Fifth meeting of the GCF Board (B.05)

Paris, France
8 - 10 October 2013

Documents
Type Title Ref # PDF
Meeting report
Report of the Fifth Meeting of the Board, 8-10 October 2013 GCF/B.05/24/Rev.01
Decision
Decisions of the Board - Fifth Meeting of the Board, 8-10 October 2013 GCF/B.05/23
Agenda
Provisional Agenda GCF/B.05/01
Action item
Business Model Framework: Results Management Framework GCF/B.05/03
Action item
Business Model Framework: Financial Input GCF/B.05/04
Action item
Business Model Framework: Allocation GCF/B.05/05
Action item
Business Model Framework: Countries’ Transparent No-Objection Procedure GCF/B.05/06
Action item
Business Model Framework: Terms and Criteria for Grants and Concessional Loans GCF/B.05/07
Action item
Business Model Framework: Access Modalities - Accreditation GCF/B.05/08
Action item
Initial Structure and Staffing of the Secretariat GCF/B.05/10
Action item
General Guidelines for Committees and Panels GCF/B.05/12
Action item
Terms of Reference and Establishment of Committees and Panels GCF/B.05/13
Action item
Modalities for Readiness and Preparatory Support GCF/B.05/14
Action item
Draft Travel Policy GCF/B.05/15
Action item
Interim Information Disclosure Practice GCF/B.05/16
Action item
Draft Arrangements between the COP and the Fund GCF/B.05/17
Action item
Draft Arrangements between the COP and the Fund - Addendum GCF/B.05/17/Add.01
Action item
Resource Mobilization GCF/B.05/18
Action item
Draft Report of the Board of the Green Climate Fund to the COP GCF/B.05/19
Action item
Work Plan of the Board for 2014 GCF/B.05/20
Action item
Administrative Budget of the Fund for 2014 GCF/B.05/21
Action item
Agreements with the Interim Trustee GCF/B.05/22
Information
Annotations to the Provisional Agenda GCF/B.05/Inf.01
Information
Report on Activities of the Interim Secretariat GCF/B.05/Inf.02
Information
Status of Resources GCF/B.05/Inf.03
Information
Green Climate Fund Trust Fund Financial Report GCF/B.05/Inf.04
Information
Observer Organization Accreditation and Observer Participation GCF/B.05/Inf.05
Information
Progress Report of the Logo Selection Panel GCF/B.05/09
Information
Progress Report on the Administrative Policies and Guidelines of the Independent Secretariat GCF/B.05/11
Meeting agenda
Item Title
1. Opening of the meeting, adoption of the agenda and organization of work
2. Adoption of the report of the fourth meeting
3. Report on activities of the Co-Chairs and the Interim Secretariat
4. Business model framework
4.a. Objectives, results and performance indicators
4.b. Results management framework
4.c. Financial inputs
4.d. Allocation
4.e. Country ownership
4.f. Financial instruments
4.g. Access
5. Logo of the Fund
6. Establishment of the independent Secretariat
6.a. Initial structure and organization
6.b. Guidance to the Executive Director on the administrative policies and procedures of the independent Secretariat
7. Committees and panels
7.a. General guidelines for committees and panels
7.b. Terms of reference and establishment of committees and panels
8. Readiness and preparatory support
9. Administrative policies of the Fund
9.a. Travel policy
9.b. Interim information disclosure practice
10. Arrangements between the Conference of the Parties and the Fund
11. Resource mobilization
12. Report to the Conference of the Parties
13. Report to the Conference of the Parties
14. Status of resources
15. Administrative budget for 2014
16. Agreements with the Interim Trustee
17. Other business
17.a. Gender
17.b. Participation of observers in Board proceedings
18. Report of the meeting
19. Election of the Co-Chairs
20. Closure of the meeting

The Board:

Decides to amend paragraph (b) of decision B.04/15 by inserting “the Multilateral Fund for the Implementation of the Montreal Protocol” after “the Adaptation Fund”.

The Board:

  1. Adopts the report of the fourth meeting, contained in document GCF/B.04/Drf.02;
  2. Agrees to publish it on the Fund’s website (document GCF/04/18 Report of the Fourth Meeting of the Board, 26‐28 June 2013).

The Board:

  1. Recalls decision B.04/04, paragraph (a), in which it noted convergence that the Fund will have a strategic focus on climate change mitigation and adaptation, and also seek to maximize sustainable development;
  2. Recalls decision B.04/04, paragraph (b), in which it reaffirmed that country ownership will be a core principle of the business model framework of the Fund and that countries will identify their priority result areas in line with their national strategies and plans;
  3. Notes convergence that ownership and access to Fund resources could be enhanced by inclusion of indicators capturing country‐driven policies that have the potential to promote a paradigm shift towards low‐emission and climate‐resilient development pathways in the context of sustainable development as set out in the Governing Instrument;
  4. Further notes convergence on key criteria that may be considered through the results management framework when measuring performance of Fund activities, where appropriate, in addition to the core performance indicators, including potential for paradigm shift towards low‐emission and climate‐resilient development pathways; development co‐benefits; environmental co‐benefits; potential for replication and scalability; cost‐effectiveness; avoidance of lock‐in to high‐emission, low climate‐resilient alternatives; and finance mobilized from non‐public sources;
  5. Adopts the initial result areas of the Fund, as contained in Annex I to this document, as initial areas of funding, in order to enable low‐emission and climate‐resilient development pathways;
  6. Adopts the initial performance indicators of the Fund, as contained in Annex II to this document;
  7. Decides that the Fund’s results management framework will:
    1. Enable effective monitoring and evaluation of the outputs, outcomes and impacts of the Funds’ investments and portfolio, and the Fund’s organizational effectiveness and operational efficiency;
    2. Include measurable, transparent, effective and efficient indicators and systems to support Fund’s operations, including, inter alia, how the Fund addresses economic, social and environmental development co‐benefits and gender sensitivity;
  8. Further decides that the Fund, as a continuously learning institution, will maintain the flexibility to refine its results management framework, result areas and performance indicators, based on Fund experience in implementation and monitoring, and as evaluation outcomes become available, and that the lessons learned will feed back into the design, funding criteria and implementation of Fund activities, based on results;
  9. Further decides that the Fund will assess project and programme proposals in each result area using the same impact indicators;
  10. Further decides that national and sector‐wide indicators will be used only at the discretion of the recipient country;
  11. Further decides that in designing a logical framework for results management, the Fund will develop indicators to measure the impact of the Fund on strategic improvements at a country level;
  12. Further decides that in designing its results management framework, the Fund will use the experience of other relevant entities, and, where appropriate, align the framework and indicators with existing best practice models;
  13. Requests the Secretariat to develop, for consideration by the Board at its second meeting in 2014, a detailed operational results management framework of the Fund, based on the initial result areas and core performance indicators and key criteria decided upon by the Board, taking into account the methodologies set out for illustrative purposes in Annex II of document GCF/B.05/03, input from technical expert bodies and the reporting capacity of countries;
  14. Further requests the Secretariat to develop additional result areas and indicators for adaptation activities for consideration by the Board at its first meeting in 2014.

The Board, having reviewed document GCF/B.05/04 Business Model Framework: Financial Inputs:

  1. Notes that the Fund will receive financial inputs from developed country Parties to the Convention;
  2. Further notes that the Fund may also receive financial inputs from a variety of other sources, public and private, including alternative sources;
  3. Decides that the Fund will maintain the flexibility to receive financial inputs on an on‐going basis;
  4. Decides that the Fund will receive grants from public and private sources, and paid‐in capital contributions and concessional loans from public sources, and may receive additional types of inputs at a later stage to be decided by the Board;
  5. Requests the Secretariat to include the specific risks associated with accepting concessional loans to the Fund, including the risk of cross‐subsidization, when developing the Fund’s risk management framework and investment strategy;
  6. Requests the Secretariat to prepare a document for understanding and defining alternative sources of financial inputs to the Fund for consideration by the Board at its second meeting in 2014;
  7. Requests the Secretariat to initiate discussions with the Interim Trustee to identify appropriate arrangements for receiving financial inputs;
  8. Notes convergence on the importance of the relationship between the terms and conditions of financial instruments and the types of financial inputs received by the Fund.

The Board, having reviewed document GCF/B.05/05 Business Model Framework: Allocation:

  1. Decides that the Fund will adopt a theme/activity‐based approach to the allocation of resources in order to meet the Fund’s objectives;
  2. Decides that the Board will keep the allocation system under review with the intention of improving it over time;
  3. Decides that the Fund will initially make allocations under adaptation, mitigation and the Private Sector Facility, and that there will be balance between adaptation and mitigation and the appropriate allocation of resources for other activities;
  4. Decides that, in relation to adaptation, resources will be allocated based on:
    1. the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift;
    2. the urgent and immediate needs of vulnerable countries, in particular LDCs, SIDS and African States;
  5. Decides that, in relation to mitigation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to limit and reduce greenhouse gas emissions in the context of promoting a paradigm shift;
  6. Decides that, in relation to the Private Sector Facility, resources will be allocated based on the contribution a proposed activity makes towards promoting a paradigm shift and to:
    1. Directly and indirectly finance private sector mitigation to limit and reduce greenhouse gas emissions and adaptation to the impacts of climate change activities;
    2. Promoting the participation of private sector actors in developing countries, in particular local actors, including small and medium‐sized enterprises and local financial intermediaries, and activities to enable private sector involvement in SIDS and LDCs;
  7. Requests the Secretariat to develop and present to the Board at its second meeting in 2014 a resource allocation system, based on this decision and taking into consideration the views expressed by the Board, that facilitates:
    1. Cross‐cutting proposals;
    2. A results‐based approach;
    3. A country‐driven approach;
    4. A geographically balanced approach;
    5. Private sector mitigation and adaptation activities at the national, regional and international levels;
  8. Further requests the Secretariat to develop and present an initial process for review and approval of proposals to the Board at its second meeting in 2014.

 

The Board, having reviewed document GCF/B.05/06 Business Model Framework: Countries’ Transparent No‐objection Procedure:

  1. Takes note of the information presented in document GCF/B.05/06;
  2. Provides guidance to the Interim Secretariat on the policy matters regarding country ownership under the Fund;
  3. Requests the Interim Secretariat to revise document GCF/B.05/06 in view of the guidance provided, and present a revised version of this document for the consideration by the Board at its first meeting in 2014.

The Board, having reviewed document GCF/B.05/07 Terms and Criteria for Grants and Concessional Loans:

  1. Decides to adopt, for the initial operationalization of the Fund, the principles and factors for the terms and conditions of grants and concessional loans, as contained in Annex III to this document;
  2. Takes note of the criteria for the terms and conditions of grants and concessional loans, as contained in Annex IV to this document;
  3. Requests the Secretariat to develop terms and conditions of grants and concessional loans for consideration by the Board at its first meeting in 2014, guided by these principles and criteria, and taking into consideration progress on the business model framework; and
  4. Further requests the Secretariat to prepare a document for consideration by the Board at its third meeting in 2014 on the use of other financial instruments.

The Board, having considered document GCF/B.05/08 Business Model Framework: Access Modalities – Accreditation:

  1. Notes convergence on the need to develop a guiding framework and procedures for the accreditation process of the Fund that enhances country ownership, accommodates different capacities and capabilities of countries, defines the Fund’s own fiduciary principles and standards and environmental and social safeguards, and accredits entities in a transparent, objective and credible manner, in line with the Fund’s objectives, results and guiding principles;
  2. Acknowledges the best‐practice fiduciary principles and standards referred to inAnnex V and the environmental and social safeguards of the entities referred to in Annex VI to this document, as the basis for developing the Fund’s own criteria and standards;
  3. Takes note of the list of considerations and initial criteria to inform the elaboration of the Fund’s criteria for accreditation of sub‐national, national, regional and international intermediaries and implementing entities, as presented in Annex VII to this document, and as part of the development of the guiding framework for the Fund’s accreditation process;
  4. Requests a team of four Board members/alternate members to oversee the development of the guiding framework for the Fund’s accreditation process by the Secretariat, which will also include four senior international experts to be nominated by the Executive Director, for consideration by the Board no later than at its second meeting in 2014. This will include overseeing the development by the Secretariat of:
    1. The Fund’s own environmental and social safeguards and fiduciary principles and standards;
    2. The criteria and application procedures for the accreditation of intermediaries and implementing entities of the Fund;
    3. The most appropriate governance and organizational approach for the Fund’s accreditation process, including an Independent Technical Advisory Function to conduct the accreditation process, taking into account Annex X and Annex XI to this document, and the terms of reference contained in Annex XI, as appropriate;
    4. An assessment of the list of the institutions accredited by other funds, as contained in Annex VIII to this document, in light of the development of the guiding framework for the accreditation process of the Fund;
    5. Additional modalities that further enhance direct access, including through funding entities, with a view to enhancing country ownership of projects and programmes, for consideration by the Board at its first meeting in 2014;
  5. Decides that the following Board members will be part of the team referred to above: Mr. Arnaud Buisse, H.E. Mr. Jan Cedergren, Mr. Derek Gibbs and Mr. David Kaluba;
  6. Requests the Secretariat to undertake all necessary actions to ensure that the work of the team and the development of the guiding framework for the Fund’s accreditation process starts as soon as possible;
  7. Approves the terms of reference of the senior international experts to be nominated by the Executive Director and to serve in the team, as contained in Annex IX to this document;
  8. Further requests the Secretariat to initiate work on provisions for legal and formal arrangements with intermediaries and implementing entities, policies on fees and payments, and any other necessary elements to facilitate the prompt operationalization of the Fund’s accreditation process and its access modalities, and report on its progress at the first meeting of the Board in 2014;
  9. Also requests the Secretariat to initiate urgently work and activities to support readiness for accreditation in interested sub‐national, national, regional and international intermediaries and implementing entities, in the context of the Fund’s programme of work on readiness and preparatory support and as discussed in document GCF/B.05/14, and report on its progress at the first meeting of the Board in 2014.

The Board, having reviewed document GCF/B.05/09 Progress Report of the Logo Selection Panel:

  1. Notes that the entries received in the logo competition were not adequate to represent the identity and image of the Fund;
  2. Decides that the logo competition will be cancelled, as recommended by the Logo Selection Panel;
  3. Requests the Interim Secretariat, under the overall authority of the Executive Director, to contract a professional designer to design the logo of the Fund;
  4. Requests the Logo Selection Panel to oversee the work on the design of the logo;
  5. Requests the Interim Secretariat to undertake the work necessary to implement the new logo in all communication products of the Fund, once the selection has been made.

The Board, having reviewed document GCF/B.05/10 Initial Structure and Staffing of the Secretariat:

  1. Decides on the initial structure of the independent Secretariat, as set out in Annex XII to this document;
  2. Takes note of the organizational diagram, showing the initial organization of the Secretariat in 2014, as presented in Annex XIII to this document;
  3. Authorizes the Executive Director to recruit initial staff as presented in Annex XIV to this document;
  4. Endorses the process and timeframe for implementing the proposed initial structure of the Secretariat, as set out in Annex XV to this document.

The Board, having considered document GCF/B.05/11 Progress Report on the Administrative Policies and Guidelines of the Independent Secretariat:

  1. Approves with immediate effect, in accordance with the Governing Instrument, the establishment of the GCF Secretariat, as the fully independent secretariat foreseen in paragraph 19 of the Governing Instrument;
  2. Authorizes the Executive Director to take all necessary actions and to make, on behalf of the Fund, necessary arrangements and contracts to facilitate the establishment and operations of the GCF Secretariat in the Republic of Korea in order to allow the Fund to perform its functions;
  3. Authorizes the Executive Director to recruit, pending selection of staff through competitive procedures and their recruitment according to decision B.05/10, on a short‐term temporary basis, staff and experts to assist her in her functions;
  4. Requests the Secretariat to seek a legal opinion of the Office of Legal Affairs of the United Nations on whether, and if so, under which circumstances, the Fund might qualify for: (i) an institutional linkage with the United Nations; and (ii) a relationship agreement with the United Nations under which the officials of the Secretariat and other persons associated with the Fund can make use of the United Nations Laissez Passer;
  5. Takes note of the plan for the preparation of the administrative policies and guidelines of the Secretariat, as presented in Section 3.2 of document GCF/B.05/11;
  6. Requests the Executive Director to promulgate all administrative guidelines based on the authorization given to her through decision GCF/B.04/03, and to submit policies to the Board for approval.

The Board, having considered document GCF/B.05/12 General Guidelines for Committees and Panels:

  1. Takes note of document GCF/B.05/12 General Guidelines for Committees and Panels;
  2. Decides to continue establishing committees, panels and groups, by defining their purpose and functions, as well as their mode of operation, in the respective terms of reference, and to consider general guidelines for committees, panels and groups at a later stage, as necessary;
  3. Notes that the Rules of Procedure of the Board will apply mutatis mutandis to the committees, panels and groups established.

The Board, having reviewed document GCF/B.05/13 Terms of Reference and Establishment of Committees and Panels:

  1. Establishes the Risk Management Committee as a committee of the Board in accordance with decision B.04/08 and paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
  2. Adopts the Terms of reference of the Risk Management Committee as set out in Annex XVI to this document;
  3. Establishes the Investment Committee as a committee of the Board in accordance with decision B.04/08 and paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
  4. Adopts the Terms of reference of the Investment Committee as set out in Annex XVII to this document;
  5. Establishes the Ethics and Audit Committee as a committee of the Board in accordance with paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
  6. Adopts the Terms of reference of the Ethics and Audit Committee as set out in Annex XVIII to this document;
  7. Appoints the following Board members/alternate members as members of the Ethics and Audit Committee for its first term:
    1. Mr. Omar El‐Arini, Committee member;
    2. Ms. Ana Fornells de Frutos, Committee member;
    3. Ms. Beata Jaczewska, Committee member;
    4. Mr. Matthew Kotchen, Committee member;
    5. Mr. Ayman M. Shasly, Committee member; and
    6. Mr. Kwang‐Yeol Yoo, Committee member;
  8. Establishes the Private Sector Advisory Group as a panel of the Board in accordance with decision B.04/08 and paragraphs 2 (o) and 32 of the Rules of Procedure of the Board;
  9. Adopts the Terms of reference of the Private Sector Advisory Group as set out in Annex XIX to this document;
  10. Appoints the following Board members/alternate members to the Private Sector Advisory Group for its first term in accordance with the Terms of reference as set out in Annex XIX to this document:
    1. Mr. Zaheer Fakir, panel member;
    2. Mr. Anton Hilber, panel member;
    3. Mr. Farrukh Iqbal Khan, panel member; and
    4. Mr. Matthew Kotchen, panel member;
  11. Requests the Secretariat to initiate an open call for nominations, including from Board members, for the selection of four private sector representatives from developing countries, four private sector representatives from developed countries, and two civil society representatives, for membership of the Private Sector Advisory Group during its first term, in accordance with the Terms of reference as set out in Annex XIX to this document, with the appointment of nominated representatives subject to the approval by the Co‐Chairs;
  12. Requests the Secretariat to convene the first meeting of the Ethics and Audit Committee and the Private Sector Advisory Group, in consultation with their respective Chairs, via videoconference prior to the first meeting of the Board in 2014; and
  13. Invites the Ethics and Audit Committee and Private Sector Advisory Group to develop and present to the Board, at its first meeting in 2014, agreed work plans for their first 12 months of operation, which should take into account the Terms of reference, as set out in Annexes XVIII and XIX to this document, respectively.

The Board, having reviewed document GCF/B.05/14 Modalities for Readiness and Preparatory Support:

  1. Reaffirms that Fund‐related readiness and preparatory support is a strategic priority for the Fund to enhance country ownership and access during the early stages of its operationalization, and may help countries to meet the Fund’s objectives;
  2. Decides that the Fund will provide readiness and preparatory support to:
    1. Enable the preparation of country programmes providing for low‐emission, climate‐resilient development strategies or plans;
    2. Support and strengthen in‐country, Fund‐related institutional capacities, including for country coordination and multi‐stakeholder consultation mechanisms as it relates to the establishment and operation of national designated authorities and country focal points;
    3. Enable implementing entities and intermediaries to meet the Fund’s fiduciary principles and standards, and environmental and social safeguards, in order to directly access the Fund;
  3. Notes the importance of engaging with existing readiness initiatives and programmes at international, national and regional levels to enhance learning and ensure coherence, and mandates the Secretariat to play a leading coordinating role in this regard;
  4. Further notes:
    1. That the scope of readiness and preparatory support could evolve over time and be tailored to address countries’ specific circumstances;
    2. The importance of readiness and preparatory support for effective private sector engagement, particularly for small‐ and medium‐sized enterprises and local financial intermediaries in developing countries, and activities to enable private sector involvement in small island developing States (SIDS) and least developed countries (LDCs);
    3. That readiness and preparatory support could be provided to all eligible countries, and that its allocation would take into account the urgent and immediate needs of developing countries that are particularly vulnerable to the adverse impacts of climate change, including LDCs, SIDS and African States;
  5. Requests the Secretariat to begin advancing readiness in developing countries in the context of its communication and outreach activities;
  6. Further requests the Secretariat to present to the Board, at its first meeting in 2014, a detailed programme of work relating to the provision of readiness and preparatory support, with relevant timelines and resource needs, which may include, inter alia:
    1. Facilitating the assessment of readiness and support needs;
    2. Country programming and portfolio development, including how countries may translate the objectives of the Fund into regional, national or sub‐national priorities, given the initial result areas and performance indicators of the Fund;
    3. Outreach activities, including regional workshops, aiming to raise awareness of relevant considerations of low‐emission, climate‐resilient development strategies and associated country programmes that would allow countries to identify and effectively communicate their priorities to the Fund, and to access resources; the selection, establishment, role and responsibilities of national designated authorities (NDAs) or country focal points, including in coordinating and facilitating multi‐ stakeholder consultation; and the procedures for selecting, nominating and accrediting sub‐national, national and regional implementing entities, and the associated fiduciary principles, and environmental and social safeguards;
    4. Advancing knowledge sharing and peer‐to‐peer learning among relevant partners and practitioners engaged in readiness and preparatory support, with a view to fostering coordination and coherence, as well as facilitating opportunities for South‐South learning;
    5. Advisory services, including a help desk to support NDAs or country focal points, prospective national and sub‐national implementing entities, and other key stakeholders;
    6. Facilitating, in collaboration with relevant partners, arrangements for training, mentorship and twinning in support of NDAs or country focal points and sub‐national and national entities seeking accreditation with the Fund;
  7. Further requests the Secretariat to outline a system for determining the allocation of resources, separate from the support provided from the Secretariat’s administrative budget, for readiness and preparatory support, for consideration by the Board at its first meeting in 2014;
  8. Decides that the urgent need to provide readiness and preparatory support should be reflected in the administrative budget and staffing of the Secretariat;
  9. Further requests the Secretariat to mobilize resources for readiness and preparatory support.

The Board, having reviewed document GCF/B.05/16 Interim Information Disclosure Practice:

  1. Adopts the Interim Information Disclosure Practice, set out in Annex XX to this document;
  2. Requests the Secretariat to develop in 2014 a comprehensive draft information disclosure policy, based on the negative list approach described in Section 3.3 of document GCF/B.04/10;
  3. Decides that the Interim Information Disclosure Practice will remain in force until the Board adopts a comprehensive information disclosure policy;
  4. Requests the Secretariat to incorporate, to the extent not covered under the Interim Information Disclosure Practice, provisions on disclosure of information in all documents submitted to the Board.

The Board, having considered documents GCF/B.05/17 Draft Arrangements between the Conference of the Parties to the UNFCCC and the Green Climate Fund and GCF/B.05/17/Add.01 (Addendum):

  1. Approves the draft arrangements between the Conference of the Parties and the Green Climate Fund set out in Annex XXI to this document;
  2. Requests the current Co‐Chairs to inform the Co‐Chairs of the Standing Committee on Finance of the outcome of the Board’s deliberations on the arrangements;
  3. Requests the Interim Secretariat to transmit to the secretariat of the UNFCCC the draft arrangements between the Conference of the Parties and the Green Climate Fund as approved by it, for transmittal to the Conference of the Parties for its subsequent agreement at its nineteenth session, in accordance with decision 7.CP/18.

The Board:

  1. Decides that the Fund’s resource mobilization process will commence through an initial resource mobilization process as soon as possible and transition subsequently to a formal replenishment process;
  2. Further decides that the first two meetings of the Board in 2014 will prioritize and focus on working towards completing the essential requirements for the Fund to receive, manage, programme and disburse financial resources;
  3. Requests the Secretariat to make arrangements with all interested contributors, facilitating a collective engagement in the initial resource mobilization process no later than three months after the essential requirements for the Fund to receive, manage, programme and disburse financial resources, as outlined in Annex XXII to this document, have been met as decided by the Board;
  4. Further decides that the policies, procedures and documents necessary to trigger the first formal replenishment meeting will be decided upon at the first Board meeting following the completion of the process outlined in paragraph (c) above.

The Board:

Requests the current Co‐Chairs, assisted by the Interim Secretariat, to finalize the draft Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change, presented in Annex II to document GCF/B.05/19, taking into consideration the comments and amendments made and decisions taken at the meeting, and forward it to the United Nations Framework Convention on Climate Change (UNFCCC) secretariat.

The Board, having considered document GCF.B.05/20 Work Plan of the Board for 2014:

  1. Takes note of the information presented in document GCF/B.05/20;
  2. Requests the Secretariat to revise document GCF/B.05/20, taking into account the comments made by the Board, and to circulate it to the Board for a decision between meetings on a no‐objection basis within two weeks from the end of this meeting.

The Board, having reviewed document GCF/B.05/21 Administrative Budget of the Fund for 2014:

  1. Approves, from the resources available or to be made available in the GCF Trust Fund, the administrative budget of the Fund for the period from 1 January 2014 to 31 December 2014 of up to US$ 18,817,566, as set out in Annex XXIII to this document;
  2. Notes that the Secretariat will continue to operate efficiently and will seek to maximize savings where possible;
  3. Approves, from the resources available or to be made available in the GCF Trust Fund, the budget cost of staff salaries and emoluments for the three‐year contract period as follows:
    1. For 2015: US$ 12,042,101;
    2. For 2016: US$ 12,403,364;
    3. For 2017: US$ 3,125,835.
  4. Authorizes the Interim Trustee to make cash transfers from the GCF Trust Fund to the Secretariat, and to the World Bank, as the Interim Trustee, in accordance with the administrative budget of the Fund approved by the Board, subject to adjustment based upon revised costs and expenditures to be incurred. In the event that the Interim Trustee determines that the amount of available resources in the GCF Trust Fund is insufficient to cover the total estimated budgets specified in paragraphs (a) and (c) above, the Board authorizes the Interim Trustee to make cash transfers to the Secretariat and the Interim Trustee up to the pro rata amount of available resources in the GCF Trust Fund to cover the total estimated budget as determined by the Interim Trustee;
  5. Notes that the Secretariat will submit proposals for the full administrative budget of the Fund for 2015, 2016 and 2017 in due course.

The Board, having reviewed document GCF/B.05/22 Agreements with the Interim Trustee:

  1. Approves the Agreement on the Terms and Conditions for the Administration of the Green Climate Fund Trust Fund between the Green Climate Fund and the International Bank for Reconstruction and Development, serving as the Interim Trustee of the Green Climate Fund Trust Fund, presented in Annex XXIV to this document;
  2. Authorizes the Executive Director of the Fund to execute, on behalf of the Fund, that Agreement, as well as the contribution agreements to be executed between the Fund, the Interim Trustee and the Contributors, as described in the Agreement;
  3. Approves the Amendment to the Amended and Restated Transfer Agreement under the Green Climate Fund Trust Fund (MTO No. 069022), presented in Annex XXV to this document.

The Board:

  1. Reaffirms taking a gender‐sensitive approach as outlined in the Governing Instrument;
  2. Decides to consider, at its first meeting in 2014, a gender‐sensitive approach to the Fund’s objectives and operational policies;
  3. Requests the Secretariat to present for consideration by the Board, at its first meeting in 2014, including through consultations with relevant bodies and observer organizations, a working document setting out the options for a Fund‐wide gender‐sensitive approach.

The Board:

  1. Takes note of the information presented in document GCF/B.05/Inf.05;
  2. Requests the Secretariat to prepare a document on the participation of observers in Board meetings for the consideration by the Board at its first meeting in 2014.

The Board:

  1. Decides that its first meeting in 2014 will take place on 19‐21 February 2014 in Indonesia;
  2. Decides that the arrangements for this meeting will be made according to the practice of the previous meetings that took place away from the headquarters.