B.35/07: Consideration of funding proposals
The Board, having considered limited distribution document GCF/B.35/04/Rev.01 titled “Consideration of proposed change included in the restructuring proposal for FP152: Global Subnational Climate Fund (SnCF Global) - Equity”:
- Approves the extension of the final fund closing date until 20 August 2023 (the “Initial Extension Period”);
- Also approves the extension of the final fund closing date until 20 January 2024 (the “Final Extension Period”), subject to the accredited entity delivering evidence during the Initial Extension Period that Global Subnational Climate Fund has received legally binding commitments or admitted additional limited partners with aggregate capital commitments of not less than USD 190,000,000 (“Additional Capital Commitments”) on or before the expiration of the Initial Extension Period, with such evidence to be in form and substance satisfactory to the Secretariat;
- Requests the Secretariat to work with the accredited entity to ensure that the FP152 pipeline related to investment made from any further GCF disbursement is suspended until the Additional Capital Commitments have been secured;
- Notes that if the Additional Capital Commitments have not been so committed or received on or before the expiration of the Initial Extension Period, the Final Extension Period shall be cancelled and the final fund closing date shall be 20 August 2023;
- Authorizes the Secretariat to first negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (a) above; and
- Also authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (b) above following the delivery of the evidence required under paragraph (b) above.