Forty-second meeting of the GCF Board (B.42)

The Board, having considered document GCF/B.42/08/Rev.01 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2024”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2024 as contained in annex II to document GCF/B.42/08/Rev.01.

The Board, having considered document GCF/B.42/14 titled “Co-Chairs’ proposal on a new structure for Board committees: Proposal for discussion” and its addendum Add.01:

1. Requests the Co-Chairs, with the support of the Secretariat, to continue to consult with the Board and present proposal(s) to increase the efficiency and effectiveness of Board governance and committees; and
2. Also requests the Co-Chairs, with the support of the Secretariat, to present for consideration by the Board at its forty-third meeting a proposal for a new committee structure on the basis of the comments expressed by the Board at its forty-second meeting.

The Board, having considered document GCF/B.42/16 titled “Optimized approach to monitoring, evaluation, and learning: Co-Chairs’ proposal”:

1. Takes note of the progress made by the Secretariat in operationalizing an optimized approach to monitoring, evaluation and learning and of the clarified delineation of the complementary roles between the Secretariat and the Independent Evaluation Unit;
2. Requests the Budget Committee to consider the optimized approach to monitoring, evaluation and learning and the continued need to strengthen the Secretariat’s monitoring, evaluation and learning capacity ‒ including digital monitoring, evaluation and learning infrastructure, data interoperability, and partner capacity development ‒ when reviewing the Secretariat’s budget and workplan for 2026 and beyond;
3. Also requests the Risk Management Committee to consider the optimized approach to monitoring, evaluation and learning when guiding the development of the Independent Evaluation Unit workplans for 2026 and beyond, and further requests the Budget Committee to ensure that the Independent Evaluation Unit’s resource needs are addressed in a streamlined manner and aligned with the scale of the programming envelope; and
4. Encourages the Secretariat and the Independent Evaluation Unit to continue enhancing coordination mechanisms and data-sharing arrangements, with full respect for the Independent Evaluation Unit’s operational independence, to promote learning synergies and avoid duplication, including feedback loops where appropriate.

The Board, having considered confidential document GCF/B.42/17 titled “Allegations of misconduct against a Board-appointed official” and the documents referenced in it:

1. Takes note of the Ethics and Audit Committee’s strictly confidential memorandum, and the Executive Summary of the independent investigation report;
2. Also takes note of:
   1. The decision of the Ethics and Audit Committee on the closure of the investigation;
   2. The recommendation of the Ethics and Audit Committee to the Board; and
   3. The views of the aforementioned Board-appointed official on the investigation report, which were submitted to the Board on 25 June 2025;
3. Decides to close the matter with immediate effect; and
4. Requests the Chair of the Ethics and Audit Committee to inform all the concerned individuals, as appropriate.

The Board, having considered confidential distribution document GCF/B.42/10 titled “Matters related to the selection of the Head of the Independent Evaluation Unit”:

1. Decides to appoint Andreas Reumann for a second term of three years as Head of the Independent Evaluation Unit, beginning at the end of his current appointment; and
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, the contract between the Head of the Independent Evaluation Unit and GCF.

The Board, having considered document GCF/B.42/02/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 050 titled “Toward Risk-Aware and Climate-resilienT communities (TRACT) - Strengthening climate services and impact-based multi-hazard early warning in Maldives” by the United Nations Environment Programme, as contained in document GCF/B.42/02/Add.01;
   2. Simplified approval process funding proposal 051 titled “Increasing resilience to the health risks of climate change in the Federated States of Micronesia” by the Pacific Community, as contained in document GCF/B.42/02/Add.02;
   3. Simplified approval process funding proposal 052 titled “Strengthen the National Multi-Hazard Early Warning System in the Sultanate of Oman” by the United Nations Industrial Development Organization, as contained in document GCF/B.42/02/Add.03;
   4. Simplified approval process funding proposal 053 titled “FISH-ADAPT: Transforming climate resilience and sustainability in Saint Lucia’s fisheries communities” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.42/02/Add.04;
   5. Simplified approval process funding proposal 054 titled “SOURCE Pacific Drinking Water Projects” by the Asian Development Bank, as contained in document GCF/B.42/02/Add.05 and 20;
   6. Funding proposal 265 titled “Climate-resilient landscapes for sustainable livelihoods in northern Ghana” by the United Nations Environment Programme, as contained in document GCF/B.42/02/Add.07;
   7. Funding proposal 266 titled “Strengthening the resilience of ecosystems and populations in four regional hubs in northern Mauritania” by the United Nations Environment Programme, as contained in document GCF/B.42/02/Add.08;
   8. Funding proposal 267 titled “Scaling up ecosystem-based approaches to managing climate-intensified disaster risks in vulnerable regions of South Africa (“Eco-DRR”)” by the South African National Biodiversity Institute, as contained in document GCF/B.42/02/Add.09;
   9. Funding proposal 268 titled “Scaling-Up Resilience in Africa’s Great Green Wall (SURAGGWA)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.42/02/Add.10;
   10. Funding proposal 269 titled “Dairy Interventions for Mitigation and Adaptation (DaIMA)” by the International Fund for Agricultural Development, as contained in document GCF/B.42/02/Add.11;
   11. Funding proposal 270 titled “Climate Adaptive Irrigation and Sustainable Agriculture for Resilience (CAISAR) in Cambodia” by the International Fund for Agricultural Development, as contained in document GCF/B.42/02/Add.12;
   12. Funding proposal 271 titled “India Green Finance Facility (IGFF)” by the Asian Development Bank, as contained in document GCF/B.42/02/Add.13;
   13. Funding proposal 272 titled “Protecting livelihoods and assets at risk from Glacial Lake Outburst Floods (GLOFs) and climate change-induced flooding in glacial river basins of Nepal” by the United Nations Development Programme, as contained in document GCF/B.42/02/Add.14;
   14. Funding proposal 273 titled “Papua New Guinea REDD-plus RBP for results period 2014-2016” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.42/02/Add.15;
   15. Funding proposal 274 titled “Building the Climate Resilience of Children and Communities through the Education Sector (BRACE)” by Save the Children Australia, as contained in document GCF/B.42/02/Add.16;
   16. Funding proposal 275 titled “Scaling up the Deployment of Integrated Utility Services (IUS) to Support Energy Sector Transformation in the Caribbean (Phase 1) Programme” by the Caribbean Development Bank, as contained in document GCF/B.42/02/Add.17 and 22;
   17. Funding proposal 276 titled “GCF’s investment into the Global Green Bond Initiative (GGBI) (previously known as Green and Resilience Debt Platform (GRDP))” by the European Investment Bank, as contained in document GCF/B.42/02/Add.18 and 23; and
   18. Funding proposal 277 titled “ATOME Villeta Green Fertilizer (AVGF) Project” by the International Finance Corporation, as contained in document GCF/B.42/02/Add.19 and 24;
2. Approves simplified approval process funding proposal 050, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
3. Also approves simplified approval process funding proposal 051, submitted by the Pacific Community (SPC), for the amount of USD 17,893,309, in accordance with the term sheet agreed between the Secretariat and SPC and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
4. Further approves simplified approval process funding proposal 053, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 14,750,000, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
5. Approves simplified approval process funding proposal 054, submitted by the Asian Development Bank (ADB), for the amount of USD 9,000,000, in accordance with the term sheet agreed between the Secretariat and ADB and set out in document GCF/B.42/02/Add.20, and subject to the conditions set out in annex I;
6. Also approves funding proposal 265, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 63,211,141, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
7. Further approves funding proposal 266, submitted by United Nations Environment Programme (UNEP), for the amount of USD 30,902,775, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
8. Approves funding proposal 267, submitted by the South African National Biodiversity Institute (SANBI), for the amount of USD 40,104,179, in accordance with the term sheet agreed between the Secretariat and SANBI and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
9. Also approves funding proposal 268, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 150,000,000, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
10. Further approves funding proposal 269, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 150,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
11. Approves funding proposal 270, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 80,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
12. Also approves funding proposal 271, submitted by the Asian Development Bank (ADB), for the amount of USD 200,000,000, in accordance with the term sheet agreed between the Secretariat and ADB and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
13. Further approves funding proposal 272, submitted by United Nations Development Programme (UNDP), for the amount of USD 36,158,230, in accordance with the term sheet agreed between the Secretariat and UNDP and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
14. Approves funding proposal 273, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 63,413,756, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
15. Also approves, pursuant to a vote in which 20 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 274, submitted by Save the Children Australia (SCA), for the amount of USD 40,751,264, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.42/02/Add.25, and subject to the conditions set out in annex I;
16. Further approves funding proposal 275, submitted by the Caribbean Development Bank (CDB), for the amount of USD 26,736,295, in accordance with the term sheet agreed between the Secretariat and CDB and set out in document GCF/B.42/02/Add.22, and subject to the conditions set out in annex I;
17. Approves funding proposal 276, submitted by the European Investment Bank (EIB), for the amount of EUR 200,000,000, in accordance with the term sheet agreed between the Secretariat and EIB and set out in document GCF/B.42/02/Add.23, and subject to the conditions set out in annex I;
18. Also approves funding proposal 277, submitted by the International Finance Corporation (IFC), for the amount of USD 50,000,000, in accordance with the term sheet agreed between the Secretariat and IFC and set out in document GCF/B.42/02/Add.24, and subject to the conditions set out in annex I;
19. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her delegate(s) is authorized to negotiate and enter into legal agreements on behalf of GCF 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
20. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered document GCF/B.42/06 titled “Status of approved funding proposals: adding host countries in respect of FP205 (“Infrastructure Climate Resilient Fund”)”:

1. Approves the inclusion of Angola, Burkina Faso, Senegal and Uganda as host countries for FP205; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

The Board, having considered document GCF/B.42/07 titled “Status of approved funding proposals: adding a host country in respect of FP211 (“Hardest-to-Reach”)”:

1. Approves the inclusion of Liberia as a host country for FP211; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (a) above.

The Board, having considered document GCF/B.42/05 titled “Consideration of funding proposals: extension of the deadline in respect of FP153 (Mongolia Green Finance Corporation)”:

Decides to extend until the day which is one day after the last day of the forty-fourth meeting of the Board the deadline for the execution of the funded activity agreement for the following approved funding proposal:

1. FP153, titled “Mongolia Green Finance Corporation”.

The Board, having considered document GCF/B.42/11 titled “Consideration of funding proposals: extension of deadline in respect of FP221 (Rwanda Green Investment Facility (RGIF))”:

Decides to extend, until the day which is one day after the last day of the forty-third meeting of the Board, the deadline for the execution of the funded activity agreement, in a form and substance satisfactory to the GCF Secretariat, for the following approved funding proposal:

1. FP221, titled “Rwanda Green Investment Facility (RGIF)”.

The Board, having considered document GCF/B.42/03 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants for accreditation:
   1. Applicant 150 (APL150), the Banco Promerica de Costa Rica, Sociedad Anónima (Banco Promerica), based in Costa Rica, as contained in document GCF/B.42/03/Add.01;
   2. Applicant 151 (APL151), the Banque Nationale d’Investissement (BNI), based in Côte d’Ivoire, as contained in document GCF/B.42/03/Add.02;
   3. Applicant 152 (APL152), Development Bank of Namibia Limited (DBN), based in Namibia, as contained in document GCF/B.42/03/Add.03;
   4. Applicant 153 (APL153), the Development Finance Corporation (DFC), based in Belize, as contained in document GCF/B.42/03/Add.04;
   5. Applicant 154 (APL154), the Environment Protection Fund (EPF), based in the Lao People’s Democratic Republic, as contained in document GCF/B.42/03/Add.05;
   6. Applicant 155 (APL155), the JSC Georgian Energy Development Fund (GEDF), based in Georgia, as contained in document GCF/B.42/03/Add.06;
   7. Applicant 156 (APL156), the Saint Lucia Development Bank (SLDB), based in Saint Lucia, as contained in document GCF/B.42/03/Add.07; and
   8. Applicant 157 (APL157), the International Land and Forest Tenure Facility (Tenure Facility), based in Sweden, as contained in document GCF/B.42/03/Add.08;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL150, the Banco Promerica de Costa Rica, Sociedad Anónima (Banco Promerica), based in Costa Rica, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.01, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL151, the Banque Nationale d’Investissement (BNI), based in Côte d’Ivoire, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.02, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL152, the Development Bank of Namibia Limited (DBN), based in Namibia, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL153, the Development Finance Corporation (DFC), based in Belize, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL154, the Environment Protection Fund (EPF), based in the Lao People’s Democratic Republic, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL155, the JSC Georgian Energy Development Fund (GEDF), based in Georgia, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.06, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
8. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL156, the Saint Lucia Development Bank (SLDB), based in Saint Lucia, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.07, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
9. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL157, the International Land and Forest Tenure Facility (Tenure Facility), based in Sweden, subject to, and in accordance with, the recommendation of the Accreditation Panel contained in section 4.2 of document GCF/B.42/03/Add.08, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
10. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel and summarized in document GCF/B.42/Inf.09 titled “Status of the GCF Resources, Portfolio and Pipeline”; and
11. Decides that those entities referred to in annex II are also eligible to apply under the fasttrack accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund.

The Board, having considered document GCF/B.42/09 titled “Fourteenth 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 “Fourteenth 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.42/09, taking into consideration the comments made and decisions taken at the forty-second 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 thirtieth session of the Conference of the Parties, in accordance with decision 7/CP.20, paragraph 23; and
2. Also requests the Co-Chairs, assisted by the Secretariat, to develop an addendum to the “Fourteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change” capturing the progress and decisions to be made during the forty-third meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board, having considered documents GCF/B.42/04 titled “Accreditation matters”, GCF/B.42/04/Add.01 titled “Accreditation Framework”, GCF/B.42/04/Add.02 titled “Policy on fees for accreditation”, GCF/B.42/04/Add.03 titled “Updated monitoring and accountability framework for accredited entities”, GCF/B.42/04/Add.04 titled “Revised approach to legal arrangements with accredited entities” and document GCF/B.42/04/Add.05 titled “Policy coherence analysis for the proposed revised accreditation framework”:

1. Adopts the accreditation framework contained in annex III to this decision (“Accreditation Framework”);
2. Recalls that, pursuant to paragraph 47 of the Governing Instrument for the GCF, the Board will consider additional modalities that further enhance direct access and decides that:
   1. The additional modality for non-governmental direct access applicants to self-nominate for accreditation, as set out in the Accreditation Framework, shall be implemented in a manner which is consistent with the principle of country ownership;
   2. Self-nominating direct access applicants shall (1) consult with the relevant national designated authority prior to submitting their accreditation application; and (2) provide information with respect to such consultation to the Secretariat during the accreditation process; and
   3. The national designated authority may submit any relevant information with respect to self-nominating direct access applicants, which shall be duly considered by the Secretariat during the accreditation process;
3. Adopts the policy on fees for accreditation contained in annex IV to this decision (“Policy on Fees for Accreditation”);
4. Also adopts the updated monitoring and accountability framework contained in annex V to this decision (“Monitoring and Accountability Framework”);
5. Further adopts the revised approach to legal arrangements with accredited entities set out in section 5.2 of document GCF/B.42/04/Add.04 (“Approach to Legal Arrangements”);
6. Takes note of the screening requirements for accreditation against which applicants will be assessed, as contained in part I of annex II to document GCF/B.42/04/Add.01 (“Screening Requirements”);
7. Requests the Secretariat to consult with the Accreditation Committee prior to implementing any material changes to the Screening Requirements;
8. Takes note of the assessment and gap analysis of:
   1. The fiduciary standards and environmental and social standards of the Adaptation Fund, Global Environment Facility, and the Directorate-General for International Partnerships of the European Commission (formerly the Directorate-General for International Cooperation and Development); and
   2. The due diligence processes, fiduciary standards and environmental and social standards of the International Bank for Reconstruction and Development and the International Development Association (World Bank) and the African Development Bank,

   in each case, against the Screening Requirements, as presented in annex III to document GCF/B.42/04/Add.01;

9. Agrees that the fast-track accreditation process adopted in paragraphs (c)–(h) of decision B.08/03 shall (i) apply with respect to the Screening Requirements against which eligible applicants for accreditation under the Accreditation Framework are assessed; and (ii) in relation to the fiduciary standards and environmental and social standards not assessed at the time of an eligible accredited entity’s accreditation, be relied upon by the Secretariat in its assessment of funding proposals submitted by the accredited entity;
10. Decides to extend the fast-track accreditation process referred to in paragraph (i) above as set out in section 2.3 of annex III to document GCF/B.42/04/Add.01;
11. Takes note of the policy coherence analysis for the proposed revised accreditation framework contained in document GCF/B.42/04/Add.05;
12. Decides that the Accreditation Framework, the Policy on Fees for Accreditation, the Monitoring and Accountability Framework, and the Approach to Legal Arrangements will become effective on the day after the closing of the forty-third meeting of the Board (“Effective Date”);
13. Also decides that, from the date of this decision, the transitional arrangements in respect of the Accreditation Framework, the Monitoring and Accountability Framework, and the Approach to Legal Arrangements set out in annex VI to this decision shall apply;
14. Agrees that, on the Effective Date, the policies and decisions listed in annex VII to this decision shall, subject to (i) the transitional arrangements adopted in paragraph (m) above; and (ii) paragraph (t) below, be repealed;
15. Decides that the accreditation term extension granted through decision B.37/18, paragraph (q), shall be extended until the Effective Date;
16. Requests the Secretariat to (i) determine the submission windows for applications for accreditation; (ii) develop, adopt and publish accreditation service standards; (iii) revise and/or develop templates, forms, guidance notes, and supporting materials for the implementation of the Accreditation Framework; (iv) update the Digital Accreditation Platform; and (v) undertake a comprehensive communications campaign for relevant stakeholders in connection with the implementation of the Accreditation Framework;
17. Also requests the Secretariat, under the guidance of the Accreditation Committee, to commission a broad review of the objectives, role, structure, governance and operational modalities of the Accreditation Panel in supporting Board decision-making under the revised Accreditation Framework and to prepare terms of reference for such review of the Accreditation Panel for consideration and approval by the Board no later than the forty-fourth meeting of the Board;
18. Decides that any direct access entity accredited under the Accreditation Framework which has not been nominated by a national designated authority shall, prior to being entitled to access the direct access entity support modality under the Readiness Strategy 2024–2027 adopted in decision B.37/21, paragraph (b), be required to provide evidence of its coordination with the respective national designated authority in line with the country’s priorities and deliver to GCF a written confirmation of the relevant national designated authority’s support for that entity’s access to the direct access entity support modality;
19. Confirms that, upon the Effective Date, all decisions, Board-approved policies and operational guidelines that reference “accreditation”, “re-accreditation”, “accreditation term” (and associated processes linked to a fixed accreditation term), “accreditation master agreement” or “AMA” shall be interpreted and applied in a manner consistent with the Accreditation Framework, the Monitoring and Accountability Framework, the Policy on Fees for Accreditation, and the Approach to Legal Arrangements; and
20. Also confirms that the implementation, on a pilot basis, of the project-specific assessment approach, pursuant to decision B.31/06, shall continue and be unaffected by the adoption of the Accreditation Framework, and, notwithstanding paragraph (n) above, the pilot framework for the GCF project-specific assessment approach set out in section VII of the accreditation framework adopted in decision B.31/06 and the policy on fees for accreditation of the Green Climate Fund adopted by decision B.08/04 as it relates to the calculation of fees under the project-specific assessment approach, shall continue to apply in respect of the project-specific assessment approach.

The Board, having considered document GCF/B.42/12 titled “Operationalizing GCF regional presence: selection process and criteria”:

1. Adopts the terms of reference for the selection of the host countries for GCF regional presence, as contained in annex VIII;
2. Requests the Secretariat to launch a call for proposals to host GCF regional presence, based on the adopted terms of reference, with a deadline of 19 September 2025 for submission of proposals; and
3. Also requests the Secretariat to prepare a comprehensive analysis and recommendation for host countries of regional offices and an outpost, as defined in document GCF/B.42/12, consistent with decision B.41/10 for the Board’s consideration.

The Board, having considered document GCF/B.42/15 titled “Staff Regulations” and its addendum Add.01:

1. Recalls decision B.38/06, in which the Board adopted the GCF Compensation Philosophy;
2. Decides to continue upholding the international character of the Fund, striving to ensure geographical balance and diversity among its staff, while leveraging local labour markets, as appropriate;
3. Takes note that standards of conduct will be developed reflecting the values and character of GCF to apply to both staff members and non-staff contracted personnel, such as consultants and interns;
4. Decides that until the standards of conduct are adopted by the Board, the Code of Conduct, currently set out in the Administrative Guidelines on Human Resources, will continue to apply to staff;
5. Recalls decision B.11/01, providing the appointment level range for the Heads of the independent units, which remains in effect;
6. Requests the Performance Oversight Committee of the Executive Director and the Heads of the independent units to:
   1. Conduct a review of the salary levels of all Board-appointed officials; and
   2. Develop, for the Board’s consideration no later than at its forty-third meeting, a proposed salary scale for Board-appointed officials;
7. Adopts the Staff Regulations, as contained in annex IX;
8. Also adopts the Staff Rules, as contained in annex X, to implement the Staff Regulations, hereinafter to be supplemented, amended, revoked or replaced by the Executive Director in a manner consistent with the Staff Regulations; and
9. Decides that the Staff Regulations and the Staff Rules will enter into force no later than 1 January 2026 and together will replace the Administrative Guidelines on Human Resources adopted through decision B.08/17 and subsequently amended by decisions B.34/20, B.34/21 and B.37/08.