Boardroom

The Board, having reviewed document GCF/B.34/19 titled “Matters related to the Trustee”, and recalling decision B.31/05:

1. Takes note of the review of the performance of the Trustee and the value for money of the services provided by the Trustee;
2. Approves the renewal of the Trustee arrangements with the International Bank for Reconstruction and Development for a further four-year period, where the subsequent performance reviews and renewals of the terms of the Trustee are authorized to be decided and executed by the Secretariat;
3. Requests the Secretariat and the Trustee to prepare, for the Board’s consideration and approval, options for the sustainable and responsible investment of the funds held in the Green Climate Fund Trust Fund, based on the existing International Bank for Reconstruction and Development’s sustainable and responsible investment strategies for the management of other Financial Intermediary Funds; and
4. Authorizes the Executive Director to finalize the renewal of the terms of the Trustee and to execute the necessary legal and administrative arrangements with the International Bank for Reconstruction and Development before the end of 2022.

The Board, having considered limited distribution document GCF/B.34/26 titled “Appointment of the interim Head of the Independent Integrity Unit”:

1. Takes note of the expiration of the tenure of Mr. Ibrahim Pam as Head of the Independent Integrity Unit on 31 October 2022;
2. Appoints Mr. Albert Lihalakha as Head of the Independent Integrity Unit ad interim effective from the date on which the relevant contractual arrangements have been concluded;
3. Authorizes the Co-Chairs to agree and to conclude, on behalf of the Board, on these arrangements, as appropriate, with the Head of the Independent Integrity Unit ad interim, including:
   1. A performance agreement that will specify the outcome and behaviours expected for the duration of role; 
4. Decides that the Head of the Independent Integrity Unit ad interim shall assume the functions, and have the mandate, of the Head of the Independent Integrity Unit as provided for in relevant Board decisions; and
5. Also decides that the Head of the Independent Integrity Unit ad interim will not be precluded from applying for the Head of the Independent Integrity Unit position.

The Board, having considered document GCF/B.34/23 titled “Appointment of members of the independent Technical Advisory Panel”:

1. Recalling the updated terms of reference of the independent Technical Advisory Panel as noted in decision B.BM-2018/09;
2. Endorses the nomination by the Investment Committee of the following expert to the independent Technical Advisory Panel for one three-year term starting on 1 January 2023:
   1. Ms. Carmenza Robledo (Colombia).

The Board, having considered document GCF/B.34/14/Rev.01 titled “2023 work programme of the Secretariat and annual administrative budget of the GCF Secretariat, Board and Trustee”:

1. Recognizes that the work programme will help to guide the activities of the Secretariat during 2023;
2. Decides, in accordance with paragraph 32(b) of the updated Strategic Plan for the GCF 2020–2023, to set the following Fund-level annual programming and disbursement targets for 2023:
   
   1. Annual programming target of USD 1.2–1.7 billion in funding proposals approved by the Board;¹ and
   2. Annual disbursement target of USD 728 million to USD 1.063 billion;
3. Approves the 2023 work programme and the objectives set out in annex XV, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
4. Also approves the administrative budget for the GCF Secretariat found in table 7 in section 4.4 of document GCF/B.34/14/Rev.01 for the period 1 January 2023 to 31 December 2023 in the amount of USD 93,621,706, which includes USD 26,912,609 in new funding, as well as the USD 66,709,097 for 2023 staff salaries and emoluments that was approved by the Board in decisions B.27/07 and B.30/06;
5. Recognizes that the new funding of USD 26,912,609 includes a contingency budget of USD 1,835,720. The contingency budget will be used to support both the Secretariat and the independent units;
6. Requests the Budget Committee to review the budget execution during 2023 and acknowledges that the Secretariat may present an additional budgetary request to the Board for consideration at its thirty-sixth meeting;
7. Also requests the Executive Director to consult with the Budget Committee on the allocation of the contingency budget;
8. Approves USD 73,389,206 for projected staff salaries and emoluments for 2025;
9. Also approves a budget for the Board in the amount of USD 5,415,346 as found in table 6 in section 4.3 of document GCF/B.34/14/Rev.01;
10. Further approves a budget for the Trustee in the amount of USD 3,116,000 as included in table 20 in section 4.7 of document GCF/B.34/14/Rev.01;
11. Requests the Secretariat, following consultation with the independent units, and in consultation with the Budget Committee, to develop a proposal for updating the budgeting system for all GCF administrative budgets, including assessment of, inter alia:
    
    1. Establishing budgetary caps;
    2. Moving to a multiannual administrative budgeting framework aligned with GCF replenishment cycles; and
    3. Updating the relevant GCF rules, including administrative guidelines and terms of reference of the independent units, regarding the administrative budgeting, for consideration by the Board no later than its thirty-sixth meeting;
12. Also requests the Secretariat, in consultation with the Budget Committee, to further improve relevant documents for the preparation and implementation of the administrative budgets of the Fund, including by reporting on all revenues and expenses;
13. Approves an amount of up to an additional USD 75,000 in the 2023 administrative budget for the Secretariat to cover the additional costs associated with the implementation of decisions approved by the Board at its thirty-fourth meeting and requests the Secretariat, in consultation with the Budget Committee, to identify opportunities for reallocation to cover these additional costs within the Secretariat administrative budget; and
14. Requests the Secretariat to ensure full harmonization and coordination with the Independent Evaluation Unit while proposing all future annual evaluations, with a view to avoiding duplications, in compliance with the Evaluation Policy and meeting timelines established by the Board.

¹ This target aligns with the Secretariat key performance indicator of USD 1.6–2.1 billion submitted to the independent Technical Advisory Panel

The Board, having considered document GCF/B.34/16 titled “Independent Evaluation Unit 2023 Work plan and budget and Update of its three-year rolling work plan and objectives”:

1. Approves the work plan and budget of the Independent Evaluation Unit for 2023 as contained in annex II (total budgeted amount of USD 6,934,303);
2. Requests the Budget Committee to review the budget execution during 2023 and acknowledges that the Independent Evaluation Unit may present to the Board for consideration at its thirty-sixth meeting an additional budgetary request;
3. Also requests the Independent Evaluation Unit to ensure full harmonization and coordination with the Secretariat while proposing all future annual evaluations, with a view to avoiding duplications, in compliance with the Evaluation Policy and meeting the timelines established by the Board;
4. Further requests the Head of the Independent Evaluation Unit to rationalize its current dependency on external professional services for undertaking evaluations, taking into account the ongoing expansion of the human resource capacity of the Independent Evaluation Unit, and to ensure optimum utilization of budgetary allocations; and
5. Notes the update on the Independent Evaluation Unit’s three-year rolling work plan, outlined in annex II as requested by the Board to ensure flexibility, learning and predictability for the Independent Evaluation Unit.

The Board, having considered document GCF/B.34/17 titled “Work Programme and Budget of the Independent Integrity Unit for 2023”:

1. Approves the work programme and budget of the Independent Integrity Unit for 2023 as contained in annexes III and IV to this document with a total budgeted amount of USD 3,258,868; and
2. Requests the Budget Committee and the Ethics and Audit Committee to review the budget execution during 2023 and acknowledge that the Independent Integrity Unit may present to the Board, for its consideration at its thirty-sixth meeting, an additional budgetary request to execute its work programme for 2023.

The Board, having considered document GCF/B.34/20/Rev.01 titled “Independent Redress Mechanism Work Plan and Budget for 2023”:

1. Approves the work plan and the administrative budget of the Independent Redress Mechanism for the year 2023 in the amount of USD 1,805,501, as contained in annex II and III, respectively, to document GCF/B.34/20/Rev.01; and
2. Notes that on the basis of cases filed, the Independent Redress Mechanism may need to present a supplementary budget for travel and case-related expenses in 2023 for the consideration and approval of the Board.

The Board, having considered document GCF/B.34/Inf.17 titled “Review and update of the Green Climate Fund Strategic Plan – zero draft” and document GCF/B.34/Inf.17/Add.01 titled “Update of the Green Climate Fund Strategic Plan – zero draft: Addendum”:

1. Takes note of the Co-Chairs’ summary of discussions at the thirty-fourth meeting of the Board on the review and update of the GCF Strategic Plan, including the attached ad referendum draft setting out an approach to guide the Secretariat in the further development of the update of the GCF Strategic Plan, as set out in annex V; and
2. Approves the timeline for the update of the Strategic Plan for the GCF 2024–2027 contained in annex VI.

The Board, having considered document GCF/B.34/02/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 191 titled “Enhancing Adaptation and Community Resilience by Improving Water Security in Vanuatu” by the Pacific Community (SPC) as contained in document GCF/B.34/02/Add.01 and 14;
   2. Funding proposal 192 titled “The R’s (Reduce, Reuse and Recycle) for Climate Resilience Wastewater Systems in Barbados (3R-CReWS)” by the Caribbean Community Climate Change Centre (CCCCC) as contained in document GCF/B.34/02/Add.02 and 14;
   3. Funding proposal 193 titled “Peruvian Amazon Eco Bio Business Facility (Amazon EBBF)” by the Peruvian Trust Fund for National Parks and Protected Areas (PROFONANPE), as contained in document GCF/B.34/02/Add.03 and 14;
   4. Funding proposal 194 titled “Programme for Energy Efficiency in Buildings (PEEB) Cool” by the Agence Française de Développement (AFD), as contained in document GCF/B.34/02/Add.04 and 14;
   5. Funding proposal 195 titled “E-Motion: E-Mobility and Low Carbon Transportation” by the Corporación Andina de Fomento (CAF), as contained in document GCF/B.34/02/Add.05 and 14;
   6. Funding proposal 196 titled “Supporting Innovative Mechanisms for Industrial Energy Efficiency Financing in Indonesia with Lessons for Replication in other ASEAN Member States” by Korea Development Bank (KDB), as contained in document GCF/B.34/02/Add.09;
   7. Funding proposal 197 titled “Green Guarantee Company ("GGC")” by MUFG Bank Ltd., as contained in document GCF/B.34/02/Add.10/Rev.01;
   8. Funding proposal 198 titled “CATALI.5°T Initiative: Concerted Action To Accelerate Local I.5° Technologies – Latin America and West Africa” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.34/02/Add.11; and
   9. Simplified funding proposal 025 titled “Adaptation of agricultural production systems in Coastal Areas of Northwest Guinea-Bissau” by the Sahara and Sahel Observatory (OSS), as contained in document GCF/B.34.02/Add.12/Rev.01 and Add.14;
2. Approves funding proposal 191 for the amount of USD 23,325,033, submitted by the Pacific Community, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
3. Also approves funding proposal 192 for the amount of USD 39,390,913.29, submitted by Caribbean Community Climate Change Centre, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
4. Further approves funding proposal 193 for the amount of USD 8,972,400, submitted by the Peruvian Trust Fund for National Parks and Protected Areas, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
5. Approves funding proposal 194 for the amounts of EUR 175,000,000 and USD 45,000,000, submitted by the Agence Française de Développement, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
6. Also approves funding proposal 195 for the amount of USD 76,616,550, submitted by the Corporación Andina de Fomento, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
7. Further approves funding proposal 196 for the amount of USD 105,000,000, submitted by Korea Development Bank, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.09;
8. Approves funding proposal 197 for the amount of USD 40,500,000 submitted by MUFG Bank Ltd, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.10/Rev.01;
9. Decides in respect of funding proposal 197 that MUFG Bank Ltd. may seek further approval of the Board at meetings of the Board or through decisions without a Board meeting of commitment of further funding in an amount, when aggregated with the amounts previously approved by the Board, no greater than USD 82,500,000, subject to the conditions set out in annex VII;
10. Requests the Secretariat to submit to the Board for consideration and approval its assessment and recommendation with respect to the conditions to funded activity agreement execution set out in annex VII relating to funding proposal 197, following their satisfactory submission by MUFG Bank Ltd. to the Secretariat;
11. Recognizes that the approval of funding proposal 197 does not set a precedent with respect to compliance with the no-objection procedures established by the Board and reaffirms that the Secretariat shall not present any funding proposals to the Board which are not fully compliant with the no-objection procedure;
12. Approves funding proposal 198 for the amount of EUR 26,840,204, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.11;
13. Also approves simplified approval process funding proposal 025 for the amount of USD 9,807,800, submitted by the Sahara and Sahel Observatory, subject to the conditions set out in annex VII and in the respective term sheet set out in document GCF/B.34/02/Add.14;
14. 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 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;
15. 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; and
16. Requests the independent Technical Advisory Panel to meaningfully engage and communicate with accredited entities throughout the funding proposal package assessment, including during the following phases: Endorsement: assessment finalization and clearance phase (Step 3.2.1); Non-endorsement (Step 3.2.2.1); and Re-submission (Step 3.2.2.2) of the updated independent Technical Advisory Panel review procedure adopted by the Board in decision B.28/03, paragraph (a), and its annex II.

The Board, having considered limited distribution document GCF/B.34/03 titled “Consideration of proposed changes included in the restructuring proposal for FP115: Espejo de Tarapacá”:

1. Decides to approve the cancellation of FP115 on the terms set out in the recommendations in document GCF/B.34/03; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the decision set out in paragraph (a) above.

The Board, having considered limited distribution document GCF/B.34/04 titled “Status of approved funding proposals: Extension of deadline in respect of SAP016 (Fiji Agrophotovoltaic Project in Ovalau)”

Decides to extend the deadline until 19 April 2023 for the execution of the funded activity agreement for the following approved funding proposal:

1. SAP016, titled “Fiji Agrophotovoltaic Project in Ovalau”.

The Board, having considered limited distribution document GCF/B.34/05 titled “Consideration of a request for a change in the environmental and social risk category in respect of funded activity FP052 (“Sustainable and climate resilient connectivity for Nauru”):

Approves the change of environmental and social risk category of the funded activity FP052 from category B to category A as described in document GCF/B.34/05.

The Board, having considered limited distribution document GCF/B.34/08 titled “Status of approved funding proposals: Extension of deadline in respect of FP166 (Light Rail Transit for the Greater Metropolitan Area (GAM))”:

Decides to extend the deadline until 22 October 2023 for the execution of the funded activity agreement, in a form and substance satisfactory to the GCF Secretariat, for the following approved funding proposal:

1. FP166, titled “Light Rail Transit for the Greater Metropolitan Area (GAM)”.

The Board, having considered limited distribution document GCF/B.34/10/Rev.01 titled “Consideration of Proposed Changes included in the Restructuring Proposal for FP039: GCF-EBRD Egypt Renewable Energy Financing Framework”:

1. Approves:
   1. The major change to FP039 as described in document GCF/B.34/10/Rev.01, in particular to authorize the use of GCF proceeds to support subprojects whose GCF environmental and social risk category is ‘A’ under the programme; and
   2. The waiver of the Board condition as described in document GCF/B.34/10/Rev.01; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

The Board, having considered limited distribution document GCF/B.34/21 titled “Consideration of Proposed Changes included in the Restructuring Proposal for FP099: Climate Investor One”:

1. Takes note of the new no-objection letter for FP099 submitted by the national designated authority of India;
2. Approves the inclusion of India as a GCF mandate country for FP099; and
3. Authorizes the Secretariat to take such steps as might be necessary pursuant to the funded activity agreement for FP099 to give effect to this decision

The Board, having considered document GCF/B.34/09 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 documents for the following applicants for re-accreditation:
   1. Applicant R009 (RAPL009) is the Ministry of Environment of Rwanda (MOE Rwanda), the successor in interest to the Ministry of Natural Resources of Rwanda (MINIRENA), based in Rwanda, as contained in document GCF/B.34/09/Add.03;
   2. Applicant R010 (RAPL010) is the National Bank for Agriculture and Rural Development (NABARD), based in India, as contained in document GCF/B.34/09/Add.04;
   3. Applicant R045 (RAPL045) is PT Sarana Multi Infrastruktur (PT SMI), based in Indonesia, as contained in document GCF/B.34/09/Add.05;
   4. Applicant R037 (RAPL037) is XacBank LLC (XacBank), based in Mongolia, as contained in document GCF/B.34/09/Add.06;
   5. Applicant R049 (RAPL049) is the World Wildlife Fund, Inc. (WWF-US), based in the United States of America, as contained in document GCF/B.34/09/Add.07; pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant annexes for each of the applicants, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL009, the Ministry of Environment of Rwanda, based in Rwanda, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.03, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL010, the National Bank for Agriculture and Rural Development, based in India, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.04, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
4. Takes note of the efforts of PT Sarana Multi Infrastruktur (PT SMI) to advance the purpose of GCF, including through PT Sarana Multi Infrastruktur’s Policy Statement to Contribute to Address Climate Change Issue and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation and upgrade of RAPL045, PT Sarana Multi Infrastruktur, based in Indonesia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.05, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
6. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL037, XacBank LLC, based in Mongolia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.06, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
7. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL049, World Wildlife Fund, Inc., based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.07, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
8. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicant for accreditation: (i) Applicant 116 (APL116) is the Zambia National Commercial Bank Plc (Zanaco), based in Zambia, as contained in document GCF/B.34/09/Add.08; pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.08, and subject to the completion of Stage III of the accreditation by having an effective accreditation master agreement, in accordance with decision B.24/13;
9. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL116, the Zambia National Commercial Bank Plc, based in Zambia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.34/09/Add.08, and subject to the completion of Stage III of the accreditation by having an effective accreditation master agreement, in accordance with decision B.24/13;
10. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel contained in document GCF/B.34/09/Add.01; and
11. Approves, pursuant to the recommendation by the Accreditation Panel contained in document GCF/B.34/09/Add.01, the modification of the condition of re-accreditation for the Secretariat of the Pacific Regional Environment Programme (SPREP) as contained in decision B.29/06, paragraph (c), and paragraph 95(b)(i) of annex II to document GCF/B.29/07/Add.02 by amending the condition such that it shall be met by the accredited entity prior to the effectiveness of the amended and restated accreditation master agreement during Stage III of the re-accreditation process.

The Board, having considered limited distribution document GCF/B.34/22 titled “Appointment of the Head of the Independent Evaluation Unit”:

1. Appoints Mr. Andreas Reumann as the Head of the Independent Evaluation Unit;
2. Authorizes the Co-Chairs to negotiate and sign on behalf of the Board, for up to 45 days, the contract between the Head of the Independent Evaluation Unit and GCF; and
3. Expresses its appreciation for the work of the ad hoc Selection Committee and the Secretariat in the selection of the Head of the Independent Evaluation Unit.

The Board, having considered document GCF/B.34/27 titled “Accreditation strategy of the Green Climate Fund”:

1. Adopts the accreditation strategy contained in annex VIII;
2. Agrees to further consider at its thirty-fifth meeting the strategic matters relating to accreditation that require further Board consideration contained in section II of annex IX;
3. Requests the Secretariat to present the resourcing implications of implementing the accreditation strategy referred to in paragraph (a) above for the Board’s consideration at its thirty-fifth meeting;
4. Agrees to consider, in the context of the revision to the accreditation framework to be developed pursuant to decision B.31/06, paragraph (m), the matters to be taken up in the revised accreditation framework contained in section III of annex IX;
5. Requests the Secretariat to report on progress on the accreditation strategy at the first Board meeting of each year from 2024;
6. Also requests the Secretariat, in order to simplify and enhance access, to prepare a document considering the potential for GCF to enable all accredited entities to apply their own systems and policies (including with respect to GCF policies and standards not assessed during accreditation or re-accreditation) while:
   
   1. Maintaining best practices for all stages of the project and programme activity cycle, including during project design and implementation; and
   2. Ensuring that the relevant accredited entities’ systems and policies are substantially equivalent to the relevant GCF policies and standards,

   and to present options for consideration by the Board no later than its thirty-sixth meeting. Such assessment will include a review of the relevant GCF policies and standards to determine how they are intended to apply to, and be applied by, accredited entities during the accreditation process and through all stages of the project and programme activity cycle;

7. Approves an additional budget of USD 220,000 in professional services to prepare the document referred to in paragraph (b) above, to be executed during the years 2022 and 2023;²
8. Agrees to explore the establishment of a direct access entity window under the GCF Readiness and Preparatory Support Programme as part of the revised strategy for the Readiness and Preparatory Support Programme, in line with decision B.33/04, paragraphs (g) and (h), to be presented to the Board for its consideration at its thirty-fifth meeting; and
9. Requests the Secretariat to prepare an information paper on (i) the climate change programming development and implementation competencies and capacities relevant to programming with GCF; as well as (ii) options for building or strengthening such capacities of accredited entities, particularly direct access entities, including support provided through the Readiness and Preparatory Support Programme, such as through the provision of technical assistance; cooperation between international access accredited entities and direct access entities; and peer learning; and, as appropriate, present for consideration any recommendations that require decision by the Board.

²To be considered for endorsement by the Budget Committee

The Board, having considered limited distribution document GCF/B.34/11/Rev.01 titled “Updated Salary Scale: Review of Salary Scales for IS and AS Staff”:

1. Notes:
   1. The differences between the GCF and 2022 Asian Development Bank International Staff salary scales as shown in table 2 of document GCF/B.34/11/Rev.01;
   2. The differences between the GCF and 2022 World Bank Group Korea Office Administrative Services staff salary scales as shown in table 4 of document GCF/B.34/11/Rev.01;
2. Recalls that GCF reviews the International Staff and Administrative Services staff salary scale annually in relation to the Asian Development Bank and World Bank Group Korea Office, respectively, in line with the Administrative Guidelines on Human Resources (section E.I.4) and decision B.13/26;
3. Adopts the International Staff and Administrative Services staff salary scales shown in annex X (tables 8 and 9), which will enter into force on 1 January 2023;
4. Decides:
   1. That a budget of USD 1,907,973 shall be allocated in 2023 for the implementation of the adjustment of the salary scales; and
   2. That no additional budget shall be allocated to a performance-based increase of staff salaries;
5. Also decides that an adjustment of the salary scales as shown with reference to annex X (table 10) shall be discussed as part of the 2024 administrative budget; and
6. Tasks the Executive Director with setting the guidelines for the distribution of salary increases in line with sections E.I.5 and E.I.10 of the Administrative Guidelines on Human Resources.

The Board, having considered limited distribution document GCF/B.34/12 titled “Salary Structure and Compensation and Benefits Benchmarking Review”:

1. Takes note of the stepwise approach indicated by the Secretariat for the creation of a GCF salary structure;
2. Requests the Secretariat to present to the Board, for consideration and adoption, a Fundwide compensation philosophy based on a benchmarked assessment of comparable organizations, no later than the thirty-sixth meeting of the Board;
3. Also requests the Secretariat, in consultation with the Budget Committee, to present to the Board for consideration and approval a GCF salary structure based upon the methodology outlined within this paper and including a framework for performance-based merit increases, no later than the thirty-seventh meeting of the Board;
4. Further requests the Secretariat, in consultation with the Budget Committee, to report to the Board on the status of the work mandate in paragraphs (b)–(c) above at the thirtyfifth meeting of the Board;
5. Approves an additional administrative budget of USD 100,000 to support a comprehensive review of the Administrative Guidelines on Human Resources;
6. Decides to repeal, with immediate effect, the provisions of the Administrative Guidelines on Human Resources pertaining to:
   1. Individual medical insurance plan;
   2. Individual life insurance plan;
   3. Post-retirement group life insurance plan;
   4. Individual dependent life insurance plan; and
   5. Force majeure protection programme; and amend related provisions accordingly, as reflected in annexes XI, XII, and XIII;
7. Adopts, with immediate effect, the amendments to the provisions of the Administrative Guidelines on Human Resources pertaining to maternity/parental leave, as reflected in annex XI;
8. Also adopts, with immediate effect, the amendment to the provision of the Administrative Guidelines on Human Resources pertaining to the Death Grant, as reflected in annex XIII; and
9. Tasks the Secretariat with undertaking a comprehensive review of the Administrative Guidelines on Human Resources, including its compensation framework, and bringing it to the Board by no later than its thirty-ninth meeting in the form of revised principles-based Administrative Guidelines on Human Resources.

The Board, having considered document GCF/B.34/13 titled “Policy to minimize the effect of currency fluctuations on the commitment authority of GCF”:

1. Takes note of the information presented in document GCF/B.34/13 titled “Policy to minimize the effect of currency fluctuations on the commitment authority of GCF”;
2. Adopts the Policy to minimize the effect of currency fluctuations on the commitment authority of GCF (the “Policy”) as set out in annex XIV;
3. Approves an additional administrative budget of USD 585,000 that might be used in 2022 and 2023 as necessary to implement this Policy, including for legal and outsourcing services and fees, and requests the Secretariat to include the budget necessary to implement this Policy in future annual budget requests;
4. Approves, effective from 1 January 2023, the establishment of a collateral reserve and the set-aside of USD 50 million for the provision of this reserve, as necessary to cover potential collateral requirements associated with the implementation of this Policy;
5. Requests the Secretariat, in consultation with the Budget Committee with respect to any related budgetary implications, to explore the mitigation of the wider emerging financial risks outlined in section II of document GCF/B.34/13 and to present to the Board any recommended action for its consideration; and
6. Decides that, if at any time the Risk Management Committee is not constituted, the functions of the Risk Management Committee as specified in the Policy shall be discharged by the Board, except the approval of counterparty limits pursuant to paragraph 6(a)(iii) of the Policy, which shall be approved by the Executive Director

The Board, having considered limited distribution document GCF/B.34/15 titled “Compliance Review Report: C-0006-Nicaragua: GCF Project FP146: Bio-CLIMA: Integrated climate action to reduce deforestation and strengthen resilience in BOSAWÁS and Rio San Juan Biospheres”:

1. Takes note of the findings and recommendations presented by the Independent Redress Mechanism in document GCF/B.34/15 (“Compliance Review Report”);
2. Decides to further consider the Compliance Review Report at its thirty-fifth meeting in order to take an informed decision on this matter;
3. Requests, for the purposes of taking an informed decision on the Compliance Review Report at its thirty-fifth meeting pursuant to paragraph 63 of the Independent Redress Mechanism’s procedures and guidelines, the Secretariat to provide for the Board’s consideration:
   1. A management response from the Secretariat in respect of the Compliance Review Report, annexing any relevant written comments provided by the relevant accredited entity; and
   2. A legal assessment on any potential action, including remedies, which GCF may take under the related funded activity agreement, based on the information provided in the Compliance Review Report;
4. Confirms that the Independent Redress Mechanism and Secretariat may share the Compliance Review Report with the relevant accredited entity on a strictly confidential and redacted basis in order to allow for the accredited entity to provide any relevant written comments, and for the accredited entity to share the Compliance Review Report with the executing entity in order for the executing entity to provide its written comments to the accredited entity, and for the Secretariat to consult with the accredited entity when preparing its management response;
5. Takes note of the interlinkages between the findings and recommendations of the Compliance Review Report and the conditions set out in decision B.27/01, annex I (List of conditions and recommendations) in respect of FP146; and
6. Requests the Secretariat to temporarily suspend its review of the Monitoring Framework provided by the accredited entity in connection with the Board conditions until the Board has further considered and taken a final decision on the Compliance Review Report.

The Board, having considered document GCF/B.34/07/Rev.01 titled “Dates and venues of upcoming Board meetings”:

Decides and confirms that the thirty-fifth meeting of the Board will take place from Monday, 13 March 2023 to Thursday, 16 March 2023 in the Republic of Korea.

The Board, having considered document GCF/BM-2022/09 titled “Nomination to the Ad Hoc Selection Committee” and through a decision taken between meetings on a no-objection basis:

Approves the appointment of Mr. José Delgado to the Ad Hoc Selection Committee of the Board.

The Board, having considered document GCF/BM-2022/07 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

Approves the accreditation of the following organizations as observer organizations to the GCF:

Civil society organizations:

Namibia Nature Foundation (NNF)

Organización Cruz Verde Ambiental (Environmental Green Cross Organization) (CVEA)

The Board, having considered document GCF/BM-2022/06 titled “Status of approved funding proposals: extension of deadline in respect of FP154 (Mongolia: Aimags and Soums Green Regional Development Investment Program (ASDIP))”:

1. Decides to extend the deadline until 27 March 2023 for the submission by the Accredited Entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the Accredited Entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed project/programme, for the following approved funding proposal:
   1. FP154, titled “Mongolia: Aimags and Soums Green Regional Development Investment Program (ASDIP)”; and
2. Recognizes that in light of the repeated requests to extend the deadline referred to in paragraph (a) above, the Board may be unwilling to grant any further extension beyond 27 March 2023.

The Board, having considered limited distribution document GCF/BM-2022/05 titled “Appointment of an ad interim Head of the Independent Redress Mechanism” and through a decision taken between meetings on a no-objection basis:

1. Takes note of the elements contained in document GCF/BM-2022/05;
2. Agrees to the appointment of Mr. Ibrahim Pam as interim Head of the Independent Redress Mechanism for the period from 31 August 2022 to 31 March 2023; and
3. Authorizes the Co-Chairs to work with the Secretariat on the contractual arrangements to cover the aforementioned period, and to sign such contractual arrangements with Mr. Ibrahim Pam on behalf of the Board.

The Board:

1. Appoints as a member of the Ethics and Audit Committee, Ms. Nadia Spencer-Henry, replacing Mr. Albara Tawfiq; and
2. Appoints as a member of the Performance Oversight Committee, Ms. Fiona Ralph.

The Board, having considered document GCF/B.33/Inf.16 titled “Matters relating to risk management”:

1. Decides to amend decision B.12/31, paragraph (d), such that as from the date of this decision, the Executive Director, in consultation with the relevant Secretariat divisions, offices and units, will determine on a case-by-case basis, whether a change to the accreditation master agreement template as approved by the Board, proposed by an accredited entity and acceptable to the Secretariat, is considered substantive, and would therefore require Board approval;
2. Also decides that all express or implicit references to decision B.12/31, paragraph (d), in decision B.13/29 and any other relevant Board decisions, shall be deemed to be references to paragraph (a) of this decision;
3. Further decides to set aside an additional amount of USD 150 million towards the risk buffer, thereby bringing the total risk buffer to USD 320 million;
4. Requests the Secretariat to manage the foreign exchange commitment risk buffer and make periodic adjustments to the buffer amount with a view to meeting the target level for the foreign exchange commitment risk buffer, as set out in the Funding Risk Policy adopted pursuant to decision B.19/04, over time and agrees to amend the Funding Risk Policy accordingly; and
5. Also requests the Secretariat, following consultation with the Budget Committee, to present a policy to minimize the effect of currency fluctuations on the commitment authority of the GCF, based on the document contained in annex I to document GCF/B.33/Inf.16, for the Board’s consideration at its thirty-fourth meeting.

The Board, having considered document GCF/B.33/06 titled “Status of the implementation and resources of the Project Preparation Facility”:

1. Decides that an amount of USD 18.0 million is to be made available for the Project Preparation Facility to cover anticipated commitments until the end of the first replenishment period of the GCF (i.e. 2023); and
2. Requests the Secretariat to consult with Board and alternate members, national designated authorities, accredited entities and active observers with a view to presenting to the Board for its consideration no later than at the thirty-sixth meeting of the Board:
   1. Revised operating modalities for the Project Preparation Facility;
   2. A revised list of activities that can be supported by the Project Preparation Facility; and
   3. A review of funding for the Project Preparation Facility.

The Board, having considered document GCF/B.33/07 titled “Readiness and Preparatory Support Programme – work programme and budget 2022–2023”:

1. Reaffirms that the Readiness and Preparatory Support Programme is a strategic priority for GCF to enhance country ownership, encourage direct access to GCF resources, and strengthen strategic programming during the first replenishment period of the GCF;
2. Also reaffirms, recalling decision B.22/11, that the objectives and outcomes for the revised Readiness and Preparatory Support Programme as contained in annex IV to that decision remain for 2022–2023;
3. Adopts the proposed work programme for 2022–2023 as contained in annex I;
4. Notes the estimated budget for 2022−2023 as included in the work programme for 2022– 2023;
5. Approves an additional amount of USD 166.94 million to be made available for the execution of the Readiness and Preparatory Support Programme;
6. Requests the Secretariat to continue to report on the implementation of the Readiness and Preparatory Support Programme at the mid-year Board meeting of each year;
7. Also requests the Secretariat to undertake consultations with Board members and alternate members, national designated authorities, delivery partners and active observers on updates to the strategy for the Readiness and Preparatory Support Programme; and
8. Further requests the Secretariat, in consultation with the Co-Chairs, to present to the Board for its consideration a revised strategy for the Readiness and Preparatory Support Programme in response to countries’ priorities and needs and taking into account the consultations referred to in paragraph (g) above, by the thirty-fifth meeting of the Board.

The Board, having considered document GCF/B.33/10 titled “Updates on addressing gaps in the current portfolio for measurement”:

1. Takes note of the information presented in the document;
2. Reiterates the commitment of GCF as a learning organization to iteratively improve the integration of sufficient monitoring and evaluation budget and activities for the gathering of evidence in funding proposals and funded activities to ensure credibility of the portfolio and the project/programme results reported;
3. Notes that through a voluntary arrangement, 13 accredited entities agreed to proceed to Phase 2 to implement remedial measures for 21 funded activities;
4. Approves the Secretariat proposal to offer two tracks to the participating accredited entities for Phase 2 of the remediation activities:
   1. Track 1: Accredited entities directly receive the budget and implement the remediation measures. Under this track, accredited entities will manage the entire remediation exercise, from procurement and supervision of service providers through to the completion of the logical framework improvements; and
   2. Track 2: Accredited entities do not access the budget directly and implement the remediation measures through the Secretariat. Under this track, the Secretariat procures service providers for the accredited entities, but the latter will supervise the service providers and manage the entire remediation exercise;
5. Also approves the proposal for the Secretariat to deliver the capacity-building activities requested by the accredited entities using two complementary modalities:
   1. Modality 1: In-person workshop. The Secretariat will deliver training on prioritized monitoring and evaluation-related knowledge gaps. The training will also be offered to executing entities and could be delivered either in country-specific sessions or regional events, whichever is more cost-effective; and
   2. Modality 2: Monitoring and evaluation help desk. To complement the classroomstyle training under the first modality, the Secretariat will establish a monitoring and evaluation help desk that will run for six months after the delivery of workshops;
6. Further approves that the Secretariat retain a vendor to provide support in the development of monitoring and evaluation training modules tailored to the monitoring and evaluation-specific requirements of GCF, and the design and management of the monitoring and evaluation help desk;
7. Approves the budget of USD 1,832,398 to be executed during the years 2022 and 2023 for the remediation activities referred to in paragraph (d) above (the “Remediation Activities”) and capacity-building activities referred to in paragraph (e) above (the “Capacity-Building Activities”);
8. Authorizes the Secretariat to determine the amount of funds to be made available to each accredited entity to implement the Remediation Activities in accordance with the information contained in document GCF/B.33/10/Add.02 (each, a “Remediation Grant”);
9. Confirms that the implementation of the Remediation Activities, including the entry into of any relevant legal agreements that may be necessary in order for the Remediation Activities to be implemented, does not fall within the scope of the Policy on Restructuring and Cancellation adopted by the Board pursuant to decision B.22/14;
10. Also confirms that all relevant GCF policies that apply to the use of GCF proceeds in the context of funded activities shall be equally applicable to the Remediation Grants;
11. Authorizes the Executive Director or his designee to negotiate and enter into legal agreements on behalf of GCF with accredited entities and other parties involved in respect of the Remediation Activities and the Capacity-Building Activities; and
12. Requests the Secretariat to update the Board on the changes in the risk rating of the portfolio for measurement at the end of the implementation of remediation activities in Phase 2.

The Board, having considered limited distribution document GCF/B.33/18 titled “Appointment of a member of the Accreditation Panel”:

Endorses the nomination by the Accreditation Committee of the following expert to the Accreditation Panel for the remainder of the term that started on 1 May 2021 and expires on 30 April 2024:

1. Ms. Diana Isiye (Kenya; expertise area: fiduciary).

The Board, having considered document GCF/B.33/14 titled “Updated Salary Structure: Review of GCF’s Salary Scale and Benefits”:

1. Takes note of the document prepared by the Secretariat titled “Updated Salary Structure: Review of GCF’s Salary Scale and Benefits”;
2. Requests the Secretariat, in consultation with the Budget Committee, to consider this matter until 8 September 2022 and to present to the Board a proposal for developing a stepwise approach for an updated salary structure and addressing other immediately actionable items, including, inter alia, issues related to merit pay, death in service grants, insurance, and parental leave, ahead of a more comprehensive review of the Guidelines, including its compensation framework, which will be brought to the Board at a later stage; and
3. Also requests the Co-Chairs to undertake open and inclusive consultations on the updated salary scale in September 2022 in order to facilitate the Board’s decision-making on this urgent matter and to present a proposal to the Board at its thirty-fourth meeting.

The Board, having considered document GCF/B.33/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 187 titled “Ouémé Basin Climate-Resilience Initiative (OCRI) Benin” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.33/02/Add.01 and 07;
   2. Funding proposal 188 titled “Climate Resilient Fishery Initiative for Livelihood Improvement in the Gambia (PROREFISH Gambia)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.33/02/Add.02 and 07;
   3. Funding proposal 189 titled “E-Mobility Program for Sustainable Cities in Latin America and the Caribbean” by the Inter-American Development Bank, as contained in document GCF/B.33/02/Add.03 and 07; and
   4. Funding proposal 190 titled “Climate Investor Two” by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), as contained in document GCF/B.33/02/Add.05/Rev.01;
2.  Approves funding proposal 187 for the amount of USD 18,453,795, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
3. Also approves funding proposal 188 for the amount of USD 17,200,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
4. Further approves funding proposal 189 for the amount of USD 200,000,000, submitted by the Inter-American Development Bank, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
5. Approves funding proposal 190 for the amount of USD 145,000,000, submitted by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.05/Rev.01;
6. Confirms that the approval set out in paragraph (e) above is based on a case-by-case assessment of funding proposal 190 in accordance with decision B.09/04, paragraph (c);
7. 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 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
8. 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 limited distribution document GCF/B.33/03 titled “Status of approved funding proposals: Waiver of Board Condition for Post-investment Voting Board Seats in Investee Companies in respect of FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries)”:

1. Approves the waiver of the Board condition as described in document GCF/B.33/03;
2. Agrees that the following condition for FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries) that was set out in decision B.30/03, annex I, table 2: “(c) the investee company has agreed to offer a voting Board seat to CRAFT after the execution of the investment, to ensure appropriate governance” shall be modified as follows: “(c) the investee company has agreed to offer a voting Board seat or a Board observer seat to CRAFT after the execution of the investment, to ensure appropriate governance.”;
3. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the changes approved in paragraph (b) above; and
4. Requests the Secretariat to develop guidelines for accredited entities to follow when conducting consultations with national designated authorities when required by the Policy on Restructuring and Cancellation, taking into account the views expressed by Board members at the thirty-third meeting of the Board and other Board meetings on the importance of active consultations with national designated authorities.

The Board, having considered document GCF/B.33/09 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 for re-accreditation:
   1. Applicant R005 (RAPL005) is the Asian Development Bank (ADB), based in the Philippines, as contained in annex I to document GCF/B.33/09/Add.01;
   2. Applicant R017 (RAPL017) is the European Bank for Reconstruction and Development (EBRD), based in the United Kingdom of Great Britain and Northern Ireland, as contained in annex II to document GCF/B.33/09/Add.01; and
   3. Applicant R019 (RAPL019) is the United Nations Environment Programme (UNEP), based in Kenya, as contained in annex III to document GCF/B.33/09/Add.01;pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant annexes for each of the applicants, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Recalls, pursuant to decision B.10/06, paragraph (i), that all international entities:
   1. 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
   2. That they report annually on these actions;
3. Underscores that provisions related to decision B.10/06, paragraph (i), are set out in the template accreditation master agreement approved by the Board by decision B.12/31 (“Template AMA”);
4. Recalls, pursuant to paragraph 16(f)(iv) of annex XXVI to decision B.24/13, that the scope of review for reaccreditation for international access accredited entities includes the reports on their support to direct access entities to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of GCF in order to enhance country ownership;
5.  Also recalls, pursuant to paragraph 26(a)(v) of annex VI to decision B.27/06, that the Board mandated GCF to present a revised accreditation framework with the aim to, interalia, and in relevant part, inform re-accreditation decisions with an examination of accredited entities’ performance in contributing to GCF programming results, including considering international access accredited entities’ contribution to building capacities of direct access entities;
6. Further recalls, pursuant to paragraph 70(f)(iv) of annex IV to decision B.31/06, that the scope of review for reaccreditation for international access entities includes their contribution to building capacity of direct access entities, as well as reports on their support to direct access entities to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of GCF in order to enhance country ownership;
7. Decides that any changes to the provisions related to decision B.10/06, paragraph (i), in the Template accreditation master agreement shall, notwithstanding any prior decisions, be deemed to be substantive changes, requiring the approval of the Board;
8. Also decides that paragraph (g) above also applies in the context of the amendments to signed accreditation master agreements that must be entered into following the relevant accredited entity being reaccredited by the Board;
9. Takes note of the efforts of Asian Development Bank to advance the purpose of the GCF, including through the Asian Development Bank’s climate finance commitment in line with its Strategy 2030 and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
10. Approves the re-accreditation of RAPL005, the Asian Development Bank, based in the Philippines, as contained in annex I to document GCF/B.33/09/Add.01;
11. Takes note of the efforts of the European Bank for Reconstruction and Development to advance the purpose of the GCF, including through the European Bank for Reconstruction and Development’s Green Economy Transition approach and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
12. Approves the re-accreditation of RAPL017, the European Bank for Reconstruction and Development, based in the United Kingdom of Great Britain and Northern Ireland, as contained in annex II to document GCF/B.33/09/Add.01;
13. Also approves the re-accreditation and upgrade of RAPL019, the United Nations Environment Programme, based in Kenya, as contained in annex III of document GCF/B.33/09/Add.01;
14. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant annex for the following applicant seeking to upgrade its accreditation type:
    1. World Food Programme based in Italy, as contained in annex III; and
15. Agrees to upgrade the accreditation type of the World Food Programme, as contained in decision B.12/30, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex III.

The Board, having reviewed document GCF/B.33/15/Rev.01 titled “Arrangements for the second replenishment of the Green Climate Fund,” and taking into account decision B.32/04 and guidance from the Conference of Parties to the United Nations Framework Convention on Climate Change:

1. Stresses decision B.21/18, paragraph (c), which states that the replenishments of the Fund should take into account the stated ambitions, actions and contributions of developing countries to reduce their greenhouse gas emissions by meaningful mitigation actions and to adapt to the impacts of climate change, and that the Board will provide the replenishment process with strategic guidance;
2. Recalls paragraph 2(e) of the “Policy for contributions to the Green Climate Fund for the first replenishment”, which states that “the GCF will initiate the next replenishment 30 months after the commencement of the replenishment period in order to allow sufficient time for the preparation and consideration of such reports and/or evaluations as may be necessary”;
3. Also recalls decision B.32/04, by which the Board set out the details of the sequencing and consideration of strategic and programming matters for the Green Climate Fund’s second replenishment;
4. Decides to commence the process for the Green Climate Fund’s second replenishment from July 2022;
5. Also decides that the period of the second replenishment will be from 1 January 2024 to 31 December 2027;
6. Further decides that replenishment meetings will be open to all potential contributors and to all Board members;
7. Endorses the process of collective engagement for the second replenishment process set out in annex IV;
8. Requests the Secretariat to begin making arrangements to facilitate the process of collective engagement referred to in paragraph (g) above, including finding hosts for the in-person replenishment meetings;
9.  Approves a budget of USD 761,000 to conduct the second replenishment process in 2022 and 2023, as detailed in annex V;
10. Requests the Trustee to provide support to the Secretariat, as part of its function to administer the GCF Trust Fund, on issues related to:
    1. Updating the standard provisions and template for contribution agreements and/or arrangements; and
    2. Other relevant financial management issues as agreed between the Executive Director of GCF and the Trustee;
11. Also requests the Co-Chairs, in consultation with the Board and with the support of the Secretariat, to identify and appoint a suitable chairperson(s)/facilitator for the second replenishment process;
12. Further requests the Secretariat to prepare for consideration at the first consultation meeting of the replenishment process a document outlining areas in the policy for contributions, standard provisions, and template for contribution agreements that may be updated for the Green Climate Fund’s second replenishment period;
13. Decides to conclude its consideration of the updated policy for contributions no later than the thirty-sixth meeting of the Board; and
14. Invites participants to the replenishment process to provide, by the end of 2022, inputs to the Board on the updated Strategic Plan for the second replenishment period of the Green Climate Fund, in accordance with the consultation process outlined in decision B.32/04.

The Board, having considered document GCF/B.33/05 titled “Steps to enhance the climate rationale of GCF-supported activities”:

1. Takes note of document GCF/B.33/05 entitled “Steps to enhance the climate rationale of GCF-supported activities” as mandated in decision B.19/06, paragraph (d);
2. Reaffirms its decisions B.07/06, paragraph (a), and B.09/05, paragraph (b), adopting GCF’s initial investment framework and further developing the sub-criteria and methodology of the initial investment framework and decision B.29/01 adopting the Integrated Results Management Framework;
3. Also reaffirms decision B.05/05, paragraph (d), which decided that, in relation to adaptation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift and the urgent and immediate needs of vulnerable countries, in particular least developed countries, small island developing States and African States; and paragraph (e) which decided that, in relation to mitigation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to limit and reduce greenhouse gas emissions in the context of promoting a paradigm shift;
4. Further reaffirms decision B.09/05, paragraph (g), requesting the Secretariat and the independent Technical Advisory Panel 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 least developed countries, small island developing States and African States;
5. Requests the Secretariat and the independent Technical Advisory Panel to take into account the principles for demonstrating the impact potential for mitigation and adaptation activities set out in annex VI in order to establish a more transparent and consistent approach in their guidance to accredited entities and in their assessment of funding proposals;
6. Recognizes the significant variation in information and data availability across countries and contexts;
7. Also recognizes the urgent need for: (i) guiding accredited entities in presenting climaterelated information needed for establishing the impact potential of funding proposals, and (ii) establishing a more transparent and consistent approach to the review of impact potential as part of the proposal assessment process, with a view to streamlining the proposal development cycle, and leading to improved review outcomes and a more rapid flow of proposals for endorsement to the Board, particularly for adaptation;
8. Decides that the use of best available information and data, including from the Intergovernmental Panel on Climate Change, and from traditional, local and indigenous knowledge and practices is sufficient to form the basis for the demonstration of impact potential for GCF-supported activities, while taking into account the context of the proposal, the different capabilities of accredited entities, and country and regional circumstances; and 
9. Requests the Secretariat to provide capacity-building support to accredited entities, especially direct access entities, to enhance the demonstration of the impact potential in GCF-supported activities, and to consider their feedback for future enhancements, including by:
   1. Providing early engagement of GCF technical experts in proposal conceptualization;
   2. Promoting deployment of the Readiness and Preparatory Support Programme to strengthen countries’ capacities to undertake adaptation planning and investment programming, and to help countries identify their priorities for adaptation action based on relevant data; and
   3. Promoting utilization of Project Preparation Facility funding to help countries convert project ideas identified in their country programmes into actionable investments.

The Board, having considered document GCF/B.33/04 titled “Guidance on the approach and scope for providing support to adaptation activities”:

1. Welcomes the guidance on the GCF’s vision, approach and scope for providing support to enhance climate adaptation, as set out in annex VII;
2. Confirms, with regard to adaptation activities, in line with paragraph 31 of the Governing Instrument for the GCF, that the Fund will provide simplified and improved access to funding, including direct access, basing its activities on a country-driven approach and will encourage the involvement of relevant stakeholders, including vulnerable groups and addressing gender aspects;
3. Requests the Secretariat to engage with national designated authorities and accredited entities to urgently advance a pipeline of concept notes and funding proposals that will contribute to meeting the Board’s adaptation programming targets for the first replenishment period of the GCF;
4. Also requests the Secretariat to provide and enhance technical support and guidance, and encourage and facilitate the use of the Readiness and Preparatory Support Programme and the Project Preparation Facility, as appropriate, to advance:
   1. The development of nationally determined contributions, national adaptation plans, and other adaptation planning efforts that can help strengthen countrydriven, climate risk-informed and more systemic investment planning and pipeline origination for adaptation;
   2. Conceptualization of country-driven programmes of adaptation investments that respond to systematically identified adaptation needs and which will help identify financing for adaptation at scale;
   3. Preparation of high-quality adaptation concept notes and funding proposals, which are based on best available information about climate risk, vulnerability and adaptation solutions, and respond to systematically identified areas of adaptation needs; and
   4. The role of the private sector in adaptation, including through strengthening the engagement of the private sector in the preparation of national climate strategies and policies;
5. Reaffirms decision B.05/05, paragraph (d), which decided that in relation to adaptation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift; and decides that in order to demonstrate such potential to adapt, adaptation proposals will include an evidence-based analysis to show that the proposed activity is likely to be an effective adaptive response to the risk or impact of a specific climate change hazard, based on best available information and data including, inter alia, the Intergovernmental Panel on Climate Change, and traditional, local and indigenous knowledge and practices;
6. Decides to continue to strengthen the linkage between adaptation planning outputs and programming in funding proposals;
7. Requests the Secretariat to enhance its efforts to increase the efficiency and effectiveness of the project and programme cycle, in particular for adaptation projects;
8. Also requests the Secretariat, in the context of the revised Readiness and Preparatory Support Programme and the accreditation strategy under the Board’s consideration, as well as other relevant policy development processes, to identify additional actions that enhance GCF adaptation investments, including those identified in country and regional adaptation planning processes;
9. Further requests the Secretariat to consider, as part of the accreditation strategy under the Board’s consideration, the prioritization of accreditation applications from entities, particularly direct access entities and private sector entities, with a focus on adaptation projects/programmes;
10. Reiterates the need to enhance the private sector contribution towards developing and implementing national adaptation plans; and
11. Requests the Secretariat to further develop, for consideration by the Board as part of the update to the Strategic Plan for the GCF, proposals on updating the GCF’s strategic objectives and priorities, and requests for proposals or other programming initiatives, to further the implementation of the GCF’s strategic approach to adaptation programming, including options for possible adaptation programming parameters and output-based goals for adaptation.

The Board, having considered document GCF/B.33/11 titled “Review of the financial terms and conditions of the Green Climate Fund financial instruments”:

1. Takes note of the review of the financial terms and conditions of the Green Climate Fund financial instruments led by the Investment Committee as contained in document GCF/B.33/11;
2. Requests the Secretariat to take up the recommendations from the review of the financial terms and conditions relating to concessionality, in the context of ongoing work to develop the policy on concessionality as mandated under decision B.19/06;
3. Also requests the Secretariat to develop a local currency financing pilot programme that addresses current barriers and risks associated with currency fluctuations at the programme/project level, including an analysis of the requirements for operationalization and impact assessment of a programme, with a view for the Investment Committee to review and make a recommendation to the Board no later than the thirty-sixth meeting of the Board;
4. Further requests the Secretariat to present an approach in which GCF can more efficiently deploy its current financial instruments, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-sixth meeting of the Board;
5. Requests the Secretariat to review the financial terms and conditions of the Green Climate Fund financial instruments in accordance with the terms of reference set out in annex I to decision B.BM-2019/08, as may be amended pursuant to decision B.BM-2019/08, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-seventh meeting of the Board; and in the third year of every four-year policy cycle thereafter prior to commencement of the new replenishment programming period; and
6. Approves an additional administrative budget for the Secretariat in the amount of USD 200,000 to conduct the further reviews and analyses referred to in paragraphs (c), (d) and (e) above. This approval is in addition to the 2022 administrative budget for the Secretariat as approved via decision B.30/07, it being understood that amounts not utilized in 2022 shall be carried forward into the administrative budget for the Secretariat for 2023.

The Board, having considered limited distribution document GCF/B.33/16 titled “Matters related to the Heads of Independent Units”:

1. Takes note of and accepts the resignation of Mr. Lalanath de Silva as Head of the Independent Redress Mechanism effective from 31 August 2022;
2. Requests the Ethics and Audit Committee to consider appropriate candidates for the role of Head of the Independent Redress Mechanism ad interim, and to make a recommendation to the Board, no later than 15 August 2022, on a final candidate for appointment by the Board by a decision without a Board meeting;
3. Takes note of the updated timeline for the Head of the Independent Evaluation Unit recruitment process set out in annex IX;
4. Also takes note of the updated timeline for the Head of the Independent Redress Mechanism and the Head of the Independent Integrity Unit recruitment process set out in annex X; and
5. Decides to consider the appointment of the Head of the Independent Evaluation Unit at the thirty-fourth meeting of the Board and the appointments of the Head of the Independent Integrity Unit and the Head of the Independent Redress Mechanism at the thirty-fifth meeting of the Board, according to the updated timelines.

The Board, having considered limited distribution document GCF/B.33/17 titled “Selection of the Executive Director”:

1. Adopts the terms of reference of the Executive Director of the Green Climate Fund Secretariat as set out in annex XI;
2. Requests the Co-Chairs to conduct a comprehensive assessment of the mandates and responsibilities delegated by the Board to the Executive Director of the Secretariat, and to report to the Board for consideration of their potential impact on the terms of reference of the position;
3. Adopts the selection process for the Executive Director of the Green Climate Fund Secretariat as set out in annex XII;
4. Takes note of the indicative timeline of the entire process for the selection and appointment of the Executive Director of the Green Climate Fund Secretariat as set out in annex XIII;
5. Establishes the Executive Director Selection Committee as an ad hoc committee of the Board in accordance with paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
6. Adopts the terms of reference of the Executive Director Selection Committee as set out in annex XIV;
7. Appoints as members of the Executive Director Selection Committee:
   1. Nadia Spencer-Henry
   2. Karma Tshering
   3. Nauman Bashir Bhatti
   4. Tlou Emmanuel Ramaru
   5. Hans Olav Ibrekk
   6. Sarah Metcalf
   7. Jean-Christophe Donnellier
   8. Victoria Gunderson
8. Decides to engage the services of an independent executive search firm to support the Executive Director Selection Committee;
9. Authorizes the Secretariat, notwithstanding the Administrative Guidelines on Procurement, to issue the request for proposal for the independent executive search firm in accordance with the deadlines set out in annex XIII;
10. Endorses the terms of reference of the independent executive search firm as set out in annex XV;
11. Approves a budget increment of USD 65,000 for the selection of the Executive Director of the Green Climate Fund Secretariat, including the costs of the independent executive search firm; and
12. Authorizes the Executive Director Selection Committee to engage the services of the independent executive search firm, with due observance of applicable procurement rules.

The Board, having considered document GCF/B.33/13 and its Add.01 titled “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”:

1. Requests the Co‐Chairs, assisted by the Secretariat, to finalize the “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annexes XVI, XVII, and XVIII, taking into consideration the comments made and decisions taken at the thirty-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-seventh session of the Conference of the Parties, in accordance with decision 7/CP.20, paragraph 23; and
2. Also requests the Co‐Chairs, assisted by the Secretariat, to develop an addendum to the “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change” capturing the progress and decisions to be made during the thirty-fourth meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board considered document GCF/B.33/12 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the thirty-fourth meeting of the Board will take place from Monday, 17 October to Thursday, 20 October 2022, in the Republic of Korea;
2. Decides that the thirty-fifth meeting of the Board will take place from Monday, 13 March to Thursday, 16 March 2023, in Kigali, Rwanda, with the dates and venue to be confirmed at the thirty-fourth meeting of the Board; and
3. Requests the Secretariat to initiate consultations with the host country with the aim of finalizing the memorandum of understanding for the hosting of a Board meeting at least four weeks before the commencement of the meeting of the Board.

The Board, having considered document GCF/BM-2022/04 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

Approves the accreditation of the following organizations as observer organizations to the GCF:

Civil society organizations:
Accountability Counsel (AC)
Youth Foundation of Bangladesh (YFB)
Youth Partnership for Peace and Development (YPPD)

Private sector organizations:
Ricardo-AEA Ltd (Ricardo Energy & Environment)

International entities:
Economic Community of West African States (ECOWAS)

The Board, having considered document GCF/B.32/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 184 titled “Vanuatu community-based climate resilience project (VCCRP)" by Save the Children Australia, as contained in document GCF/B.32/02/Add.01 and 08;
   2. Funding proposal 185 titled “Climate Change: The New Evolutionary Challenge for the Galapagos" by Corporación Andina de Fomento, as contained in document GCF/B.32/02/Add.02 and 08;
   3. Funding proposal 186 titled “India E-Mobility Financing Program" by Macquarie Alternative Assets Management Limited, as contained in document GCF/B.32/02/Add.05; and (iv) Simplified funding proposal 024 titled “Pakistan Distributed Solar Project" by JS Bank Limited, as contained in document GCF/B.32/02/Add.06;
2. Approves funding proposal 184 for the amount of USD 26,182,878, submitted by Save the Children Australia, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.08;
3. Also approves funding proposal 185 for the amount of USD 65,271,299, submitted by Corporación Andina de Fomento, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.08;
4. Further approves funding proposal 186 for the amount of USD 200,000,000 submitted by Macquarie Alternative Assets Management Limited, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.05;
5. Approves simplified funding proposal 024 for the amount of USD 10,000,000, submitted by JS Bank Limited, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.32/02/Add.06;
6. 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
7. 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.32/03 titled “Status of approved funding proposals: Request for Tranche 2 for FP103 - Promotion of Climate-Friendly Cooking: Kenya and Senegal”:

1. Recalls decision B.22/07, paragraph (h), pursuant to which the Board decided that the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH may seek further approval of the Board of commitment of further funding in an amount when aggregated with amounts previously approved by the Board, no greater than EUR 38,360,000, subject to the conditions set by the Board in annex III to that decision;
2. Takes note of the Tranche 2 Proposal in respect of funding proposal 103 titled “Promotion of Climate-Friendly Cooking: Kenya and Senegal”, by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in annex III to document GCF/B.32/03;
3. Approves the Tranche 2 Proposal in respect of funding proposal 103 for the amount of EUR 21,851,000, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH;
4. Authorizes the Secretariat to negotiate the necessary amendments to the funded activity agreement for funding proposal 103 to give effect to the approval of the Tranche 2 Proposal in paragraph (c) above; and
5. Also authorizes the Secretariat to disburse fees in respect of Tranche 2 of funding proposal 103 approved by the Board as per the disbursement schedule to be agreed in the amendments to 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.32/04 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 for re-accreditation:
   1. Applicant R044 (RAPL044) is the Korea Development Bank (KDB), based in the Republic of Korea, as contained in annex II to this document; and
   2. Applicant R016 (RAPL016) is the Conservation International Foundation (CI), based in the United States of America, as contained in annex III to this document;
   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant annexes for each of the applicants, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Also takes note of the efforts of KDB to advance the purpose of the GCF, including through KDB’s climate finance framework and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
3. Approves the re-accreditation of applicant R044 (RAPL044), the Korea Development Bank (KDB), based in the Republic of Korea, as contained in annex II to this document; and
4. Also approves the re-accreditation of applicant R016 (RAPL016), the Conservation International Foundation (CI), based in the United States of America, as contained in annex III to this document.

The Board, having considered document GCF/B.32/09 titled “Co-Chairs’ note on strategic planning and programming matters”:

1. Recalls decision B.24/02, decision B.24/04, by which the Board endorsed the policy cycle for 2020–2023, and decision B.27/06, by which the Board adopted the updated Strategic Plan for 2020–2023;
2. Requests the Secretariat to present the findings of the Secretariat-led review of the GCF policy frameworks at the thirty-third meeting of the Board, as per paragraph 38 of the updated Strategic Plan for 2020–2023;
3. Decides to conduct an open, inclusive, transparent consultation process engaging Board members and alternate Board members, national designated authorities, accredited entities, active observers, observer organizations and parties to the United Nations Framework Convention on Climate Change and the Paris Agreement, members of GCF panels and groups including the Indigenous Peoples Advisory Group, and other stakeholders to inform the review and update of the Strategic Plan;
4. Requests the Secretariat to facilitate the open, inclusive, transparent consultation process through, inter alia:
   1. Calls for submissions;
   2. Engagement with national designated authorities and accredited entities on programming needs and opportunities; and
   3. Producing summaries of inputs and publishing inputs on the GCF website;
5. Also requests the Secretariat, under the guidance of the Co-Chairs, to present to the Board the review of the updated Strategic Plan at the thirty-fourth meeting of the Board and a zero draft of the updated Strategic Plan for its consideration at the thirty-fourth meeting of the Board, taking into account the summary findings of the second performance review, the findings of the policy review and inputs received through the consultation process described in paragraph (c) above;
6. Decides to have an informal day at the thirty-third and thirty-fourth meetings of the Board to exchange views on the GCF strategic vision, objectives and priorities for the coming replenishment cycle, taking into account evolving priorities including guidance of the Conference of the Parties to the United Nations Framework Convention on Climate Change, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement, and relevant reports from the Independent Evaluation Unit, and to assess opportunities for GCF strategic programming in the second replenishment period; and requests the Secretariat to incorporate the views into the revised updated Strategic Plan referred to in paragraph (e);
7. Decides to conclude its consideration of the update of the GCF strategic plan no later than the thirty-sixth meeting of the Board;
8. Confirms that, as part of the strategic programming exercise, it will consider the evidence and findings of the second performance review, delivered in accordance with the 2022 Independent Evaluation Unit workplan and the schedule noted by paragraph (f) of decision B.BM-2021/11; and
9. Requests the Co-Chairs to prepare a draft decision for the consideration of the Board at its thirty-third meeting in order to launch the replenishment process, and that the process will be conducted in an open, transparent, and inclusive manner