B.33/02: Report on the activities of the Secretariat

The Board, having considered document GCF/B.33/Inf.16 titled “Matters relating to risk management”:

  1. Decides to amend decision B.12/31, paragraph (d), such that as from the date of this decision, the Executive Director, in consultation with the relevant Secretariat divisions, offices and units, will determine on a case-by-case basis, whether a change to the accreditation master agreement template as approved by the Board, proposed by an accredited entity and acceptable to the Secretariat, is considered substantive, and would therefore require Board approval;
  2. Also decides that all express or implicit references to decision B.12/31, paragraph (d), in decision B.13/29 and any other relevant Board decisions, shall be deemed to be references to paragraph (a) of this decision;
  3. Further decides to set aside an additional amount of USD 150 million towards the risk buffer, thereby bringing the total risk buffer to USD 320 million;
  4. Requests the Secretariat to manage the foreign exchange commitment risk buffer and make periodic adjustments to the buffer amount with a view to meeting the target level for the foreign exchange commitment risk buffer, as set out in the Funding Risk Policy adopted pursuant to decision B.19/04, over time and agrees to amend the Funding Risk Policy accordingly; and
  5. Also requests the Secretariat, following consultation with the Budget Committee, to present a policy to minimize the effect of currency fluctuations on the commitment authority of the GCF, based on the document contained in annex I to document GCF/B.33/Inf.16, for the Board’s consideration at its thirty-fourth meeting.