Boardroom

The Board, having considered document GCF/B.18/15 titled “Matters related to the accreditation framework and policy gaps: Co-Chairs’ proposal”:

1. Decides to commence the review of the accreditation framework;
2. Requests the Secretariat to present a proposal for the revision of the accreditation framework that includes other modalities for institutions to work with the GCF, as early as the nineteenth meeting of the Board; and
3. Decides to extend the prioritization of entities applying for accreditation in accordance with decision B.14/08, paragraph (d)(i), until the end of the nineteenth meeting of the Board.

The Board, having considered document GCF/B.18/09 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:
   
   1. Applicant 056 (APL056) is the China Clean Development Mechanism Fund Management Center (China CDM Fund Management Center) based in China, as contained in annex III;
   2. Applicant 057 (APL057) is the Department of Environment (DOE) of Antigua and Barbuda, as contained in annex IV;
   3. Applicant 058 (APL058) is the Fiji Development Bank (FDB), based in Fiji, as contained in annex V;
   4. Applicant 059 (APL059) is the Palli Karma-Sahayak Foundation (PKSF), based in Bangladesh, as contained in annex VI; and
   5. Applicant 060 (APL060) is the Sahara and Sahel Observatory (OSS), based in Tunisia, as contained in annex VII;
2. Accredits applicants APL056, APL057, APL058, APL059 and APL060, pursuant to paragraph 45 of the Governing Instrument for the GCF, and subject to, and in accordance with, the assessments by the Accreditation Panel contained in the relevant annexes for each of the applicants;
3. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant annex for the following applicants seeking to upgrade its accreditation type:
   
   1. Acumen Fund, Inc. (Acumen), based in the United States of America, as contained in annex VIII;
4. Agrees to upgrade the accreditation type of Acumen Fund, Inc. as contained in decision B.09/07, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex annex VIII;
5. Takes note that, pursuant to decision B.08/03, paragraph (k), the Secretariat, in consultation with the Accreditation Panel, is proposing that the eligibility to apply under the fast-track accreditation process be extended to those entities listed in annex IX; and
6. Decides that those entities referred to in annex IX are also eligible to apply under the fasttrack accreditation process for the standards of the GCF in accordance with decision B.08/03, paragraph (f), for entities accredited by the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate-General for International Cooperation and Development.

The Board, having considered document GCF/B.18/17 titled “Operationalizing the simplified approval process for certain activities, in particular small-scale activities”:

1. Approves the Simplified Approval Process Pilot Scheme (Pilot Scheme), as set out in annex X;
2. Decides that the Pilot Scheme shall be reviewed two years from its operationalization, or when the aggregate amount of approvals under the Pilot Scheme reaches USD 80 million of GCF financing, whichever is earlier; this review will be completed within three months from its commencement; and
3. Requests the Secretariat to:
   
   1. Operationalize such Pilot Scheme as expeditiously as possible and notify to the Board the date of its operationalization;
   2. Develop a proposal for approving funding proposals brought forward under this Pilot Scheme between meetings of the Board in the context of the ongoing work to develop further options for decision-making; and
   3. Report back to the Board upon completion of the review specified in paragraph (b) above, with recommendations based on the outcome of such review to further improve the efficiency and effectiveness of the process, and to consider expanding the type of eligible activities and increasing GCF funding.

The Board, having considered document GCF/B.18/06 titled “Request for proposals for the pilot programme for REDD-plus results-based payments”:

1. Takes note of the progress made in finalizing the draft request for proposals for the REDD- plus results-based payments pilot programme, as mandated in decision B.17/18, in the form set out in annex XI;
2. Decides to set, for the REDD-plus results-based payments pilot programme only, the valuation of results at USD 5 per tonne of verified emission reductions of carbon dioxide equivalent (t CO2 eq);
3. Decides to allocate up to USD 500 million to the request for proposals for the pilot programme for REDD-plus results-based payments;
4. Decides to adopt the request for proposals for the pilot programme for REDD-plus results- based payments as set out in annex XI and the corresponding scorecard provided in annex XII;
5. Requests the Secretariat to develop all corresponding templates and guidance for national designated authorities and accredited entities for applying to the request for proposals no later than two months after its adoption by the Board;
6. Requests the Secretariat to conduct an analysis of the experience with, and the progress made towards achieving the objectives of the pilot programme for REDD-plus results- based payments for its consideration no later than at its last meeting of 2019.

The Board, having considered document GCF/B.18/04/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   
   1. Funding proposal 046 titled “Renewable Energy Program #1-Solar” by XacBank LLC, as contained in document GCF/B.18/04/Add.17;
   2. Funding proposal 047 titled “GCF-EBRD Kazakhstan Renewables Framework” by the European Bank for Reconstruction and Development, as contained in document GCF/B.18/04/Add.18/Rev.01;
   3. Funding proposal 048 titled “Low Emissions and Climate Resilient Agriculture Risk Sharing Facility” by the Inter-American Development Bank, as contained in document GCF/B.18/04/Add.19/Rev.01;
   4. Funding proposal 049 titled “Building the climate resilience of food insecure smallholder farmers through integrated management of climate risks (the R4 Rural Resilience Initiative)” by the World Food Programme, as contained in document GCF/B.18/04/Add.04 and 23;
   5. Funding proposal 050 titled “Bhutan for Life (BfL)” by the World Wildlife Fund Inc., as contained in document GCF/B.18/04/Add.05 and 23;
   6. Funding proposal 051 titled “Scaling-up investment in low-carbon public buildings” by the United Nations Development Programme, as contained in document GCF/B.18/04/Add.06 and 23; (vii) Funding proposal 052 titled “Sustainable and climate resilient connectivity for Nauru” by the Asian Development Bank, as contained in document GCF/B.18/04/Add.07 and 23;
   7. Funding proposal 053 titled “Enhancing climate change adaptation in the north coast and Nile Delta regions in Egypt” by the United Nations Development Programme, as contained in document GCF/B.18/04/Add.08 and 23;
   8. Funding proposal 054 titled “Implementation project of the integral management plan of the Lujan River Basin” by the Corporación Andina de Fomento, as contained in document GCF/B.18/04/Add.09 and 23;
   9. Funding proposal 055 titled “Poverty, Reforestation, Energy and Climate Change (PROEZA Project)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.18/04/Add.10/Rev.01 and 23;
   10. Funding proposal 056 titled “Scaling up climate resilient water management practices for vulnerable communities in La Mojana” by the United Nations Development Programme, as contained in document GCF/B.18/04/Add.11 and 23;
   11. Funding proposal 057 titled “Climate Action for Rural Development: communitybased adaptation and mitigation in Argentina” by the Unidad Para el Cambio Rural (Unit for Rural Change, UCAR), as contained in document GCF/B.18/04/Add.12 and 23;
   12. Funding proposal 058 titled “Responding to the increasing risk of drought: building gender-responsive resilience of the most vulnerable communities” by the Ministry of Finance and Economic Cooperation of the Federal Democratic Republic of Ethiopia, as contained in document GCF/B.18/04/Add.13 and 23;
2. Also takes note that, in relation to funding proposal 048, the accredited entity has changed the name of the proposal from “Climate-Smart Agriculture (CSA) Risk Sharing Facility for MSMEs” to “Low Emissions and Climate Resilient Agriculture Risk Sharing Facility”; therefore, all references to “Climate-Smart Agriculture (CSA) Risk Sharing Facility for MSMEs” stated in the funding proposal and its annexes, as well as in the relevant assessments made by the Secretariat and the Independent Technical Advisory Panel, shall be read as “Low Emissions and Climate Resilient Agriculture Risk Sharing Facility”;
3. Approves funding proposal 046 for the amount of USD 8,650,050, submitted by the XacBank LLC, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.17;
4. Also approves funding proposal 047 for the amount of USD 110,000,000, submitted by the European Bank for Reconstruction and Development, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.18/Rev.01;
5. Further approves funding proposal 048 for the amount of USD 20,000,000, submitted by the Inter-American Development Bank, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.19/Rev.01;
6. Approves funding proposal 049 for the amount of USD 9,983,521, submitted by the World Food Programme, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
7. Also approves funding proposal 050 for the amount of USD 26,557,354, submitted by the World Wildlife Fund Inc., subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
8. Further approves funding proposal 051 for the amount of USD 17,346,000, submitted by United Nations Development Programme, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
9. Approves funding proposal 052 for the amount of USD 26,910,000, submitted by the Asian Development Bank, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
10. Also approves funding proposal 053 for the amount of USD 31,385,000, submitted by the United Nations Development Programme, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
11. Further approves funding proposal 054 for the amount of USD 58,528,147, submitted by the Corporación Andina de Fomento, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
12. Also approves funding proposal 056 for the amount of USD 38,496,000, submitted by the United Nations Development Programme, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
13. Approves funding proposal 058 for the amount of USD 45,002,759, submitted by the Ministry of Finance and Economic Cooperation of the Federal Democratic Republic of Ethiopia, subject to the conditions set out in annex XIII and in the respective term sheet set out in document GCF/B.18/04/Add.23;
14. Decides that there was no consensus to approve funding proposal 055;
15. Also decides that there was no consensus to approve funding proposal 057;
16. 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
17. 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 interim policy on fees for accredited entities adopted by the Board pursuant to decision B.11/10.

The Board, having considered document GCF/B.18/07 titled “Readiness and Preparatory Support Programme: progress report”:

1. Notes the request for additional budget allocation for the Readiness and Preparatory Support Programme for 2017 and 2018 to enable the continued processing and approval of readiness proposals, including for national adaptation planning and/or other adaptation planning processes;
2. Requests the Secretariat to implement immediate measures to address the quality issues identified in the Readiness and Preparatory Support Programme progress report; 

3. Agrees to conclude expeditiously the terms of reference for the independent evaluation of the programme by adopting a decision as soon as possible in between the eighteenth and nineteenth meetings of the Board, with an aim to initiate and conclude the evaluation by the twenty-first meeting of the Board, while reporting on the progress thereof at the twentieth meeting; 

4. Approves that the amount of USD 50 million be made available for the execution of the Readiness and Preparatory Support Programme to address immediate requests for the funding of national adaptation planning and/or other adaptation planning processes; and
5. Requests the Secretariat to present a revised work programme for the Readiness and Preparatory Support Programme, including a request for funding for 2018, for the Board’s consideration at its nineteenth meeting, based on the outcome of the initial review by the Secretariat of the Readiness and Preparatory Support Programme.

The Board, having considered document GCF/B.18/20 titled “Anti-Money Laundering and Countering the Financing of Terrorism Policy”:

1. Adopts the “Anti-Money Laundering and Countering the Financing of Terrorism Policy” contained in annex XIV to this document;
2. Requests the Head of the Independent Integrity Unit, under the supervision of the Ethics and Audit Committee, to develop the standards for the implementation of the Anti-Money Laundering and Countering the Financing of Terrorism Policy for consideration by the Board by its twentieth meeting; and
3. Authorizes the Ethics and Audit Committee to address issues that may arise in the implementation of this policy.

The Board, having considered document GCF/B.18/10 titled “Structure and staffing of the Secretariat”:

1. Notes the contents of document GCF/B.18/10;
2. Agrees to and adopts the proposed headcount of full-time-equivalent employees of 250 for 2018; and
3. Agrees to and adopts the new proposed structure as shown in annex XV.

The Board, having considered document GCF/B.18/13 titled “Work programme of the Secretariat for 2018 and administrative budget”:

1. Recognizes that the work programme will help to guide the activities of the Secretariat during 2018;
2. Approves the work programme 2018 as contained in annex XVI, and the goals and suggested policy priorities set out in the work programme, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
3. Also approves an administrative budget for the period of 1 January to 31 December 2018 in the amount of USD 63,558,006 as referred to in appendix I to annex XVI;
4. Further approves an administrative budget of the GCF for the periods 2019 and 2020 in the amounts of USD 42,289,607 and USD 44,107,723, respectively, to cover estimated staffing costs; and
5. Requests the Secretariat to compile at each meeting of the Board a consolidated Board document on all information reports.

The Board, having reviewed document GCF/B.18/02 titled “Dates and venue of the meetings of the Board in 2018”:

1. Confirms that the nineteenth meeting of the Board will take place in Songdo, Republic of Korea, from Tuesday, 27 February to Thursday, 1 March 2018; and
2. Decides to agree on the dates and venues for the twentieth and twenty-first meetings between the eighteenth and nineteenth meetings of the Board.

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.

The Board, having considered document GCF/B.19/22/Rev.02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   
   1. Funding proposal 059 titled “Climate-Resilient Water Sector in Grenada (G- CREWS)” by Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.19/22/Add.01 and Add.31/Rev.01;
   2. Funding proposal 060 titled “Water Sector Resilience Nexus for Sustainability in Barbados (WSRN S-Barbados)” by the Caribbean Community Climate Change Centre, as contained in document GCF/B.19/22/Add.02 and Add.31/Rev.01;
   3. Funding proposal 061 titled “Integrated physical adaptation and community resilience through an enhanced direct access pilot in the public, private, and civil society sectors of three Eastern Caribbean small island developing States” by the Department of Environment, Ministry of Health and the Environment, Government of Antigua and Barbuda, as contained in document GCF/B.19/22/Add.03 and Add.31/Rev.01;
   4. Funding proposal 062 titled “Poverty, Reforestation, Energy and Climate Change PROEZA Project” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.19/22/Add.04 and Add.31/Rev.01;
   5. Funding proposal 063 titled “Promoting private sector investments in energy efficiency in the industrial sector in Paraguay” by the Inter-American Development Bank, as contained in document GCF/B.19/22/Add.05 and Add.31/Rev.01;
   6. Funding proposal 064 titled “Promoting risk mitigation instruments and finance for renewable energy and energy efficiency investments” by the Inter-American Development Bank, as contained in document GCF/B.19/22/Add.06 and Add.31/Rev.01;
   7. Funding proposal 065 titled “Financial Instruments for Brazil Energy Efficient Cities (FinBRAZEEC)” by the World Bank, as contained in document GCF/B.19/22/Add.07 and Add.31/Rev.01;
   8. Funding proposal 066 titled “Pacific Resilience Project Phase II for RMI” by the World Bank, as contained in document GCF/B.19/22/Add.08/Rev.01 and Add.31/Rev.01;
   9. Funding proposal 067 titled “Building climate resilience of vulnerable and food insecure communities through capacity strengthening and livelihood diversification in mountainous regions of Tajikistan” by the United Nations World Food Programme, as contained in document GCF/B.19/22/Add.09 and Add.31/Rev.01;
   10. Funding proposal 068 titled “Scaling-up Multi-hazard Early Warning System and the Use of Climate Information in Georgia” by the United Nations Development Programme, as contained in document GCF/B.19/22/Add.10 and Add.31/Rev.01;
   11. Funding proposal 069 titled “Enhancing adaptive capacities of coastal communities, especially women, to cope with climate change induced salinity” by the United Nations Development Programme, as contained in document GCF/B.19/22/Add.11 and Add.31/Rev.01;
   12. Funding proposal 070 titled “Global Clean Cooking Program – Bangladesh” by the World Bank, as contained in document GCF/B.19/22/Add.12/Rev.01 and Add.31/Rev.01;
   13. Funding proposal 071 titled “Scaling Up Energy Efficiency for Industrial Enterprises in Vietnam” by the World Bank, as contained in document GCF/B.19/22/Add.13 and Add.31/Rev.01;
   14. Funding proposal 072 titled “Strengthening climate resilience of agricultural livelihoods in Agro-Ecological Regions I and II in Zambia” by the United Nations Development Programme, as contained in document GCF/B.19/22/Add.14 and Add.31/Rev.01;
   15. Funding proposal 073 titled “Strengthening climate resilience of rural communities in Northern Rwanda” by the Ministry of Environment of Rwanda,3 as contained in document GCF/B.19/22/Add.15 and Add.31/Rev.01;
   16. Funding proposal 074 titled “Africa Hydromet Program – Strengthening Climate Resilience in Sub-Saharan Africa: Burkina Faso Country Project” by the World Bank, as contained in document GCF/B.19/22/Add.16/Rev.01 and Add.31/Rev.01;
   17. Funding proposal 075 titled “Institutional Development of the State Agency for Hydrometeorology of Tajikistan” by the Asian Development Bank, as contained in document GCF/B.19/22/Add.17 and Add.31/Rev.01;
   18. Funding proposal 076 titled “Climate-friendly Agribusiness Value Chains Sector Project” by the Asian Development Bank, as contained in document GCF/B.19/22/Add.18 and Add.31/Rev.01;
   19. Funding proposal 077 titled “Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project (AHURP)” by the Asian Development Bank, as contained in document GCF/B.19/22/Add.19 and Add.31/Rev.01;
   20. Funding proposal 078 titled “Acumen Resilient Agriculture Fund (ARAF)” by Acumen Fund, Inc. as contained in document GCF/B.19/22/Add.20;
   21. Funding proposal 080 titled “Zambia Renewable Energy Financing Framework” by the African Development Bank, as contained in document GCF/B.19/22/Add.22;
   22. Funding proposal 081 titled “Line of Credit for Solar rooftop segment for commercial, industrial and residential housing sectors” by the National Bank for Agriculture and Rural Development of India, as contained in document GCF/B.19/22/Add.23; and
   23. Simplified approval process (SAP) funding proposal 001 titled “Improving rangeland and ecosystem management practices of smallholder farmers under conditions of climate change in Sesfontein, Fransfontein, and Warmquelle areas of the Republic of Namibia” by the Environmental Investment Fund, as contained in document GCF/B.19/22/Add.34 and Add.35;
2. Approves funding proposal 059 for the amount of EUR 35,290,095, submitted by Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
3. Also approves funding proposal 060 for the amount of USD 27,605,010, submitted by the Caribbean Community Climate Change Centre, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
4. Further approves funding proposal 061 for the amount of USD 20,000,000, submitted by the Department of Environment, Ministry of Health and the Environment, Government of Antigua and Barbuda, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
5. Approves funding proposal 062 for the amount of USD 25,060,376, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
6. Also approves funding proposal 063 for the amount of USD 23,000,000, submitted by the Inter-American Development Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
7. Further approves funding proposal 064 for the amount of USD 103,000,000, submitted by the Inter-American Development Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
8. Approves funding proposal 065 for the amount of USD 195,000,000, submitted by the World Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
9. Also approves funding proposal 066 for the amount of USD 25,000,000, submitted by the World Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
10. Further approves funding proposal 067 for the amount of USD 9,273,586, submitted by the United Nations World Food Programme, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
11. Approves funding proposal 068 for the amount of USD 27,053,598, submitted by the United Nations Development Programme, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
12. Also approves funding proposal 069 for the amount of USD 24,980,000, submitted by the United Nations Development Programme, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
13. Further approves funding proposal 070 for the amount of USD 20,000,000, submitted by the World Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
14. Approves funding proposal 071 for the amount of USD 86,300,000, submitted by the World Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
15. Also approves funding proposal 072 for the amount of USD 32,000,000, submitted by the United Nations Development Programme, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
16. Further approves funding proposal 073 for the amount of USD 32,794,442, submitted by the Ministry of Environment of Rwanda, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
17. Approves funding proposal 074 for the amount of USD 22,500,000, submitted by the World Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
18. Also approves funding proposal 075 for the amount of USD 5,000,000, submitted by the Asian Development Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
19. Further approves funding proposal 076 for the amount of USD 40,000,000, submitted by the Asian Development Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
20. Approves funding proposal 077 for the amount of USD 145,000,000, submitted by the Asian Development Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.31/Rev.01;
21. Also approves funding proposal 078 for up to an amount of USD 26,000,000, submitted by Acumen Fund, Inc., subject to the conditions set out in annex XII and in the respective term sheets set out in document GCF/B.19/22/Add.24;
22. Further approves funding proposal 080 for the amount of USD 52,500,000, submitted by the African Development Bank, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.26;
23. Approves funding proposal 081 for the amount of USD 100,000,000, submitted by the National Bank for Agriculture and Rural Development of India, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.27;
24. Also approves simplified approval process (SAP) funding proposal 001 for the amount of USD 9,300,000, submitted by the Environmental Investment Fund, subject to the conditions set out in annex XII and in the respective term sheet set out in document GCF/B.19/22/Add.35;
25. 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
26. 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 interim policy on fees for accredited entities adopted by the Board pursuant to decision B.11/10.

The Board, having considered document GCF/B.19/28 titled “Further development of the accreditation framework”:

1. Takes note of the progress report on the review of the accreditation framework included in annex XIV;
2. Notes that the full report on the review of the accreditation framework with further recommendations will be presented to the Board as early as its twentieth meeting;
3. Decides to extend the prioritization of entities applying for accreditation in accordance with decision B.14/08, paragraph (d)(i), until the end of the twentieth meeting of the Board;
4. Takes note of the project-specific assessment approach that combines assessments undertaken during the existing accreditation and proposal approval processes in a fit-for- purpose manner as contained in annex XIII; and
5. Requests the Secretariat to further develop the approach referred to in paragraph (d) above, taking into account the views of Board members and as part of the proposals from the full review of the accreditation framework, for the Board’s consideration at its twentieth meeting.

The Board, having considered document GCF/B.19/14/Rev.01 titled “Status of accreditation matters”:

1. Takes note that, pursuant to decision B.08/03, paragraph (k), the Secretariat, in consultation with the Accreditation Panel, is proposing that the eligibility to apply under the fast-track accreditation process be extended to those entities listed in annex XV; and
2. Decides that those entities referred to in annex XV are also eligible to apply under the fast- track accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities accredited by the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate-General for International Cooperation and Development of the European Commission.

The Board, having considered document GCF/B.19/32/Rev.01 titled “Readiness and Preparatory Support Programme: Revised Work Programme for 2018”:

1. Takes note of the findings of the initial review by the Secretariat of the Readiness and Preparatory Support Programme referred to in decision B.18/09, paragraph (e);
2. Also takes note of the immediate measures undertaken by the Secretariat to address the quality issues in the Readiness and Preparatory Support Programme as referred to in decision B.18/09;
3. Requests the Secretariat to continue implementing the measures listed in annex XVI;
4. Notes the revised work programme for the Readiness and Preparatory Support Programme and request for funding for 2018;
5. Approves an additional amount of USD 60 million to be made available for the execution of the Readiness and Preparatory Support Programme; and
6. Requests the Secretariat to submit to the Board a proposal for improving the Readiness and Preparatory Support Programme based on the outcome of the conclusions of the Secretariat’s initial review and of the independent evaluation of the Readiness and Preparatory Support Programme as soon as it is concluded.

The Board:

Approves the terms of reference for the independent evaluation of the Readiness Programme as contained in annexes XVII, XVIII and XIX.

The Board, having considered document GCF/B.19/30 titled “PSAG recommendations on the development of a private sector outreach plan”:

1. Welcomes and appreciates the recommendations from the Private Sector Advisory Group, including tailoring communication to the private sector, using existing networks and communication channels, continuing targeted requests for proposals, and ensuring expedited and predictable GCF timelines;
2. Requests the Secretariat to incorporate the recommendations from the Private Sector Advisory Group into the strategic road map of the Secretariat for leveraging, mobilizing and engaging domestic and international private sector actors, the Communications Strategy of the Green Climate Fund, and other relevant policies, processes and programmes, as appropriate; and
3. Requests the Secretariat to consider including a private sector outreach focus as part of the regional GCF structured dialogues.

The Board, having considered document GCF/B.19/31 titled “PSAG recommendations on the development of modalities to support activities enabling private sector involvement in LDCs and SIDS”:

1. Welcomes and appreciates the recommendations from the Private Sector Advisory Group;
2. Requests the Secretariat to develop 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, for consideration by the Board at its twentieth meeting;
3. Requests the Secretariat, in cooperation with private and public sector entities, accredited entities, national designated authorities and focal points, to identify and facilitate the development of funding proposals targeting least developed countries and small island developing States, which involve innovative financing structures or modalities, such as project and small-scale solution aggregation, public-private insurance structures, and on- lending and risk capital investments through climate-oriented financial intermediaries; and
4. Decides to take into account the recommendations from the Private Sector Advisory Group, as appropriate, when (i) revising policies, programmes and processes, such as the accreditation framework, investment criteria indicators, the Readiness and Preparatory Support Programme, the Project Preparation Facility and the project approval process; and (ii) approving work plans and budgets relevant for private sector engagement.

The Board, having considered document GCF/B.19/31 titled “PSAG recommendations on the development of modalities to support activities enabling private sector involvement in LDCs and SIDS”:

1. Welcomes and appreciates the recommendations from the Private Sector Advisory Group;
2. Requests the Secretariat to develop 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, for consideration by the Board at its twentieth meeting;
3. Requests the Secretariat, in cooperation with private and public sector entities, accredited entities, national designated authorities and focal points, to identify and facilitate the development of funding proposals targeting least developed countries and small island developing States, which involve innovative financing structures or modalities, such as project and small-scale solution aggregation, public-private insurance structures, and on- lending and risk capital investments through climate-oriented financial intermediaries; and
4. Decides to take into account the recommendations from the Private Sector Advisory Group, as appropriate, when (i) revising policies, programmes and processes, such as the accreditation framework, investment criteria indicators, the Readiness and Preparatory Support Programme, the Project Preparation Facility and the project approval process; and (ii) approving work plans and budgets relevant for private sector engagement.

The Board, having considered document GCF/B.19/08 titled “Independent Redress Mechanism Work Plan and Budget for 2018”:

Approves the work plan and budget of the Independent Redress Mechanism for 2018 as contained in annex II and III of document GCF/B.19/08 (total budgeted amount of
USD 911,820).

The Board, having considered document GCF/B.19/24 titled “2018 Workplan and Budget of the Independent Integrity Unit”:

Approves the work plan and budget of the Independent Integrity Unit for 2018 as contained in document GCF/B.19/24 and in annex II therein, that is a total budgeted amount of USD 1,612,950.

The Board, having considered document GCF/B.19/07 titled “2018 Work Plan and Budget and Three-year Rolling Work Plan of the Independent Evaluation Unit”:

1. Takes note of the Three-year Rolling Work Plan of the Independent Evaluation Unit as contained in annex XX and requests the Independent Evaluation Unit to amend it once the evaluation policy of the GCF has been adopted;
2. Recommends that the Three-year Rolling Work Plan be updated annually to ensure flexibility, learning and predictability for the Independent Evaluation Unit;
3. Approves the 2018 Work Plan and Budget of the Independent Evaluation Unit as contained in annex XXI (budget amounting to USD 2,953,867), respectively; and
4. Requests the Independent Evaluation Unit to report at each Board meeting on the implementation of its annual work plan and the Three-year Rolling Work Plan.

The Board, having reviewed document GCF/B.19/42/Rev.01 titled “Dates and venues for the following meetings of the Board”:

1. Decides that the twentieth meeting of the Board will take place in Songdo, Republic of Korea, from Sunday, 1 July to Wednesday, 4 July 2018;
2. Also decides that the twenty-first meeting of the Board will take place in Manama, Kingdom of Bahrain, from Tuesday, 23 October to Friday, 26 October 2018, with these dates to be confirmed at the twentieth 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 twenty-first meeting of the Board.

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 considered document GCF/B.21/21/Add.01 titled “Status of accreditation master agreements and funded activity agreements”:

1. Takes note with appreciation of the progress made by the Secretariat in executing accreditation master agreements;
2. Also notes the text of the accreditation master agreement agreed with the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), as contained in annex I, which marks the changes against the template accreditation master agreement;
3. Approves the substantive changes in the accreditation master agreement agreed with the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) from the template accreditation master agreement set out in annex II; and
4. Authorizes the Executive Director to negotiate changes, which are in substance similar to those contained in the accreditation master agreement agreed with the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), to the accreditation master agreements to be entered into with other accredited entities which are similar in nature to the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), without requiring further Board approval in respect of such changes.

The Board:

Appoints Mr. Jeremiah G. Sokan as member of the Accreditation Committee for the remainder of the current term for members of the Accreditation Committee, starting on the date of adoption of this decision.

The Board, having considered document GCF/B.21/Inf.10 titled “Reports from committees, panels, and groups of the Board of the Green Climate Fund”:

1. Takes note of the report on activities of the Private Sector Advisory Group as contained in document GCF/B.21/Inf.10;
2. Also takes note that the current term of existing external members of the Private Sector Advisory Group ends on 31 December 2018; and
3. Decides, on an exceptional basis and without prejudice to any future decisions of the Board regarding the appointment of external members to the Private Sector Advisory Group, to extend the terms of the existing external members of the Private Sector Advisory Group until 30 June 2019.

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.