Boardroom

The Board, having considered document GCF/B.21/16 titled “Workplan of the Board for 2019”:

1. Approves the workplan of the Board for 2019, as set out in annex III;
2. Requests the Co-Chairs to update the workplan following each meeting of the Board;
3. 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 in 2019:
   
   1. The development of the risk management framework and its remaining components requested pursuant to decision B.17/11, paragraph (g);
   2. Opportunities to engage the private sector, including local actors, in adaptation action at the national, regional and international levels, requested pursuant to decision B.17/06, paragraph (d)(ii);
   3. The detailed guidelines and procedures for the Independent Redress Mechanism, requested pursuant to decision B.13/24, paragraph (b);
   4. The review of the live webcasting service for formal meetings of the Board, requested pursuant to decision B.BM-2018/07, paragraph (b);
   5. The proposed approach to developing the GCF environmental and social safeguards standards, requested pursuant to decision B.19/10, paragraph (c); and
   6. The independent evaluation of the implementation of operational guidelines and the effectiveness of the Project Preparation Facility in order to draw lessons learned no later than the end of the initial resource mobilization period, requested pursuant to decision B.13/21, paragraph (e); and
4. Decides to consider in 2019 a proposal in response to the guidance from the Conference of the Parties to the United Nations Framework Convention on Climate Change at its twenty- third session regarding privileges and immunities, requested pursuant to decision B.19/02, paragraph (d).

The Board, having considered the limited distribution document GCF/BM-2018/18 titled “Appointment of the Executive Director ad interim”:

1. Appoints Javier Manzanares to act as Executive Director ad interim of the Secretariat effective immediately and until such time as the new Executive Director appointed by the Board has taken office;
2. Authorizes the Co-Chairs to agree, on behalf of the Board, on arrangements, as appropriate, with the Executive Director ad interim, including:
   
   1. A performance agreement that will specify the outcome and behaviours expected for the duration of the role;
3. Decides that the Executive Director ad interim shall assume the functions and have the mandate of the Executive Director as provided for in the Governing Instrument for the Green Climate Fund and Board decisions; and
4. Further decides the Executive Director ad interim will not be precluded from applying for the Executive Director position.

The Board, having considered the limited distribution document GCF/BM-2018/21 titled “Selection process for the appointment of the Executive Director of the Green Climate Fund Secretariat”:

1. Adopts the terms of reference of the Executive Director of the Green Climate Fund Secretariat as set out in annex IV;
2. Also adopts the selection process for the Executive Director of the Green Climate Fund Secretariat as set out in annex V;
3. Takes note of the indicative timeline of the entire process for the appointment of the Executive Director of the Green Climate Fund Secretariat as set out in annex VI;
4. 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;
5. Adopts the terms of reference of the Executive Director Selection Committee as set out in annex VII;
   
   1. Appoints as members of the Executive Director Selection Committee:
   2. Ayman Shasly;
   3. Cyril Rousseau;
   4. Josceline Wheatley;
   5. Karma Tshering;
   6. Lennart Båge;
   7. Omar El-Arini;
   8. Paul Oquist; and
   9. Sue Szabo;
6. Requests the Co-Chairs of the Board for 2019 to promptly, upon their election by the Board, and following consultations with their respective constituencies, propose a decision for approval between meetings for the appointment of members to the Executive Director Selection Committee following the commencement of the third term of Board membership;
7. Decides to engage the services of an independent executive search firm to support the Executive Director Selection Committee;
8. 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 VI;
9. Endorses the terms of reference of the independent executive search firm as set out in annex VIII;
10. Approves a budget increment for 2018/2019 for the selection of the Executive Director of the Green Climate Fund Secretariat, including the costs of the independent executive search firm as set out in annex IX (limited distribution); and
11. 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.21/Inf.10/Add.01 titled “Reports from committees, panels and groups of the Board of the Green Climate Fund – Addendum I”:

1. Takes note of the report on the activities of the ad hoc Trustee Selection Committee as contained in document GCF/B.21/ Inf.10/Add.01;
2. Selects and appoints the International Bank for Reconstruction and Development as the Trustee of the Green Climate Fund, subject to paragraph (c) below, and in accordance with the recommendation of the ad hoc Trustee Selection Committee and United Nations Framework Convention on Climate Change decision 9/CP.23, paragraph 16;
3. Requests the Secretariat to enter into direct contracting with the International Bank for Reconstruction and Development and to negotiate and finalize the terms and conditions of the legal and administrative arrangements with the International Bank for Reconstruction and Development in respect of its role as Trustee of the Green Climate Fund in accordance with United Nations Framework Convention on Climate Change decision 9/CP.23, paragraph 16, and the terms of reference of the “Permanent Trustee” as set out in decision B.19/03, annex I, and in a manner which ensures there is no discontinuity in trustee services;2  Authorizes the Executive Director to execute on behalf of the Green Climate Fund the legal and administrative arrangements with the International Bank for Reconstruction and Development referred to in paragraph (c) above;
4. Requests the Secretariat to provide an update to the Board on the matters referred to in paragraphs (c) and (d) above at the twenty-second meeting of the Board; and
5. Decides, in accordance with paragraph 5 of its terms of reference, to terminate the ad hoc Trustee Selection Committee established by decision B.16/05.

The Board, having considered document GCF/B.20/14 titled “Report on the execution of the 2018 administrative budget of GCF as at 31 July 2018”:

Takes note of the report on the execution of the 2018 administrative budget of GCF as at 31 July 2018.

The Board, having considered document GCF/B.21/19 titled “Work programme of the Secretariat for 2019 and administrative budget”:

1. Recognizes that the work programme will help to guide the activities of the Secretariat during 2019;
2. Approves the work programme 2019 as contained in document GCF/B.21/19 and the goals and suggested policy priorities set out therein, in accordance with paragraph 23(e) of the Governing Instrument for the Green Climate Fund;
3. Also approves an administrative budget for the Green Climate Fund for the period 1 January 2019 to 31 December 2019 in the amount of USD 72,568,002, which includes 30,278,395 in new funding, as well as USD 42,289,607 for 2019 staff salaries and emoluments that was approved by the Board in decision B.18/12; and
4. Further approves USD 48,517,729 for projected staff salaries and emoluments for 2021.

The Board, having considered document GCF/B.21/09 titled “Independent Redress Mechanism Work Plan and Budget for 2019”:

Approves the work plan and budget of the Independent Redress Mechanism for 2019 as contained in annex X and XI, respectively (total budgeted amount of USD 1,161,220).

The Board, having considered document GCF/B.21/13 titled “2019 Work Plan and Budget and Update of its Three-year Rolling Work Plan of the Independent Evaluation Unit”:

1. Approves the work plan and budget of the Independent Evaluation Unit for 2019 as contained in document GCF/B.21/13 and annex XII (total budgeted amount of USD 4,502,800); and
2. Notes the update on the rolling three-year work plan of the Independent Evaluation Unit outlined in annex XIII as requested by the Board to ensure flexibility, learning and predictability for the Independent Evaluation Unit.

The Board, having considered document GCF/B.21/22 titled “Workplan and Budget of the Independent Integrity Unit for 2019”:

Approves the workplan and budget of the Independent Integrity Unit for 2019 as contained in annex II and III of document GCF/B.21/22 (total budgeted amount of USD 2,300,000).

The Board, recalling decision B.17/12:

1. Establishes the Performance Oversight Committee of the Executive Director and Heads of Independent Units in accordancewith paragraphs 2(g) and 30 of the Rules of Procedure of the Board;
2. Adopts the terms of reference of the Performance Oversight Committee of the Executive Director and Heads of Independent Units, as set out in annex XIV to this document;
3. Appoints the following Board members as members of the Performance Oversight Committee of the Executive Director and Heads of Independent Units for its initial term:
   
   1. [name of Co-Chair from developing country Parties];
   2. [name of Co-Chair from developed country Parties];
   3. [name of Board member from developing country Parties]; and
   4. [name of Board member from developed country Parties].

The Board, having reviewed document GCF/B.21/33/Rev.01 titled “Analysis of options for the financial planning of the commitment authority of the Green Climate Fund for the remainder of the initial resource mobilization period, 2019, and 2020”:

1. Takes note that the Green Climate Fund cumulative funding approvals as at the twenty- first meeting of the Board amount to USD 5.5 billion, and the remaining commitment authority for the initial resource mobilization period is currently projected at USD 1.7 billion;
2. Notes, in view of the above, that the Green Climate Fund will reach the end of the initial resource mobilization period (2015−2018) with the remaining commitment authority carried over into 2019, which necessitates financial planning of the resources of the Green Climate Fund for 2019 pending the conclusion of the first replenishment of the Green Climate Fund;
3. Takes note of the analysis on the options for financial management of the commitment authority contained in annex II to document GCF/B.21/33/Rev.01;
4. Intends that this decision on managing commitment authority for 2019 is without prejudice to the amounts originally provisionally allocated for the requests for proposal, or to the consideration of pipeline not brought forward in the next year;
5. Decides to allocate the remaining commitment authority for the initial resource mobilization period and 2019 for funding proposals as follows over the course of its meetings in 2019:
   
   1. Up to USD 600 million to fund projects submitted in response to requests for proposals and pilot programmes, including the requests for proposals on REDD- plus results-based payments, mobilizing funds at scale, micro, small and medium- sized enterprises, enhanced direct access and the simplified approval process; and
   2. Remaining commitment authority, projected to be in the range of USD 0.7−0.8 billion after accounting for subparagraph (e)(i) above and paragraphs (f)−(g) below, to be allocated for other funding proposals;
6. Requests the Budget Committee to present to the Board for its consideration at its twenty- second meeting a draft decision covering a set-aside for the operating costs of the Green Climate Fund (including administration of the Board, Secretariat, Trustee, and independent units) and foreign exchange commitment risk buffer for solvency risks for 2019 and 2020 as required;
7. Notes that the Board will consider the forward budget for the Readiness and Preparatory Support Programme at its twenty-second meeting;
8. Requests the Secretariat to present funding proposals for the Board’s consideration and ensure resources for the operation of the Green Climate Fund in line with this decision and keep changes in the level of the Green Climate Fund commitment authority under review;
9. Also requests the Secretariat, in managing the pipeline for 2019, to bring forward funding proposals that fully align with the Green Climate Fund investment criteria and continue to balance commitments and diversity among accredited entities, across regions and across the initial results areas of the Green Climate Fund in accordance with prior decisions of the Board, particularly decision B.06/06 on resource allocation;
10. Further requests the Secretariat to develop for consideration by the Board at its twenty- second meeting an initial analysis of options to minimize the effects of currency fluctuations on the commitment authority of the Green Climate Fund.

The Board, having considered document GCF/B.21/10/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   
   1. Funding proposal 082 titled “Catalyzing Climate Finance (Shandong Green Development Fund)”, by the Asian Development Bank, as contained in document GCF/B.21/10/Add.01, 14 and 30;
   2. Funding proposal 083 titled “Indonesia Geothermal Resource Risk Mitigation Project”, by the World Bank, as contained in document GCF/B.21/10/Add.02/Rev.01 and 30;
   3. Funding proposal 084 titled “Enhancing climate resilience of India’s coastal communities” by the United Nations Development Programme, as contained in document GCF/B.21/10/Add.03 and 30;
   4. Funding proposal 085 titled “Green BRT Karachi”, by the Asian Development Bank, as contained in document GCF/B.21/10/Add.04 and 30;
   5. Funding proposal 086 titled “Green Cities Facility”, by the European Bank for Reconstruction and Development, as contained in document GCF/B.21/10/Add.05, 15 and 30;
   6. Funding proposal 087 titled “Building livelihood resilience to climate change in the upper basins of Guatemala’s highlands” by the International Union for Conservation of Nature, as contained in document GCF/B.21/10/Add.06 and 30;
   7. Funding proposal 089 titled “Upscaling climate resilience measures in the dry corridor agroecosystems of El Salvador (RECLIMA)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.21/10/Add.08 and 30;
   8. Funding proposal 090 titled “Tonga Renewable Energy Project under the Pacific Islands Renewable Energy Investment Program”, by the Asian Development Bank, as contained in document GCF/B.21/10/Add.09 and 30;
   9. Funding proposal 091 titled “South Tarawa Water Supply Project”, by the Asian Development Bank, as contained in document GCF/B.21/10/Add.10 and 30;
   10. Funding proposal 092 titled “Programme for integrated development and adaptation to climate change in the Niger Basin (PIDACC/NB)” by the African Development Bank, as contained in document GCF/B.21/10/Add.11 and 30;
   11. Funding proposal 093 titled “Yeleen Rural Electrification Project in Burkina Faso” by the African Development Bank, as contained in document GCF/B.21/10/Add.16 and 30;
   12. Funding proposal 094 titled “Ensuring climate resilient water supplies in the Comoros Islands” by the United Nations Development Programme, as contained in document GCF/B.21/10/Add.13 and 30;
   13. Funding proposal 095 titled “Transforming Financial Systems for Climate” by Agence Française de Développement, as contained in document GCF/B.21/10/Add.22;
   14. Funding proposal 096 titled “DRC Green Mini-Grid Program” by the African Development Bank, as contained in document GCF/B.21/10/Add.23;
   15. Funding proposal 097 titled “Productive Investment Initiative for Adaptation to Climate Change (CAMBio II)” by the Central American Bank for Economic Integration, as contained in document GCF/B.21/10/Add.24;
   16. Funding proposal 098 titled “DBSA Climate Finance Facility” by Development Bank of Southern Africa, as contained in document GCF/B.21/10/Add. 25;
   17. Funding proposal 099 titled “Climate Investor One” by Nederlandse Financierings- Maatschappij Voor Ontwikkelingslanden N.V., as contained in document GCF/B.21/10/Add.26/Rev.01;
   18. Simplified approval process (SAP) funding proposal 002 titled “Climate services and diversification of climate sensitive livelihoods to empower food insecure and vulnerable communities in the Kyrgyz Republic” by the World Food Programme, as contained in document GCF/B.21/10/Add.33 and 34;
   19. Simplified approval process (SAP) funding proposal 003 titled “Enhancing climate resilience of the water sector in Bahrain” by the United Nations Environment Programme, as contained in document GCF/B.21/10/Add.35 and 36; and
   20. Simplified approval process (SAP) funding proposal 004 titled “Energy Efficient Consumption Loan Programme” by XacBank LLC, as contained in document GCF/B.21/10/Add.37 and 38;
2. Approves funding proposal FP083 for the amount of USD 100,000,000, submitted by the World Bank, as described in the funding proposal set out in document GCF/B.21/10/Add.02/Rev.01, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
3. Decides in respect of funding proposal FP083 that the World Bank may seek further approval of the Board at meetings of the Board or through decisions between meetings of commitment of further funding in an amount, when aggregated with the amounts previously approved by the Board, no greater than USD 185,000,000, subject to the conditions set out in annex XV;
4. Also approves funding proposal 084 for the amount of USD 43,418,606, submitted by the United Nations Development Programme, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
5. Further approves funding proposal 085 for the amount of USD 49,000,000, submitted by the Asian Development Bank, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
6. Approves funding proposal FP086 for the amount of EUR 87,000,000, submitted by the European Bank for Reconstruction and Development, as described in the addendum to the funding proposal set out in document GCF/B.21/10/Add.15, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
7. Decides in respect of funding proposal FP086 that the European Bank for Reconstruction and Development may seek further approval of the Board at meetings of the Board or through decisions between meetings of commitment of further funding, subject to the conditions set out in annex XV on two occasions, provided that such request is:
   
   1. On the first occasion, for an amount no greater than EUR 87,000,000; and
   2. On the second occasion, when aggregated with the amounts previously approved by the Board, in an amount no greater than EUR 228,000,000;
8. Also approves funding proposal 087 for the amount of USD 22,035,512, submitted by the International Union for Conservation of Nature, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
9. Further approves funding proposal 089 for the amount of USD 35,849,612, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
10. Approves funding proposal 090 for the amount of USD 29,900,000, submitted by the Asian Development Bank, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
11. Also approves funding proposal 091 for the amount of USD 28,631,020, submitted by the Asian Development Bank, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
12. Further approves funding proposal 092 for the amount of USD 67,774,000, submitted by the African Development Bank, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
13. Approves funding proposal 093 for the amount of EUR 24,300,000, submitted by the African Development Bank , subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
14. Also approves funding proposal 094 for the amount of USD 41,919,808, submitted by the United Nations Development Programme, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.30/Rev.01;
15. Further approves funding proposal FP095, for the amount of EUR 240,000,000, submitted by Agence Française de Développement, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.22;
16. Approves funding proposal 096 for the amount of USD 21,000,000, submitted by the African Development Bank, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.23;
17. Also approves funding proposal 097 for the amount of USD 15,500,000, submitted by the Central American Bank for Economic Integration, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.24;
18. Further approves funding proposal 098 for the amount of USD 55,610,000, submitted by the Development Bank of Southern Africa, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.25;
19. Approves funding proposal 099 for the amount of USD 100,000,000, submitted by Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V., subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.26/Rev.01;
20. Also approves simplified approval process (SAP) funding proposal 002 for the amount of USD 8,576,108, submitted by the World Food Programme, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.34;
21. Further approves simplified approval process (SAP) funding proposal 003 for the amount of USD 2,158,500 submitted by the United Nations Environment Programme which shall be used to finance exclusively the activities under output 1.1 of component 1 and USD 161,888 to finance the project management cost, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.36;
22. Approves simplified approval process (SAP) funding proposal 004 for the amount of USD 10,000,000, submitted by XacBank LLC, subject to the conditions set out in annex XV and in the respective term sheet set out in document GCF/B.21/10/Add.38;
23. Decides to defer its further consideration of funding proposal 082 to the next meeting of the Board;
24. 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
25. 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.21/17 and its limited distribution addenda Add.01, Add.02, Add.03 and Add.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 061 (APL061) is Caixa Economica Federal (CEF) based in Brazil, as contained in annex V in document GCF/B.21/17;
   2. Applicant 062 (APL062) is the Fondo para la Acción Ambiental y la Niñez (Fondo Acción) based in Colombia, as contained in annex VI in document GCF/B.21/17;
   3. Applicant 063 (APL063) is IDFC Bank Limited (IDFC Bank) based in India, as contained in annex VII in document GCF/B.21/17;
   4. Applicant 064 (APL064) is the Ministry of Finance and Economic Management (MFEM) based in the Cook Islands, as contained in annex VIII in document GCF/B.21/17;
   5. Applicant 065 (APL065) is the National Rural Support Programme (NRSP) based in Pakistan, as contained in annex IX in document GCF/B.21/17;
   6. Applicant 066 (APL066) is the Nordic Environment Finance Corporation (NEFCO) based in Finland, as contained in annex X in document GCF/B.21/17;
   7. Applicant 067 (APL067) is Pegasus Capital Advisors (PCA) based in the United States of America, as contained in annex XI in document GCF/B.21/17;
   8. Applicant 068 (APL068) is the Austrian Development Agency (ADA) based in Austria, as contained in annex XII in document GCF/B.21/17;
   9. Applicant 069 (APL069) is the Compañía Española de Financiación del Desarrollo S.A. S.M.E. (COFIDES) based in Spain, as contained in annex XIII in document GCF/B.21/17;
   10. Applicant 070 (APL070) is the Financiera De Desarrollo Territorial S.A. (Findeter) based in Colombia, as contained in annex XIV in document GCF/B.21/17;
   11. Applicant 071 (APL071) is the Fundo Brasileiro para a Biodiversidade (Funbio) based in Brazil, as contained in annex XV in document GCF/B.21/17;
   12. Applicant 072 (APL072) is the LandBank of the Philippines (LandBank) based in the Philippines, as contained in annex XVI in document GCF/B.21/17;
   13. Applicant 073 (APL073) is the Protected Areas Conservation Trust (PACT), based in Belize, as contained in annex XVII in document GCF/B.21/17;
   14. Applicant 074 (APL074) is BNP Paribas S.A. (BNP Paribas), based in France, as contained in annex XVIII in document GCF/B.21/17;
   15. Applicant 075 (APL075) is the Consortium of International Agricultural Research Centers (CGIAR), based in France, as contained in annex XIX in document GCF/B.21/17; and
   16. Applicant 076 (APL076) is the Inter-American Investment Corporation (IDB Invest), based in the United States of America, as contained in annex XX in document GCF/B.21/17;
2. Accredits applicants APL061, APL062, APL063, APL064, APL065, APL066, APL067, APL068, APL069, APL070, APL071, APL072, APL073, APL074, APL075 and APL076 pursuant to paragraph 45 of the Governing Instrument for the Green Climate Fund, 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 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. Peruvian Trust Fund for National Parks and Protected Areas (PROFONANPE), based in Peru, as contained in annex XXI in document GCF/B.21/17;
4. Agrees to upgrade the accreditation type of Peruvian Trust Fund for National Parks and Protected Areas (PROFONANPE) as contained in decision B.09/07, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex XXI in document GCF/B.21/17; and
5. Recalling decision B.14/08, paragraph (d)(i), decision B.18/04, paragraph (c), and decision B.19/13, paragraph (c), 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-third 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 an accredited direct access national 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 the Green Climate Fund, 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.

The Board, having considered document Green Climate Fund/B.21/27 titled “Performance review of the Green Climate Fund”:

1. Recalls paragraphs 59 to 62 of the Governing Instrument for the Green Climate Fund;
2. Decides to initiate a review of the performance of the Green Climate Fund, in a manner appropriate to the current stage of the Green Climate Fund operations and with a view to the Green Climate Fund being a learning institution;
3. Decides that the review should take into account, but not be limited to, the outcomes of existing Green Climate Fund review documents, including those listed in annex XVI;
4. Agrees that the scope of the review will be to assess:
   
   1. Progress made by the Green Climate Fund so far in delivering on its mandate as set out in the Governing Instrument for the Green Climate Fund as well as in terms of its core operational priorities and actions as outlined in the initial Strategic Plan of the Green Climate Fund and the Green Climate Fund’s business model, in particular, the extent to which the Green Climate Fund has responded to the needs of developing countries and the level of country ownership;
   2. The performance of the Green Climate Fund, including its funded activities and its likely effectiveness and efficiencies, as well as the disbursement levels to the funded activities; and
   3. The existing Green Climate Fund portfolio and pipeline, the application of financial instruments, and the expected impacts of funding decisions and other support activities, including in terms of mitigation and adaptation, on both a forward- and backward-looking basis;
5. Decides that the outcome of the performance review and the Board’s consideration of the performance review will be shared with the replenishment process;
6. Requests the Independent Evaluation Unit, drawing on relevant external expertise, as appropriate, to undertake the review as early as possible and present an initial report with emerging areas of recommendation no later than 28 March 2019, and to finalize the review no later than 30 June 2019; and
7. Approves a budget allocation of USD 500,000 for the review to be added to the Independent Evaluation Unit budget effective immediately and available for the remaining part of 2018 and for 2019, and requests the Budget Committee to review the budget allocation with the head of the Independent Evaluation Unit.

The Board, having reviewed document GCF/B.21/30/Rev.01 titled “Arrangements for the first formal replenishment of the Green Climate Fund” and document GCF/B.21/Inf.05 titled “Status of the initial resource mobilization process”, and taking account of guidance from the Conference of Parties to the United Nations Framework Convention on Climate Change:

1. Reaffirms the objectives of the Green Climate Fund to channel new, additional, adequate and predictable financial resources and catalyse climate finance, both public and private, for developing countries, and promote a paradigm shift towards low-emission and climate- resilient development;
2. Stresses the importance and urgency of the Green Climate Fund conducting a successful and ambitious first replenishment process to continue advancing its mandate as an operating entity of the financial mechanism under Article 11 of the United Nations Framework Convention on Climate Change;
3. Agrees that the first and successive replenishments of the Green Climate 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;
4. Takes note that cumulative funding approvals have reached USD 5.5 billion, showing the significant scaling up of the Green Climate Fund’s capabilities to support low-emission and climate-resilient development in developing countries and the implementation of the United Nations Framework Convention on Climate Change and the Paris Agreement;
5. Also takes note that cumulative funding approvals have reached USD 5.5 billion, which triggers the first formal replenishment process;
6. Decides to launch the process for the Green Climate Fund’s first formal replenishment;
7. Further decides that the period of the first replenishment will be decided by the Board in 2019;
8. Stresses the urgency to reach pledges for replenishment, aiming to conclude the process in October 2019, recognizing that further pledges may be received during the replenishment period;
9. Requests the Secretariat to prepare the following documents for consideration by the Board and the replenishment process:
   
   1. A comprehensive report on the implementation of the Green Climate Fund’s initial Strategic Plan over the initial resource mobilization period (2015−2018);
   2. A document outlining areas in the Policies for Contributions, standard provisions, and template contributions agreement that may be updated for the Green Climate Fund’s first replenishment period, including the conditions necessary to trigger subsequent replenishments; and
   3. A strategic programming document outlining scenarios for the Green Climate Fund’s replenishment guided by ambitious mitigation and adaptation scenarios based on the Green Climate Fund’s implementation potential, taking into account the needs of developing countries, including actions based on nationally determined contributions, national adaptation plans, country programmes and other sources;
10. Also requests the Co-Chairs to consult with Board members and alternate Board members in relation to the preparation of the documents listed in paragraph (i) above;
11. Further requests the group of Board members and alternate Board members, consisting of the Co-Chairs and five representatives of developing countries and three representatives of developed countries, to represent the Board and the Green Climate Fund and actively engage in the replenishment process, including to present the outcomes of the Board’s deliberations listed in paragraph (i) and to report back to the Board on a regular basis;
12. Requests the Co-Chairs to consult with their respective constituencies for the nominations to the group identified in paragraph (k) above;
13. Takes note of paragraph (e) of decision B.21/17 that the outcome of the performance review and the Board’s consideration of the performance review will be shared with the replenishment process;
14. Endorses the process for the first replenishment process set out in annex XVII;
15. Requests the Co-Chairs of the Board to consult Board members and alternate Board members regarding proposals to appoint a global facilitator to oversee the replenishment process;
16. Also requests the Secretariat to begin making arrangements to facilitate the replenishment process;
17. Approves a budget of USD 1,296,500 to conduct the formal replenishment process, as detailed in annex XVIII to this decision, and requests the Budget Committee to review the budgetary allocation;
18. 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 contributions agreement; and
    2. Other relevant financial management issues as agreed between the Executive Director of the Green Climate Fund Secretariat and the Trustee;
19. Authorizes the Executive Director ad interim to confirm with the Trustee the scope of trustee support, as referred to in paragraph (r);
20. Reiterates the Board’s intention to review the Strategic Plan of the Green Climate Fund as part of the first replenishment process, with a view to revising the strategic vision, if and as needed, and to update the core operational priorities and underlying action plan; and
21. Invites members of the Board to send inputs on the update of the Strategic Plan to the Secretariat by 30 November 2018 in order for the Secretariat to produce a synthesis of issues for consideration by the Board at its twenty-second meeting.

The Board, having considered document GCF/B.21/06 titled “Dates and venues of the meetings of the Board in 2019”:

Decides that the twenty-second meeting of the Board will take place from Tuesday, 26 February to Thursday, 28 February 2019, in Songdo, Incheon, Republic of Korea.

The Board, having considered document GCF/BM-2018/23 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:

• Actions Vitales pour le Développement durable (AVD)
• African Women's Development Fund (AWDF)
• Center for Indigenous Peoples' Research & Development (CIPRED)
• Civil Society Network on Climate Change (CISONECC)
• Institute of Law & Economics (ILE)
• Mercy Corps (MC)
• Munich Climate Insurance Initiative (MCII)
• RAJ Tunisia Réseau Camerounais des Organisations des Droits de l’Homme/Cameroon Network of Human Rights Organizations (RECODH/CNHRO)
• Women Educators Association of Nigeria (WEAN)

Private sector organizations:

• ARD, Inc. (Tetra Tech ARD)

International entities:

• Italian Agency for Development Cooperation (AICS)

The Board, having considered the limited distribution document GCF/BM-2018/20 titled “Status of funded activity agreements: extension of deadline in respect of FP058 (Responding to the increasing risk of drought: building gender-responsive resilience of the most vulnerable communities)”:

Decides to extend the deadline for the entering into of a funded activity agreement for the following approved funding proposal:

1. FP058, titled “Responding to the increasing risk of drought: building genderresponsive resilience of the most vulnerable communities”, by 180 days starting from 20 August 2018.

The Board, having reviewed document B.BM-2014/04 Green Climate Fund Logo – Recommendation of the Logo Selection Panel:

1. Decides to accept the recommendation of the Logo Selection Panel and adopt the chosen design as the Fund’s logo;
2. Notes that the use of the logo, and the related visual identity of the Fund, should be clear and consistent in order to ensure visibility for the Fund’s actions;
3. Requests the Secretariat to develop visual identity guidelines for the Fund together with the designer;
4. Requests the Secretariat to trademark the logo design in order to protect its authorized usage and safeguard the Fund’s visual brand image;
5. Requests the Secretariat to announce and implement the new logo and visual identity across all of the Fund’s online and offline publications as soon as the visual identity guidelines are in place, and to communicate this appropriately to partners, stakeholders, and media accordingly;
6. Thanks the Logo Selection Panel and the designer for their work.

The Board, having considered the limited distribution document GCF/BM-2018/17 titled “Re-appointment of members of the independent Technical Advisory Panel”:

1. Takes note of the executive summary of the performance assessment of each member of the independent Technical Advisory Panel as presented in annex II of document GCF/BM-2018/17, and the full report of the performance assessment of each member of the independent Technical Advisory Panel as presented in annex III of document GCF/BM-2018/17;
2. Considers that the performance of each member of the independent Technical Advisory Panel during their current term of membership has been satisfactory;
3. Decides to re-appoint, as an exception to paragraph 12 of annex I to decision B.BM2018/09, the following members of the independent Technical Advisory Panel for a twoyear term starting on the date of the expiration of their current term:
   1. Mr. Joe Yamagata;
   2. Ms. Claudia Martinez; and
   3. Mr. Ahsan Ahmed.

The Board, having considered the limited distribution document GCF/BM-2018/14 titled “Status of approved funding proposals: Extension of deadline in respect of FP020 (Sustainable Energy Facility for the Eastern Caribbean)”:

Decides to extend the deadline until 28 January 2019 for submission of a certificate by the accredited entity confirming that it has obtained all final internal approvals needed to the project and it has the capacity and authority to implement the proposed project for the following approved funding proposal:

1. FP020, entitled “Sustainable Energy Facility for the Eastern Caribbean.”

The Board:

1. Notes that the Co-Chair from developing country Parties is unable to attend the twentieth meeting of the Board;
2. Acknowledges that the Board, having received no nomination, is unable to elect another Board member from a developing country Party to assume the functions of the Co-Chair for the duration of the meeting;
3. Agrees, notwithstanding paragraph 8 and section 4.2 of the Rules of Procedure of the Board, and in light of the exceptional circumstances and without setting a precedent, that the Co-Chair from developed country Parties shall discharge the duties of both Co-Chairs for the duration of the twentieth meeting of the Board only and that in doing so, he shall, in accordance with paragraph 10 of the Rules of Procedure of the Board, be guided by the best interests of the Fund; and
4. Requests the Co-Chairs to consult with Board members and alternate members of the Board on the matters relating to the preparations for the twenty-first meeting of the Board.

The Board:

1. Takes note that the appointments of the heads of the independent Evaluation Unit, the independent Integrity Unit and independent Redress Mechanism have been confirmed; and
2. Reaffirms that all future decisions relating to the appointment, confirmation of appointment and termination of all Board-appointed officials shall be taken by the Board.

The Board, having considered document GCF/B.20/16 titled “Updated workplan of the Board for 2018”:

1. Takes note of the updated workplan of the Board for 2018, as set out in annex I;
2. 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 the earliest possible opportunity:
   
   1. The development of a full set of policies relating to prohibited practices, anti- money-laundering and countering the financing of terrorism, requested pursuant to decision B.14/01, paragraph (e);
   2. The development of the terms of reference for a request for proposal to support climate technology incubators and accelerators, requested pursuant to decision B.18/03, paragraph (c);
   3. Guidance on the approach and scope for providing support to adaptation activities, requested pursuant to decision B.17/10, paragraph (c)(ii);
   4. The definition of the nature, scope and extent of second-level due diligence, requested pursuant to decision B.17/09, paragraph (o);
   5. The development of risk-rating models, requested pursuant to decision B.17/11, paragraph (f); and
   6. The development of modalities, based on the recommendations from the Private Sector Advisory Group, to support activities to enable domestic and international private sector actors to engage in GCF activities in least developed countries and small island developing States, requested pursuant to decision B.19/18, paragraph (b).

The Board, having considered document GCF/B.20/01 titled “Terms of reference for the review of the committees and groups established by the Board”:

1. Adopts the terms of reference for the review of the effectiveness of the committees, panels and group established by the Board as set out in annex II to this document;
2. Decides that the review shall be undertaken by an independent consultant or firm, with the aim of presenting the outcomes of such review and any recommendations to the Board for its consideration as soon as possible and no later than the twenty-first meeting of the Board;
3. Requests the Secretariat to promptly procure the independent consultant or firm referred to in paragraph (b) above; and
4. Authorizes the Co-Chairs to establish the maximum amount that can be used for the procurement of such independent consultant or firm, which shall then be accommodated within the 2018 administrative budget of the Secretariat.

The Board, having considered document GCF/B.20/05 titled “Annual update on complementarity and coherence”:

1. Welcomes progress on the implementation of the Operational Framework on complementarity and coherence;
2. Requests the Secretariat to include, as appropriate, the update on 2017−2018 activities as contained in document GCF/B.20/05 in the seventh report of GCF to the Conference of the Parties to the United Nations Framework Convention on Climate Change, in line with decision B.17/04, paragraph (d);
3. Invites national designated authorities to collaborate with accredited entities to bring to the country programming process any applicable work and lessons achieved with other climate funds, in line with their country priorities and in accordance with the business model of GCF;
4. Requests the Secretariat to provide information to national designated authorities and accredited entities, as appropriate, related to promoting coherence at the national programming level, including with regard to paragraph (c);
5. Also requests the Secretariat to (i) develop a proposal for consideration by the Board in 2019 with an updated set of outcomes for the operational framework on complementarity and coherence for 2019−2020; and (ii) include proposals for consideration by the Board on areas where further fund-to-fund arrangements are possible to improve efficiency, effectiveness and simplicity, and to enhance the alignment of portfolios with other climate funds;
6. Requests the Co-Chairs, with the support of the Secretariat, to engage with the Chair and Vice-Chair of the Adaptation Fund Board to better understand options for collaboration with the Adaptation Fund, and to report back to the Board at its twenty-first meeting; and
7. Requests the Secretariat to collaborate with the Climate Investment Funds Administrative Unit to advise national designated authorities on how programming opportunities identified by Climate Investment Funds beneficiary countries may be brought to GCF programming, as appropriate, including through the work referred to in paragraph (d) above.

The Board, having considered document GCF/B.20/15 titled “Seventh 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 “Seventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annex III to this document, taking into consideration the comments made and decisions taken at the twentieth 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-fourth session of the Conference of the Parties, in accordance with decision 7/CP.20, paragraph 23.

The Board, having considered document GCF/B.20/Inf.06 titled “Status of the GCF portfolio: approved projects and fulfilment of conditions”, document GCF/B.20/Inf.07/Rev.01 titled “Status of the GCF pipeline, including the status of Project Preparation Facility requests” and document GCF/B.20/Inf.05 titled “Status of the initial resource mobilization process”:

1. Takes note that the GCF cumulative funding approvals as at the twentieth meeting of the Board amount to USD 4.4 billion, and the remaining commitment authority for the initial resource mobilization is currently projected at USD 2.8 billion;
2. Recognizes the high demand in the GCF pipeline from developing countries, and that an approach to managing the GCF commitment authority and resources is required to guide developing countries and accredited entities in engaging with GCF;
3. Takes note of the information provided, which relates to the effects on the commitment authority related to currency fluctuations to the amount of USD 0.9 billion1 and the as-yet unfulfilled contribution agreements/arrangements to the amount of USD 0.1 billion;2
4. Takes note of the level of the current state of the disbursement of resources to the amount of 274 million for approved projects and urges the Secretariat to continue to make progress to speed up the rate at which projects reach the implementation stage;
5. Requests the Secretariat to consider the Board’s comments on the need for financial management of the commitment authority in preparing for the twenty-first meeting of the Board, with a view to ensuring resources for the operation of the GCF for the remainder of the initial resource mobilization period in line with paragraph (f) below;
6. Also requests the Secretariat to prepare an analysis of options for the financial planning of the GCF commitment authority for the initial resource mobilization with a view to managing the GCF pipeline to balance commitments and diversity among accredited entities and across the initial results areas of the GCF based on confirmed contributions in accordance with decision B.06/06 on resource allocation, and present this to the Board for consideration and adoption at its twenty-first meeting; and
7. Confirms that the financial planning exercise should also contain a forward-looking analysis on pipeline management to guide the GCF replenishment process.

The Board, having considered document GCF/B.20/23 titled “Dates and venues of the following meetings of the Board”:

1. Decides that the twenty-first meeting of the Board will take place from Wednesday, 17 October to Saturday, 20 October 2018; and
2. Decides that, without setting a precedent, the deadline for disclosure of environmental and social safeguards reports for category A projects and I-1 programmes to be considered by the Board at its twenty-first meeting of the Board will be kept as per the dates for twenty- first meeting of the Board adopted in decision B.19/22, paragraph (b).

The Board, having considered document GCF/B.20/02 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2017”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2017 as contained in annex IV.

The Board, having reviewed document GCF/BM-2018/13 titled “Appointment of member to the Investment Committee”:

Appoints Mr. Chris Tinning as member of the Investment Committee for the remainder of the current term for members of the Investment Committee, and starting on the date of adoption of this decision.

The Board, having considered document GCF/BM-2018/14 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 Fund:

Civil Society Organizations:

• Asian Institute of Technology (AIT)
• Catholic Relief Services - United States Conference of Catholic Bishops (CRS)
• Climate Action Network Tanzania (CAN Tanzania)
• Fundación Futuro Latinamericano (FFLA)
• Gana Unnayan Kendra (GUK)
• GenderCC- Southern Africa (GenderCCSA)
• Greener Impact International (GII)

Private sector organizations:

• Africa Green Co (AGC DevCo)
• Ernst & Young Taiwan (EY Taiwan)
• Factor Ideas Integral Services SL (Factor)
• Forest Conservation Botswana (FCB)
• Vietnam Business Forum (VBF)

The Board, having considered the limited distribution document GCF/BM-2018/11 titled “Status of funded activity agreements: Extension of deadline in respect of FP041 (Simiyu Climate Resilient Development Programme)”:

Decides to extend the deadline for the entering into of a funded activity agreement for the following approved funding proposal:

1. FP041, entitled “Simiyu Climate Resilient Development Programme”, by 180 days starting from 5 May 2018.

The Board, having reviewed document GCF/BM-2018/10 titled “Appointment of member to the Accreditation Committee”:

Appoints Mr. Karma Tshering as member of the Accreditation Committee for the remainder of the current term for members of the Accreditation Committee, and starting on the date of adoption of this decision.

The Board, having considered document GCF/BM-2018/09 titled “Updated terms of reference of the Technical Advisory Panel”:

1. Approves the updated terms of reference of the independent Technical Advisory Panel (the Panel) as set out in annex I;
2. Requests the Investment Committee to present a recommendation to the Board, at the Board’s twentieth meeting, regarding the extension of the terms of the three Panel members with contracts expiring in August 2018, with reference to the ongoing performance review of the members of the Panel as appropriate; and
3. Requests the Investment Committee, with the support of the Secretariat, to nominate members of the Panel for endorsement by the Board at its twentieth meeting in a number necessary to replace current Panel members not serving for a second term and, if deemed appropriate, to increase the capacity of the Panel following the recommendation of the Secretariat, as per decision B.19/08, paragraph (d).

The Board, having considered document GCF/BM-2018/08 titled “Modalities for the qualitative and quantitative review of the live webcasting service for formal meetings of the Board”:

1. Approves the qualitative and quantitative modalities for the review of the live webcasting service for formal meetings of the Board as contained in annex I; and
2. Decides that, no later than the twenty-first meeting of the Board, the Board will consider the review of the live webcasting service for formal meetings of the Board.

The Board, having considered document GCF/BM-2018/06/Rev.01 titled “Status of the fulfilment of funding proposal conditions: waiver of a condition in respect of FP021 (AFD Senegal Integrated Urban Flood Management Project)”:

Decides to waive the following condition that was adopted through decision B.14/07 for funding proposal FP021, “Senegal Integrated Urban Flood Management Project” submitted by Agence Française de Développement, thus rendering the condition not applicable with respect to funding proposal FP021:

“Additional conditions: […]

4. Securing funding for intradomiciliary connections in those areas where sewers will be built.”

The Board, having reviewed document GCF/BM-2018/04 titled “Appointment of members to the Investment Committee of the Board”:

Appoints Mr. Ignacio Lorenzo as member of the Investment Committee, for the remainder of the current term for members of the Investment Committee, starting on the date of adoption of this decision.

The Board, having considered document GCF/BM-2018/05 titled “Establishment of the Information Appeals Panel”:

Establishes the Information Appeals Panel composed of the heads of the three independent accountability units of the Green Climate Fund, in accordance with paragraph 28 of the Information Disclosure Policy of the Green Climate Fund and decision B.12/35.

The Board:

Elects Mr. Paul Oquist and Mr. Lennart Båge as the Co-Chairs for 2018 with effect immediately and for the remainder of the period expiring on 31 December 2018.

The Board, having considered document GCF/B.19/02 titled “Guidance from the twenty- third session of the Conference of the Parties: Co-Chairs’ proposal”:

1. Takes note of the guidance from the Conference of the Parties at its twenty-third session, in particular decision 9/CP.231 titled “Report of the Green Climate Fund to the Conference of the Parties and guidance to the Green Climate Fund”;
2. Requests the Secretariat to continue efforts to enhance support for national adaptation planning and/or other adaptation planning processes;
3. Requests the Secretariat to include in its annual report to the Conference of the Parties information on projects approved by the Board that support the innovation and/or scaling up of climate technologies; and
4. Requests the Co-Chairs to develop a proposal for consideration of the Board in response to the guidance from the Conference of the Parties at its twenty-third session regarding privileges and immunities.

The Board, having considered document GCF/B.18/19 titled “Report on the Activities of the Ad-hoc Trustee Selection Committee” (limited distribution) and in accordance with decision B.08/22, paragraph (a), and UNFCCC decision 3/CP.17, paragraph 16:

1. Affirms that there should not be a discontinuity in the service of the Trustee;
2. Confirms that the selection of the Permanent Trustee of the GCF shall be undertaken through an open, transparent and competitive bidding;
3. Adopts the terms of reference of the Permanent Trustee set out in annex I;
4. Also adopts the selection process set out in annex II;
5. Approves the timeframe for the selection process set out in annex III;
6. Also approves the allocation of up to USD 25,000, to be absorbed in the 2018 contractual services budget of the Secretariat budget, to carry out the advertisement in an appropriate international publication for the procurement process for the selection of the Permanent Trustee in a cost-effective manner;
7. Decides to invite the World Bank to continue serving as the Interim Trustee until a permanent trustee is appointed;
8. Authorizes the Executive Director to execute an amendment to the Amended and Restated Agreement on the Terms and Conditions for the Administration of the Green Climate Fund Trust Fund, dated 22 April 2015, with the World Bank to extend the term of the Interim Trustee established in paragraph 8.4 of the Amended and Restated Agreement on the Terms and Conditions for the Administration of the Green Climate Fund Trust Fund, with all other terms and conditions remaining the same, for an additional period of one year or the date on which the successor trustee takes up the role, whichever occurs earlier; and
9. Requests the ad-hoc Trustee Selection Committee to report to the Board on the implementation of this decision at the twenty-first meeting of the Board.

The Board, having reviewed document GCF/B.19/19 titled “Risk management framework: Proposal by the Risk Management Committee”:

1. Adopts the second set of components of the risk management framework as contained in annexes IV to VI to this document as follows:
   
   1. Risk management framework component V – investment risk policy, as set out in annex IV;
   2. Risk management framework component VI – non-financial risk policy, as set out in annex V; and
   3. Risk management framework component VII – funding risk policy, as set out in annex VI;
2. Decides to update component III of the risk management framework “Risk dashboard – revised reporting on concentration” as set out in annex VII to this document;
3. Requests the Secretariat to publish the updated risk dashboard every quarter hereafter;
4. Recognizes that the risk management framework will evolve over time and shall be subject to reviews and revisions as stated in each individual component of the risk management framework and that any resulting revisions of a material and/or substantive nature shall be presented to the Board for its consideration and approval.

The Board, noting the GCF Initial Resource Mobilization period runs from 2015-2018 and its decision2 to transition subsequently to a formal replenishment process:

1. Decides to advance work under its 2018 work programme to conclude the essential preparatory arrangements for the first formal replenishment process of the GCF, noting this is without prejudice to the timing of a decision to initiate replenishment in line with decision B.08/13;
2. Requests the Co-Chairs, with the support of the Secretariat, and in consultation with members of the Board, to oversee the preparation of necessary policies and procedures for the formal replenishment process; and
3. Reiterates the Board’s intention to review the Strategic Plan of the GCF as part of the formal replenishment process.

The Board, having noted documents GCF/B.19/34 titled “Incremental cost methodology: potential approaches for the Green Climate Fund” and GCF/B.19/12/Rev.01 titled “Concessionality: potential approaches for further guidance”:

1. Notes the linkages between matters related to incremental costs and concessionality and the policy gaps identified in decision B.11/11, including project eligibility criteria, as well as issues related to co-finance and other matters considered at subsequent Board meetings;
2. Also notes the linkages between such policy gaps and the GCF Results Management Framework, initial Investment Framework, country programmes and entity work programmes, and the Risk Management Framework;
3. Further notes that addressing these policy gaps requires an integrated approach that considers their interlinkages;
4. Requests the Secretariat to develop an integrated approach to resolve these interrelated issues for the Board’s consideration at its twentieth meeting, including:
   
   1. Steps to enhance the climate rationale of GCF-supported activities; and
   2. Policies on the review of the financial terms and conditions of GCF instruments and concessionality, incremental costs, full costs, and co-financing;
5. Agrees that the approach outlined in paragraph (d) above should:
   
   1. Take into account the views expressed by Board members during the nineteenth meeting of the Board and any further written comments that may be submitted before 30 March 2018;
   2. Be aligned with the Governing Instrument for the GCF and GCF strategic frameworks, including the initial Strategic Plan, the Results Management Framework, the initial Investment Framework, country programmes and entity work programmes, and the Risk Management Framework;
   3. Be aligned with the Board work plan and the Secretariat work programme;
   4. Propose an approach to address gaps in the Results Management Framework that is necessary to effectively implement these policies; and
   5. Take note of innovative and useful experiences of other institutions and an analysis of the GCF portfolio; and
6. Requests the Secretariat to include in the approach outlined in paragraph (d) above a capacity-building strategy to support national designated authorities/focal points, and accredited entities, particularly direct access entities, to incorporate these policies into their interactions with GCF, particularly with respect to the proposal approval process and the simplified approval process.

The Board, having considered document GCF/B.19/04/Rev.01 titled “Indicative Minimum Benchmarks”:

1. Decides that the name of indicative minimum benchmarks, as requested in decision B.09/05, paragraph (d), be referred to as investment criteria indicators, as recommended by the Investment Committee; and
2. Requests the Secretariat to further develop a proposal on investment criteria indicators, under the guidance of the Investment Committee, for the consideration of the Board at its twentieth meeting, taking into account the feedback raised on investment criteria indicators by Board members during the nineteenth meeting of the Board and any further written comments that may be submitted before 30 March 2018.

The Board, having considered document GCF/B.19/03/Rev.01 titled “Review of the structure and effectiveness of the independent Technical Advisory Panel”:

1. Takes note with appreciation of the analysis and recommendations presented in the document;
2. Requests the Secretariat, as soon as is possible, to expedite the arrangements for a roster of experts to be drawn together, with the necessary sectoral and regional expertise, for use by the independent Technical Advisory Panel in the review of funding proposals;
3.  Also requests the Secretariat, in consultation with the independent Technical Advisory Panel, to develop a proposal, as requested in decision B.18/06, paragraph (c) (ii), to accommodate the increase in funding proposals from the simplified approval process through, inter alia, the use of the roster of experts and elaboration of a simplified approval process-specific timeline;
4. Further requests the Secretariat, in consultation with the independent Technical Advisory Panel and the Budget Committee, to present by the twentieth meeting of the Board an analysis of options to accommodate the increased workload resulting from the higher number of funding proposals being processed, and an updated budget proposal consistent with such options;
5. Allocates USD 250,000 for use by the independent Technical Advisory Panel on an exceptional basis, and as a temporary measure, until such a decision relating to paragraph (d) is taken, to increase the capacity of the independent Technical Advisory Panel, as noted in paragraphs (b) and (c) above;
6. Requests the independent Technical Advisory Panel, with the support of the Secretariat and the Investment Committee, to improve its internal structures and processes to ensure more coherence, the establishment of formal procedures, and the efficient use of time and resources, and to report to the Board on the progress made by the twentieth meeting of the Board;
7. Also requests the independent Technical Advisory Panel, with the support of the Secretariat, to develop a more comprehensive review template, ensuring that investment criteria and subcriteria are addressed consistently, using the appropriate metrics relevant for the sector and the investment criteria guidelines, when available;
8. Further requests the Secretariat and the independent Technical Advisory Panel to implement a periodic quality assurance process of the independent Technical Advisory Panel’s assessments, and report back to the Board by its twentieth meeting;
9. Requests the Secretariat and the independent Technical Advisory Panel to agree on and implement, on a pilot basis, a new review cycle that allows for longer review times by the independent Technical Advisory Panel and the provision of its inputs at an earlier stage in the approval process, consistent with the updated project and programme cycle as set up in annex IV to decision B.17/09;
10. Also requests the Secretariat to consult with the independent Technical Advisory Panel when developing sectoral guidance for projects and programmes; and
11. Decides to review the composition of the independent Technical Advisory Panel, defined in paragraph 11 of the terms of reference, upon the finalization of policies related to the proposal approval process, and based on the resource needs arising from the review of funding proposals and the support in the development of sectoral guidance.

The Board having reviewed document GCF/B.19/29 titled “Policy on fees for accredited entities and delivery partners”:

1. Adopts the policy on fees as set out in in annex VIII;
2. Also adopts the general principles and indicative list of eligible costs covered under GCF fees and project management costs as detailed in annex IX; and
3. Authorizes the Secretariat to make the required changes to the indicative list of eligible costs to be covered under GCF fees and the indicative list of eligible project management costs as detailed in annex IX for the implementation of the GCF funded activity and readiness activities.

The Board, having considered document GCF/B.19/06 titled “Environmental and social management system: environmental and social policy”:

1. Affirms that the GCF Environmental and Social Management System comprises the following elements:
   
   1. The Environmental and Social Policy referred to in paragraph (b) below;
   2. The GCF environmental and social safeguards standards, including the interim environmental and social safeguards standards adopted by the Board pursuant to decision B.07/02, paragraph (c);
   3. The Environmental and Social Management System manual containing the rules and procedures for the implementation of the Environmental and Social Management System referred to in paragraph (d) below;
   4. The guidance and tools, consisting of references and best practices, to guide the implementation of the Environmental and Social Management System referred to in paragraph (d) below;
   5. Stakeholder engagement consisting of GCF guidance and related policies promoting multi-stakeholder engagement referred to in paragraph (d) below; and
   6. Related GCF policies and practices relevant to, and complementing and supporting, the Environmental and Social Management System;
2. Adopts the GCF Environmental and Social Policy as presented in annex X to this document;
3. Requests the Secretariat, taking into account input from stakeholders, to present to the Board the proposed approach to developing the GCF environmental and social safeguards standards for its consideration at its twenty-first meeting; and
4. Also requests the Secretariat to develop and publish the Environmental and Social Management System manual and guidance, including guidance related to stakeholder engagement, no later than the twenty-second meeting of the Board.

The Board, having considered document GCF/B.19/05 titled “GCF Indigenous Peoples Policy”:

Adopts the Indigenous Peoples Policy as presented in annex XI to this document.