B.20/07: Status of the initial resource mobilization process
The Board, having considered document GCF/B.20/Inf.06 titled “Status of the GCF portfolio: approved projects and fulfilment of conditions”, document GCF/B.20/Inf.07/Rev.01 titled “Status of the GCF pipeline, including the status of Project Preparation Facility requests” and document GCF/B.20/Inf.05 titled “Status of the initial resource mobilization process”:
- Takes note that the GCF cumulative funding approvals as at the twentieth meeting of the Board amount to USD 4.4 billion, and the remaining commitment authority for the initial resource mobilization is currently projected at USD 2.8 billion;
- Recognizes the high demand in the GCF pipeline from developing countries, and that an approach to managing the GCF commitment authority and resources is required to guide developing countries and accredited entities in engaging with GCF;
- Takes note of the information provided, which relates to the effects on the commitment authority related to currency fluctuations to the amount of USD 0.9 billion1 and the as-yet unfulfilled contribution agreements/arrangements to the amount of USD 0.1 billion;2
- Takes note of the level of the current state of the disbursement of resources to the amount of 274 million for approved projects and urges the Secretariat to continue to make progress to speed up the rate at which projects reach the implementation stage;
- Requests the Secretariat to consider the Board’s comments on the need for financial management of the commitment authority in preparing for the twenty-first meeting of the Board, with a view to ensuring resources for the operation of the GCF for the remainder of the initial resource mobilization period in line with paragraph (f) below;
- Also requests the Secretariat to prepare an analysis of options for the financial planning of the GCF commitment authority for the initial resource mobilization with a view to managing the GCF pipeline to balance commitments and diversity among accredited entities and across the initial results areas of the GCF based on confirmed contributions in accordance with decision B.06/06 on resource allocation, and present this to the Board for consideration and adoption at its twenty-first meeting; and
- Confirms that the financial planning exercise should also contain a forward-looking analysis on pipeline management to guide the GCF replenishment process.