV;
2. Authorizes the Executive Director of the Fund to finalize with the Interim Trustee the terms and conditions of the annexes and attachments to the Amended and Restated Interim Green Climate Fund Trust Fund Agreement, as well as the templates for contribution agreements/arrangements reflecting the Policies for Contributions endorsed by the Board under agenda item 14 (b);
3. Authorizes the Executive Director of the Fund to execute on behalf of the Fund:
   
   1. The Amended and Restated Interim Green Climate Fund Trust Fund Agreement; and
   2. Any contribution agreements/arrangements to be entered into with the Interim Trustee and a Contributor;
4. Authorizes the Executive Director to act as the Authorized Designee under the Interim Green Climate Fund Trust Fund Agreement, as amended, with the right of delegation.

The Board, having reviewed document GCF/B.08/24 Administrative Budget of the Fund for 2015:

1. Notes, that of the proposed administrative budget of the Green Climate Fund for the period from 1 January 2015 to 31 December 2015 of US$ 19,266,866, as set out in Annex XXV; US$ 12,042,101 of this amount in staff costs was approved under Board decision B.05/20;
2. Approves an additional allocation of US$ 7,224,765 making the total allocation for 2015 up to US$ 19,266,866; and
3. Authorizes the Interim Trustee to make cash transfers from the Green Climate Fund 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.

The Board, having considered document GCF/B.08/26 Administrative Guidelines on Human Resources, which was circulated to the Board as a limited distribution document:

1. Approves the Administrative Guidelines on Human Resources for a period to last until the end of 2015;
2. Authorizes the Executive Director to promulgate the guidelines for a period to last until the end of 2015;
3. Requests the Secretariat to seek further written comments from the Board on the guidelines until the end of 2014;
4. Requests the Secretariat to present, at the first Board meeting of 2015, an information note with the changes to be incorporated into the guidelines on the basis of the comments from the Board; and
5. Decides that the Board will review the guidelines, on the basis of the information note, at its last Board meeting of 2015.

The Board, having reviewed document GCF/B.08/27 Commencement of Annual Reporting and the External Auditing Process and based on the recommendations of the Ethics and Audit Committee:

1. Approves the adoption of the International Financial Reporting Standards as the accounting standard for the Fund;
2. Approves the terms of reference of the External Auditor as set out in Annex XXVII; and
3. Authorizes the Secretariat to commence work on the annual report for 2014, which will be presented at the second Board meeting held in 2015.

The Board, having reviewed document GCF/B.08/28 Work Plan of the Board for 2015:

Requests the Co‐Chairs to streamline the Work Plan of the Board for 2015, taking into consideration the comments made and decisions taken at the meeting.

The Board:

1. Endorses the nomination by the Accreditation Committee of the following experts to the Accreditation Panel for one term:
   
   1. Mr. Peter Carter (United Kingdom of Great Britain and Northern Ireland);
   2. Mr. Wolfgang Diernhofer (Austria);
   3. Ms. Penelope Herbst (South Africa/United Kingdom of Great Britain and Northern Ireland);
   4. Ms. Isna Marifa (Indonesia); and
   5. Ms. Anastasia Northland (Russian Federation/United States of America).
2. Decides that, in view of the withdrawal of one nominated member, the sixth expert to the Accreditation Panel will be nominated by the Accreditation Committee after the eighth Board meeting and the decision for endorsement by the Board will be taken between meetings;
3. Further decides that consideration of the sixth expert to the Accreditation Panel will take into account fiduciary expertise and representation from developing countries;
4. Emphasizes, for future additions and appointments, the importance of balance between developing and developed countries, gender and language diversity; and
5. Recommends strengthening these elements of balance in future recruitments and in the subsequent term of the Accreditation Panel, with the aim of reaching a 50%-50% balance between developing and developed countries, and ensuring that no two members will be from the same country.

The Board, having reviewed document GCF/B.08/31 Administrative Guidelines on Procurement:

1. Approves the Corporate Procurement Guidelines on the Use of Consultants and the Corporate Procurement Guidelines for Goods and Services, contained in Annexes XXVIII and XXIX, respectively, for a period to last until the third Board meeting of 2015;
2. Authorizes the Executive Director to promulgate the guidelines for a period to last until the end of 2015;
3. Requests the Secretariat to seek further written comments from the Board on the guidelines until the end of 2014;
4. Requests the Secretariat to present, at the second Board meeting of 2015, an information note with the changes to be incorporated into the guidelines on the basis of the comments from the Board; and
5. Decides that the Board will review the guidelines, on the basis of the information note, at its last Board meeting of 2015.

The Board, having considered document GCF/B.08/33 Trustee Arrangements, Including the Review of the Interim Trustee and the Initiation of a Process to Select the Trustee of the Fund and its addendum, document GCF/B.08/33/Add.01:

1. Decides to invite the World Bank to continue serving as the Interim Trustee until a permanent Trustee is appointed. The process to appoint the permanent Trustee should end no later than the end of 2017, to enable the permanent Trustee to commence its contractual agreement with the Fund no later than April 2018; and
2. Requests the Secretariat to:
   
   1. Submit to the Board draft terms of reference for the review of the Interim Trustee, in accordance with paragraph 26 of the Governing Instrument, by the eleventh Board meeting;
   2. Examine the option for the Fund to provide its own permanent Trustee services, including an assessment of internal capacity requirements to perform this function;
   3. Develop a list institutions/organizations which could potentially serve as permanent Trustee, including, but not limited to, a synopsis of their experience, costs and qualifications, to be submitted to the Board by the eleventh Board meeting; and
   4. Develop a methodology for an open, transparent and competitive bidding process to select a Trustee, to be submitted to the Board by the eleventh Board meeting.

The Board, having reviewed document GCF/B.08/35 Draft Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change:

Requests the current Co‐Chairs, assisted by the 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 (UNFCCC), presented in Annex XXX to document GCF/B.08/35, taking into consideration the comments and amendments made and decisions taken at the meeting, and forward it to the UNFCCC secretariat.

The Board, having taken note of the information presented in document GCF/B.08/39 Options for an Institutional Linkage between the United Nations and the Fund:

1. Decides to incorporate the following recommendation in the report of the Board to the Conference of the Parties:

“The Board considers it of utmost importance for the quick operation of the Fund to ensure that the staff of the Fund’s Secretariat are covered by the privileges and immunities in the countries where the Fund is operating. To this end, and to give effect to the provisions set forth in paragraphs 7 and 8 of the Governing Instrument of the Fund, the Conference of the Parties (COP) may wish to consider recommending to the General Assembly of the United Nations that the General Assembly consider an institutional linkage between the United Nations and the Green Climate Fund that is consistent with the status of the Fund and the powers vested in the Board and a Secretariat that is fully independent and accountable to the Board, as stated in the Fund’s Governing Instrument, as approved by the COP in decision 3/CP.17.

It is understood that such institutional linkage will not affect the powers of the Board to appoint the Executive Director and to adopt rules, policies and guidelines for the effective administration of the Fund, and the powers vested in the Executive Director as the head of the Secretariat.”; and

2. Further requests that, in order for the Fund and its operations, members of the Board, consultants, and other persons affiliated with the Fund, as well as its staff, to have similar privileges and immunities to operate effectively, the Secretariat shall develop immediately for the Board’s consideration and approval a template bilateral agreement that would provide such privileges and immunities in countries in which the Fund operates.

The Board:

Decides that its first meeting in 2015 will take place in Songdo, Republic of Korea, from 25 to 27 February 2015.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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