The Board, having considered document GCF/B.45/Inf.12 titled “Report on the activities of the Secretariat”:
- Endorses the refined Commitment Authority Framework methodology, with its risk-based approach, as set out in annex III to document GCF/B.45/Inf.12, for the purpose of increasing programming capacity;
- Requests the Secretariat to apply the refined Commitment Authority Framework methodology in determining available commitment authority, exercising due prudence in the initial implementation period, while ensuring that the implementation does not affect the Board’s approval of resources already committed and that sufficient resources remain available to honour all approved funding commitments as and when required;
- Also requests the Secretariat to report to the Board on available commitment authority ahead of each Board meeting, and quarterly via the Risk Dashboard, applying the refined Commitment Authority Framework methodology from its implementation;
- Delegates to the Risk and Finance Committee responsibility for monitoring the implementation and performance of the refined Commitment Authority Framework methodology, and to advise the Board on any material issues arising from the initial implementation; and
- Notes that the commitment authority will be determined by the evolving shape of the portfolio, reflecting the policy and programming decisions taken by the Board, which will continue to be taken in line with approved decisions with respect to financial instruments without seeking to influence the risk appetite or financial instrument mix.