B.24/14: Review of the initial investment framework: policy on co-financing

The Board, having considered document GCF/B.24/04 titled “Review of the initial investment framework: Policy on co-financing”:

  1. Adopts the Policy on Co-financing as set out in annex XXVIII;
  2. Decides that the Policy on Co-financing will apply to funding proposals approved at the twenty-sixth meeting of the Board and thereafter;
  3. Requests the Secretariat to design and implement a capacity-building programme, as part of the Readiness and Preparatory Support Programme, to support direct access accredited entities in the implementation of the Policy on Co-financing, including its reporting and evaluation requirements;
  4. Also requests the Secretariat to update the templates for concept notes and funding proposals to reflect the Policy on Co-financing by the twenty-fifth meeting of the Board, in keeping with the Secretariat’s current practice of updating templates no more than once per year;
  5. Further requests the Secretariat to recommend for the Board’s consideration the modality for the review of the Policy on Co-financing as part of the overall GCF policy review and update cycle, ensuring consistency with other relevant policies and building upon lessons learned and implementation challenges identified in the application of this policy;
  6. Requests the Secretariat to report relevant financial data defined in the Policy on Cofinancing no later than 2021 on the basis of 2020 data to inform relevant processes and relevant institutions collecting international development finance data, including those informing assessments by the Standing Committee on Finance and the reporting for the Biennial Reports under the United Nations Framework Convention on Climate Change, as appropriate; and
  7. Also requests the Secretariat to continue to work on the collaboration with relevant bilateral and multilateral institutions as well as on capacity-building with a view to introduce an instrument-based methodology to report mobilized private finance.