Boardroom

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.

The Board, having reviewed document GCF/B.07/05 Financial Risk Management Framework:

1. Recognizes that the initial financial risk management framework focuses on the financial risk environment that the Fund will encounter in its operations;
2. Adopts the Fund’s initial financial risk management framework as contained in Annex XI and Annex XIII to this document;
3. Takes note of the Fund’s financial risk categorization and management as contained in Annex XII to this document;
4. Decides that the risk monitoring and reporting management system listed in table 1 of Annex XI to this document will be made operational before the Fund approves funding proposals;
5. Requests the Secretariat, in consultation with the Risk Management Committee, to prepare an analysis of the Fund’s potential risk appetite under different key assumptions as part of its financial risk management framework. To this end:
   
   1. The Secretariat will provide, as a first step, a survey of methodologies used by relevant institutions to define and determine their risk appetite, for consideration by the Board at the third Board meeting of 2014;
   2. The Secretariat, in consultation with the Risk Management Committee, will present at the first meeting after the Fund’s initial resource mobilization a methodology for determining the initial risk appetite of the Fund, for approval of the Board; and
   3. The Secretariat to outline various scenarios, using the approved methodology, will support the Board in the setting of the Fund’s initial risk appetite.
6. Decides to annually consider undertaking a review of the initial financial risk management framework, and to have an in-depth review no later than three years after the initial capitalization of the Fund;
7. Requests that the Risk Management Committee, as part of its work programme, expand its analysis beyond financial risks to address other risks that the Fund may encounter.

The Board, having reviewed document GCF/B.07/06 Investment Framework:

1. Adopts the initial investment framework of the Fund, as contained in Annex XIV;
2. Decides that the Fund’s initial investment framework will reflect the Fund’s theme/activity- based resource allocation system as laid out in decision B.05/05;
3. Requests the Investment Committee to submit the following for consideration to the eighth Board meeting, with technical support from the Secretariat and other stakeholders and taking into consideration recommendations from the Private Sector Advisory Group, before the Fund approves funding proposals:
   
   1. Definitions for activity-specific sub-criteria and a set of activity-specific indicators, taking into account the Fund’s initial investment framework, the Fund’s initial result areas and initial results management framework, and decisions B.05/05, B.06/07 and B.05/03 as well as subsequent decisions on additional result areas for adaptation;
   2. Minimum benchmarks for each criterion, taking into account the best practices of other institutions;
   3. Identification and comparison of methodologies, that enable the Secretariat to assess the relative quality and innovativeness of comparable proposals in comparable circumstances, including through a survey, for the application of the sub-criteria mentioned in paragraph (c) (i) above in the selection of proposals;
4. Requests the Secretariat to prepare a document for the eighth Board meeting that considers the additional support, expert advice and/or additional structures that are required to facilitate the work of the Secretariat in the assessment of proposals against the activity-specific criteria and the work of the Investment Committee;
5. Decides 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.

The Board, having reviewed document GCF/B.07/07/Rev.01 Structure of the Fund and the Secretariat:

1. Takes note of the document GCF/B.07/07/Rev.01 Structure of the Fund and the Secretariat;
2. Affirms the structure of the Fund and the Secretariat as reflected in the Governing Instrument, and the decisions of the Board and the Conference of the Parties listed in Annex XV;
3. Decides to undertake a review of the structure of the Fund and the Secretariat, no later than three years after the initial resource mobilization of the Fund;
4. Recognizes that the structure of the Fund, including that of the Private Sector Facility (PSF), is evolving. In this regard, the Board will fully implement decision B.04/08 on the PSF and decision B.04/09 on the structure and organization, taking into consideration the recommendations of the Private Sector Advisory Group on enhancing the structure of the PSF.

The Board, having reviewed document GCF/B.07/08 Initial Modalities for the Operation of the Fund’s Mitigation and Adaptation Windows and the Private Sector Facility:

1. Takes note of document GCF/B.07/08;
2. Affirms the initial modalities for the operation of the Fund’s mitigation and adaptation windows and the Private Sector Facility (PSF) as reflected in the Governing Instrument, and the decisions of the Board and of the Conference of the Parties to the United Nations Framework Convention on Climate Change listed in Annex XVI;
3. Recognizes that the mitigation and adaptation windows and the PSF are integral components of the Fund that will evolve over time;
4. Decides to undertake a review of the initial modalities for the operation of the Fund’s mitigation and adaptation windows and the PSF, no later than three years after the initial resource mobilization of the Fund;
5. Decides that the Board, in line with decision B.04/08, will consider at its eighth meeting further work on the modalities of the PSF, including:
   
   1. Modalities for mobilizing private sector resources at scale by the PSF and the use of other financial instruments, including guarantees and equity investment;
   2. The first report and recommendations of the Private Sector Advisory Group (PSAG);
6. Requests the PSAG to provide advice on the implementation of decision B.04/08 for consideration at the eighth meeting of the Board, with a focus on:
   
   1. Modalities to promote participation of private sector actors in developing countries, in particular local actors, including small and medium-sized enterprises and local financial intermediaries in small island developing States, least developed countries and Africa, and with a special emphasis on adaptation;
   2. Modalities and instruments to mobilize private resources at scale including through special financing vehicles or instruments, including risk mitigation instruments.

The Board, having reviewed document GCF/B.07/09 Confirmation of the Completion of the Essential Requirements and the Commencement of the Initial Resource Mobilization Process:

1. Decides that the eight essential requirements for the Fund to receive, manage, programme and disburse financial resources, as listed in Annex XXII of the decision B.05/17, have been met;
2. Takes note that the policies, frameworks and procedures of the Fund are evolving and may need to be further enhanced;
3. Decides to commence the process to mobilize resources commensurate with the Fund’s ambition to promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change;
4. Requests the Secretariat to make arrangements with all interested contributors, facilitating a collective engagement in the initial resource mobilization process as agreed in decision B.05/17;
5. Stresses the urgency to reach pledges by November 2014, while noting that the initial resource mobilization process may need to continue beyond this date;
6. Endorses the arrangements for a collective engagement in the initial resource mobilization process, as contained in Annex XVII;
7. Decides that the Board will consider the policies for contributions based on recommendations from the first meeting of interested contributors;
8. Requests the Interim Trustee to provide support, as part of its function to administer the Green Climate Fund Trust Fund, to the Secretariat on:
   
   1. The preparation of a template for legal arrangements for contributions to the Fund for consideration by the Board;
   2. Other relevant financial management issues as agreed between the Secretariat and Interim Trustee;
9. Authorizes the Executive Director to confirm with the Interim Trustee the scope of Interim Trustee support, as referred to in paragraph (h).

The Board, having considered the workload of the Secretariat between the seventh and eighth meeting of the Board:

Requests the Co-Chairs to determine the priorities for the agenda of the eighth Board meeting in consultations with their constituencies, taking into account the outstanding issues listed in the footnote of document GCF/B.07/01/Rev.01, the work plan of the Board adopted in decision B.05/19, and the mandates emerging from the decisions adopted at its seventh meeting.

The Board:

Decides that its third meeting in 2014 will take place in Barbados from 15 to 17 October 2014.

The Board:

Decides to consider the representation of Board membership at its eighth meeting.

The Board:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Regarding agenda item 7 (b):

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

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

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

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

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

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

1. Reaffirms that Fund-related readiness and preparatory support is a strategic priority for the Fund to enhance country ownership and access during the early stages of its operationalization, and may help countries to meet the Fund’s objectives;
2. Takes note of the overview of national designated authority (NDA) or focal point designations and requests for readiness support presented in Annex XV;
3. Recalls that, in accordance with decision B.06/11, the Secretariat shall report in detail twice a year on activities undertaken by the readiness and preparatory support programme, and the progress of committing and disbursing available funds;

Allocation

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

Objectives and activities

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

Modalities and approach

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

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

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

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

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

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

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

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.