Forty-third meeting of the GCF Board (B.43)

The Board, having considered document GCF/B.43/13 titled “Reappointment of a member of the independent Technical Advisory Panel” and its limited distribution addendum Add.01:

Endorses the reappointment of Ms. Carmenza Robledo to the independent Technical Advisory Panel for a three-year term starting on the date of the expiration of her current term.

The Board, having considered confidential document GCF/B.43/11 titled “Matters related to the selection of the Head of the Independent Integrity Unit”:

1. Decides to renew the appointment of Karen Ernst for a second term of three years as Head of the Independent Integrity Unit, effective from 1 June 2026; and
2. Authorizes the Co-Chairs to negotiate and sign, on behalf of the Board, the contract between the Head of the Independent Integrity Unit and GCF.

The Board, having considered document GCF/B.43/02/Rev.01 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 052 titled “Building Oman’s Climate Intelligence and Early Warning Ecosystem for Risk-Informed Planning and Inclusive Climate-Proof Investment” by the United Nations Industrial Development Organization, as contained in document GCF/B.43/02/Add.01;
   2. Simplified approval process funding proposal 055 titled “Strengthening the Health Resilience of Communities Vulnerable to Climate Change in Benin’s ABD (Adjohoun, Bonou and Dangbo) Zone” by the National Fund for Environment and Climate of Benin (FNEC), as contained in document GCF/B.43/02/Add.02;
   3. Simplified approval process funding proposal 056 titled “Climate Resilience in the Guiriko Region” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.43/02/Add.03;
   4. Simplified approval process funding proposal 057 titled “AY4SF - Adolescents and Youth for a Sustainable Future: strengthening climate change adaptation and community resilience through green jobs in Zimbabwe” by Save the Children Australia, as contained in document GCF/B.43/02/Add.04;
   5. Simplified approval process funding proposal 058 titled “Local Governments and Climate Change-III (LGCC-3)” by the Kingdom of Cambodia, acting through the National Committee for Sub‑National Democratic Development, as contained in document GCF/B.43/02/Add.05;
   6. Simplified approval process funding proposal 059 titled “Fueling Green Recovery in Armenia – advancing forest infrastructure and creating sustainable jobs for rural communities” by the Republic of Armenia, acting through the Environmental Project Implementation Unit State Agency of the Ministry of Environment of the Republic of Armenia, as contained in document GCF/B.43/02/Add.06;
   7. Simplified approval process funding proposal 060 titled “Promoting Climate Resilient Livelihoods for Food Insecure People in Southern Iraq” by the World Food Programme, as contained in document GCF/B.43/02/Add.07;
   8. Simplified approval process funding proposal 061 titled “Mitigation and adaptation to climate change under agroforestry systems in cocoa production in the Amazon and Atlantic Forest biomes” by the Inter-American Institute for Cooperation on Agriculture, as contained in document GCF/B.43/02/Add.08;
   9. Simplified approval process funding proposal 062 titled “Dominica Community Resilience Enhancement Project (DOMCREP)” by the Caribbean Community Climate Change Centre, as contained in document GCF/B.43/02/Add.09;
   10. Simplified approval process funding proposal 063 titled “Scaling up of Caribbean Hydrometeorological and Multi-hazard Early Warning Services (CREWS) in Belize and Trinidad and Tobago” by the Caribbean Development Bank, as contained in document GCF/B.43/02/Add.10/Rev.01;
   11. Simplified approval process funding proposal 064 titled “Building Eco-system for Accelerating Contribution to NDC through Climate Innovation Incubation for India (“BEACON INDIA”)” by the Small Industries Development Bank of India, as contained in document GCF/B.43/02/Add.11 and 22;
   12. Simplified approval process funding proposal 065 titled “Harnessing Insurance for Climate Resilience in Indian Agriculture” by the National Bank for Agriculture and Rural Development, as contained in document GCF/B.43/02/Add.27 and 28;
   13. Funding proposal 264 titled “Prosperete Growth Fund” by Prosperete Investment Management Ltd, as contained in document GCF/B.43/02/Add.29 and 30, including the assessment conducted by the Secretariat of Prosperete Investment Management Ltd, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.29;
   14. Funding proposal 278 titled “Adaptation of agricultural value chains to climate change in Madagascar – PrAda 2+” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.43/02/Add.12;
   15. Funding proposal 279 titled “Enhancing Climate Resilience in Flood-Prone Areas in Northwestern South Sudan (ECRF)” by the World Food Programme, as contained in document GCF/B.43/02/Add.13/Rev.01;
   16. Funding proposal 280 titled “Uganda REDD+ RBP for results period 2016 - 2017” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.43/02/Add.14;
   17. Funding proposal 281 titled “Direct Financing for Communities and Businesses to Respond to Climate Change in the Cook Islands” by the Ministry of Finance and Economic Management (MFEM) of the Cook Islands, as contained in document GCF/B.43/02/Add.15;
   18. Funding proposal 282 titled “Lao People’s Democratic Republic: REDD+ Results-based Payments for results period [2015 – 2018] – “Governance, Forest Landscapes and Livelihoods – Southern Laos Project (GFLL-SL)”” by the Japan International Cooperation Agency, as contained in document GCF/B.43/02/Add.16;
   19. Funding proposal 283 titled “Glaciers to Farms (G2F) Regional Program: Advancing Climate Resilience & Sustainable Development in Central and West Asia” by the Asian Development Bank, as contained in document GCF/B.43/02/Add.17;
   20. Funding proposal 284 titled “Amazonia Viva Program” by the International Bank for Reconstruction and Development and the International Development Association (World Bank), as contained in document GCF/B.43/02/Add.18;
   21. Funding proposal 285 titled “GEF Latam Climate Solutions Fund IV” by GEF Brasil Investimentos Ltda, as contained in document GCF/B.43/02/Add.19 and 23, including the assessment conducted by the secretariat of GEF Brasil Investimentos Ltda, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.19;
   22. Funding proposal 286 titled “Mandala Capital SSEA Food Programme (“MCSSEAFP”)” by Mandala Capital Limited, as contained in document GCF/B.43/02/Add.20 and 24, including the assessment conducted by the secretariat of Mandala Capital Limited, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.20; and
   23. Funding proposal 287 titled “Novastar Ventures Africa People and Planet Fund III” by Novastar Ventures Limited, as contained in document GCF/B.43/02/Add.21 and 25, including the assessment conducted by the secretariat of Novastar Ventures Limited, as contained in the Secretariat’s assessment within document GCF/B.43/02/Add.21; and
   24. Funding proposal 288 titled “Jordan Aqaba-Amman Water Desalination and Conveyance Project (AAWDCP)” by the International Finance Corporation, as contained in document GCF/B.43/02/Add.31 and 32;
2. Approves simplified approval process funding proposal 055, submitted by the National Fund for Environment and Climate of Benin (FNEC), for the amount of USD 8,600,000, in accordance with the term sheet agreed between the Secretariat and FNEC and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
3. Also approves, pursuant to a vote in which 18 of the Board members present voted in favour and 2 of the Board members present voted against, and in respect of which 3 of the Board members present abstained from the vote, simplified approval process funding proposal 056, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 21,000,000, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
4. Further approves simplified approval process funding proposal 057, submitted by Save the Children Australia (SCA), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
5. Approves simplified approval process funding proposal 058, submitted by the Kingdom of Cambodia, acting through the National Committee for Sub‑National Democratic Development (NCDD), for the amount of USD 9,783,456, in accordance with the term sheet agreed between the Secretariat and NCDD and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
6. Also approves simplified approval process funding proposal 059, submitted by the Republic of Armenia, acting through the Environmental Project Implementation Unit State Agency of the Ministry of Environment of the Republic of Armenia (EPIU), for the amount of USD 9,493,842, in accordance with the term sheet agreed between the Secretariat and EPIU and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
7. Further approves simplified approval process funding proposal 060, submitted by the World Food Programme (WFP), for the amount of USD 20,221,682, in accordance with the term sheet agreed between the Secretariat and WFP and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
8. Approves simplified approval process funding proposal 061, submitted by the Inter-American Institute for Cooperation on Agriculture (IICA), for the amount of USD 23,149,717, in accordance with the term sheet agreed between the Secretariat and IICA and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
9. Also approves simplified approval process funding proposal 062, submitted by the Caribbean Community Climate Change Centre (CCCCC), for the amount of USD 24,526,669, in accordance with the term sheet agreed between the Secretariat and CCCCC and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
10. Further approves simplified approval process funding proposal 063, submitted by the Caribbean Development Bank (CDB), for the amount of USD 24,117,448, in accordance with the term sheet agreed between the Secretariat and CDB and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
11. Approves simplified approval process funding proposal 064, submitted by the Small Industries Development Bank of India (SIDBI), for the amount of USD 24,997,890, in accordance with the term sheet agreed between the Secretariat and SIDBI and set out in document GCF/B.43/02/Add.22, and subject to the conditions set out in annex I;
12. Also approves simplified approval process funding proposal 065, submitted by the National Bank for Agriculture and Rural Development (NABARD), for the amount of USD 20,000,000, in accordance with the term sheet agreed between the Secretariat and NABARD and set out in document GCF/B.43/02/Add.28, and subject to the conditions set out in annex I;
13. Further approves funding proposal 278, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 43,623,766.13, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
14. Approves funding proposal 279, submitted by the World Food Programme (WFP), for the amount of USD 44,679,086, in accordance with the term sheet agreed between the Secretariat and WFP and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
15. Also approves funding proposal 280, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 31,021,730, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
16. Further approves funding proposal 281, submitted by the Ministry of Finance and Economic Management (MFEM) of the Cook Islands, for the amount of USD 39,982,375, in accordance with the term sheet agreed between the Secretariat and MFEM of the Cook Islands and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
17. Approves funding proposal 282, submitted by the Japan International Cooperation Agency (JICA), for the amount of USD 61,465,393, in accordance with the term sheet agreed between the Secretariat and JICA and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
18. Also approves funding proposal 283, submitted by the Asian Development Bank (ADB), for the amount of USD 250,000,000, in accordance with the term sheet agreed between the Secretariat and ADB and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
19. Further approves funding proposal 284, submitted by the International Bank for Reconstruction and Development and the International Development Association (World Bank), for the amount of USD 200,000,000, in accordance with the term sheet agreed between the Secretariat and the World Bank and set out in document GCF/B.43/02/Add.26, and subject to the conditions set out in annex I;
20. Approves funding proposal 285, submitted by GEF Brasil Investimentos Ltda (GEF Brasil), for the amount of USD 70,000,000, in accordance with the term sheet agreed between the Secretariat and GEF Brasil and set out in document GCF/B.43/02/Add.23, and subject to the conditions set out in annex I;
21. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, GEF Brasil shall be deemed accredited only for the purposes of funding proposal 285;
22. Approves funding proposal 286, submitted by Mandala Capital Limited (Mandala), for the amount of USD 36,000,000, in accordance with the term sheet agreed between the Secretariat and Mandala and set out in document GCF/B.43/02/Add.24, and subject to the conditions set out in annex I;
23. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, Mandala shall be deemed accredited only for the purposes of funding proposal 286;
24. Approves funding proposal 287, submitted by Novastar Ventures Limited (Novastar), for the amount of USD 40,000,000, in accordance with the term sheet agreed between the Secretariat and Novastar and set out in document GCF/B.43/02/Add.25, and subject to the conditions set out in annex I;
25. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, Novastar shall be deemed accredited only for the purposes of funding proposal 287;
26. Approves funding proposal 288, submitted by the International Finance Corporation (IFC), for the amount of USD 295,000,000, in accordance with the term sheet agreed between the Secretariat and IFC and set out in document GCF/B.43/02/Add.32, and subject to the conditions set out in annex I;
27. 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

54. 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.43/08/Rev.01 titled “Adding a host country in respect of FP140 ‘High Impact Programme for the Corporate Sector’”:

1. Approves the inclusion of Egypt as a host country for FP140; 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.43/16 titled “Status of approved funding proposals: adding host countries in respect of FP230 (“Kuali Fund-GCF”)”:

1. Approves the inclusion of Bolivia, Costa Rica, the Dominican Republic, India and Peru as host countries for FP230; 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.43/14 titled “Consideration of funding proposals: Extension of deadline in respect of FP224 (Renewstable Barbados Project)” and its limited distribution addendum Add.01:

Decides to extend, until the day which is one day after the last day of the forty-fifth meeting of the Board, the deadline for the submission by the accredited entity of a certificate or legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed project for the following approved funding proposal:

1. FP224, titled “Renewstable Barbados Project”.

The Board, having considered document GCF/B.43/09 titled “Consideration of funding proposals: extension of the deadline in respect of FP242 ‘Caribbean Net-Zero and Resilient Private Sector’”:

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. FP242, titled “Caribbean Net-Zero and Resilient Private Sector”.

The Board, having considered document GCF/B.43/10 titled “Consideration of funding proposals: extension of the deadline in respect of SAP047: ‘Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan’” and its limited distribution addendum Add.01:

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

1. SAP047, titled “Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan”.

The Board, having considered document GCF/B.43/03 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 158 (APL158), Agence de Promotion des Investissements Agricoles (APIA), based in Tunisia, as contained in document GCF/B.43/03/Add.01;
   2. Applicant 159 (APL159), the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), based in Viet Nam, as contained in document GCF/B.43/03/Add.02;
   3. Applicant 160 (APL160), the Joint Stock Company “Development Bank of Kazakhstan” (DBK), based in Kazakhstan, as contained in document GCF/B.43/03/Add.03;
   4. Applicant 161 (APL161), the Environmental Management Authority (EMA), based in Trinidad and Tobago, as contained in document GCF/B.43/03/Add.04; and
   5. Applicant 162 (APL162), the Ministry of Finance and Economic Management of the Government of Vanuatu (MFEM Vanuatu), based in Vanuatu, as contained in document GCF/B.43/03/Add.05;

   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 APL158, Agence de Promotion des Investissements Agricoles (APIA), based in Tunisia, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/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 APL159, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), based in Viet Nam, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/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 APL160, the Joint Stock Company “Development Bank of Kazakhstan” (DBK), based in Kazakhstan, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/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 APL161, the Environmental Management Authority (EMA), based in Trinidad and Tobago, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/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 APL162, the Ministry of Finance and Economic Management of the Government of Vanuatu (MFEM Vanuatu), based in Vanuatu, subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/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. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant document for the following applicant seeking to upgrade their accreditation type:
   1. Japan International Cooperation Agency (JICA), based in Japan, as contained in document GCF/B.43/03/Add.06;
8. Agrees to upgrade the accreditation type of the Japan International Cooperation Agency (JICA), based in Japan, as contained in decision B.17/13, paragraph (b), subject to, and in accordance with, the recommendation on accreditation of the Accreditation Panel contained in section 4.2 of document GCF/B.43/03/Add.06; and
9. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel and summarized in the document GCF/B.43/Inf.10 titled “Status of the GCF resources, portfolio and pipeline”.

The Board, having considered document GCF/B.43/17 titled “2026-2028 work programme of the Secretariat and annual administrative budget of the GCF Secretariat, Board and Trustee”:

1. Decides, in accordance with paragraph 20(e)(i) of the Strategic Plan for the GCF 2024–2027, to set the following Fund-level programming and disbursement targets for 2026:
   1. Annual programming target of USD 2.7 to 3 billion in funding proposals approved by the Board; and
   2. Annual disbursement target of USD 1,073 to 1,193 million;
2. Approves the 2026 to 2028 Secretariat work programme set out in annex II, in accordance with paragraph 23(e) of the Governing Instrument for the GCF, acknowledging that future review of work programmes will need to factor in discussions yet to take place on the Strategic Plan for the GCF 2028‒2031;
3. Also approves the following administrative budgets for 2026:
   1. USD 120,833,038 for the GCF Secretariat, as set out in table 7 of annex II, which includes USD 266,234 in new funding, as well as USD 120,566,804 for the 2026 GCF Secretariat administrative budget that was approved by decision B.40/11, paragraph (e);
   2. USD 5,017,387 for the Board, as set out in table 5 of annex II; and
   3. USD 6,547,690 for the Trustee, as set out in table 8 of annex II;
4. Further approves, consistent with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2027, acknowledging that future review of these provisional administrative budgets will need to factor in discussions yet to take place on the Strategic Plan for the GCF 2028‒2031:
   1. USD 128,767,883 for the GCF Secretariat, as set out in table 7 of annex II, which includes USD 540,065 in new funding, as well as USD 128,227,818 for the 2027 provisional GCF Secretariat administrative budget that was approved by decision B.40/11, paragraph (f);
   2. USD 5,094,155 for the Board, as set out in table 5 of annex II; and
   3. USD 6,906,000 for the Trustee, as set out in table 8 of annex II;
5. Approves, consistent with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2028, acknowledging that future reviews of these provisional administrative budgets will need to factor in discussions yet to take place on the Strategic Plan for the GCF 2028‒2031:
   1. USD 140,545,443 for the GCF Secretariat, as set out in table 7 of annex II;
   2. USD 5,230,705 for the Board, as set out in table 5 of annex II; and
   3. USD 6,896,100 for the Trustee, as set out in table 8 of annex II;
6. Also approves an emergency contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework, approved by decision B.38/07, to support all units of GCF in the amount of USD 2,718,840 for 2026;
7. Further approves provisional emergency contingency budgets pursuant to paragraph 26 of the Administrative Budget and Accounting Framework, approved by decision B.38/07, to support all units of GCF in the amount of USD 2,885,860 for 2027 and USD 3,132,792 for 2028;
8. Approves a Board contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework, approved by decision B.38/07, to support all units of GCF in the amount of USD 2,039,130 for 2026;
9. Also approves a budget allocation of USD 698,302 for each of 2026, 2027 and 2028, additional to the budgets set out in paragraphs (c) to (e) above, acknowledging that the Secretariat will absorb the remaining USD 299,272 in the budgets set out in paragraphs (c) to (e) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V, effective 1 January 2026;
10. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08;
11. Requests the Secretariat to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year; and
12. Endorses the statement of the Executive Director on this decision, to be contained in the report of the forty-third meeting of the Board.

The Board, having considered document GCF/B.43/05 titled “Work Programme and Budget of the Independent Integrity Unit for 2026-2028”:

1. Approves the work programme and administrative budget of the Independent Integrity Unit for 2026 in the amount of USD 4,255,200, as set out in annexes II and III, respectively, to document GCF/B.43/05;
2. Takes note of the provisional work programme of the Independent Integrity Unit for 2027 and 2028, as set out in annex II to document GCF/B.43/05;
3. Approves the provisional administrative budgets for the Independent Integrity Unit, as set out in annex III to document GCF/B.43/05, in the amounts of USD 4,422,700 for 2027 and USD 4,644,300 for 2028;
4. Authorizes the Budget Committee to consider and approve drawing from the Board contingency budget the costs of unanticipated case-related work of the Independent Integrity Unit in 2026, upon recommendation of the Ethics and Audit Committee;
5. Approves a budget allocation of USD 23,633 for each of 2026, 2027, and 2028, additional to the budgets set out in (a) and (c) above, acknowledging that the Independent Integrity Unit will absorb the remaining USD 10,128 in the budgets set out in (a) and (c) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V referenced in decision B.43/10, paragraph (i), effective 1 January 2026;
6. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08; and
7. Requests the Independent Integrity Unit to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year.

The Board, having considered document GCF/B.43/06 titled “Independent Redress Mechanism Work Programme and Budget for 2026-2028”:

1. Approves the work programme and the administrative budget of the Independent Redress Mechanism for 2026 in the amount of USD 3,044,456, as contained in annexes II and III, respectively, to document GCF/B.43/06;
2. Takes note of the provisional work programme of the Independent Redress Mechanism for 2027 and 2028, as set out in annex II to document GCF/B.43/06;
3. Approves the provisional administrative budgets for the Independent Redress Mechanism, as set out in annex III to document GCF/B.43/06, in the amounts of USD 3,346,474 for 2027 and USD 3,669,812 for 2028;
4. Authorizes the Budget Committee to consider and approve drawing from the Board contingency budget the costs of unanticipated case-related work of the Independent Redress Mechanism in 2026 upon recommendation of the Ethics and Audit Committee;
5. Approves drawing from the Board contingency budget the costs of unanticipated case-related work of the Independent Redress Mechanism up to USD 200,000 in total in 2025 upon consultation with the Budget Committee;
6. Also approves a budget allocation of USD 16,095 for each of 2026, 2027 and 2028, additional to the budgets set out in (a) and (c) above, acknowledging that the Independent Redress Mechanism will absorb the remaining USD 6,898 in the budgets set out in (a) and (c) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V referenced in decision B.43/10, paragraph (i), effective 1 January 2026;
7. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08; and
8. Requests the Independent Redress Mechanism to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year.

The Board, having considered document GCF/B.43/07 titled “Independent Evaluation Unit 2026 work plan and budget, 2026 ‒ 2028 work plan and budget, and update of its three-year rolling objectives”:

1. Approves the workplan and administrative budget for the Independent Evaluation Unit for 2026 in the amount of USD 7,809,281, as set out in table 5 of annex III to document GCF/B.43/07;
2. Also approves the provisional administrative budgets for the Independent Evaluation Unit in the amount of USD 7,756,963 for 2027 and USD 7,780,029 for 2028, as set out in table 2 of annex II to document GCF/B.43/07;
3. Notes the update on the Independent Evaluation Unit’s three-year rolling objectives outlined in annex IV to document GCF/B.43/07;
4. Approves a budget allocation of USD 35,133 for each of 2026, 2027 and 2028, additional to the budgets set out in (a) and (b) above, acknowledging that the Independent Evaluation Unit will absorb the remaining USD 15,057 in the budgets set out in (a) and (b) above through efficiency gains, for the implementation of the 2025 salary adjustment set out in annex V referenced in decision B.43/10, paragraph (i), effective 1 January 2026;
5. Tasks the Executive Director with distributing the salary adjustments based on salary relativities among the staff, consistent with the approach outlined in paragraph (h) of decision B.37/08; and
6. Requests the Independent Evaluation Unit to submit its multiannual administrative budget to the Budget Committee for its review by 1 September each year.

The Board, having considered document GCF/B.43/20 titled “Co-Chairs’ proposal for an updated structure for Board committees” and its addendum Add.01 titled “Response matrix for comments received on the draft document”:

1. Notes the proposed updated structure of Board committees presented in annex II to document GCF/B.43/20;
2. Requests the Co-Chairs, with the support of the Secretariat, to present for consideration by the Board at its forty-fourth meeting new or updated terms of reference for the Board committees based on the proposed updated structure presented in annex II to document GCF/B.43/20 and discussions that took place at the forty-third meeting of the Board;
3. Also requests the Secretariat to prepare an update to the General guidelines for the operation of Board committees for Board consideration, as necessary, to give effect to any updates, including those proposed in annex II to document GCF/B.43/20, if adopted by the Board; and
4. Further requests the Co-Chairs, with the support of the Secretariat, to review existing authorities regulating participation in committee meetings and propose options for enhancing their role for Board consideration in the coming year.

The Board, having considered document GCF/B.43/15 titled “Dates and venues of upcoming meetings of the Board”:

1. Decides and confirms that the forty-fourth meeting of the Board will take place from Wednesday, 25 March to Saturday, 28 March 2026 in Songdo, Incheon, Republic of Korea;
2. Also decides that the forty-fifth meeting of the Board will take place from Monday, 29 June to Thursday, 2 July 2026 in Dushanbe, Tajikistan; and
3. Further decides that the forty-sixth meeting of the Board will take place from Monday, 26 to Thursday, 29 October 2026 in Songdo, Incheon, Republic of Korea.