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May 2016 (Issue 6)

GCF Dispatch

A Roundup of News from the Green Climate Fund
May 2016

GCF Dispatch is a short compilation of news related to the Fund. This roundup is published periodically to keep partners — Board members, National Designated Authorities (NDAs), Accredited Entities (AEs), contributors, civil society, and private sector actors — up to speed on GCF activities. For more frequent updates, follow the Fund on Twitter at @GCF_News.

Executive Viewpoint: Supporting Countries in 'Getting Ready' to Deploy GCF's Resources

The Green Climate Fund concluded its first "Readiness Week" on 29 April to assist the Fund’s direct access entities in developing their project ideas. Taking place just days after world leaders signed the Paris Agreement at the United Nations in New York, the week was highly symbolic of GCF’s role in supporting countries to implement their national climate action commitments.

This five-day event represented the largest country-focused gathering the Fund has held to date at its Headquarters in Songdo, Republic of Korea. It brought together the Fund’s 13 direct access Accredited Entities (AEs) and National Designated Authorities (NDAs) / Focal Points (FPs) from 27 countries, totalling nearly 100 participants, including a number of representatives from Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States. A photo page for a behind-the-scenes take on this meeting is available at #GCFconnections.

A common thread of the week was a hands-on approach, fostering collaboration and partnerships. Interactive working sessions saw GCF’s country partners present their project ideas and priorities to solicit feedback from their peers and from technical leads at GCF Headquarters. Participants commented on the value of being able to "workshop" their projects in groups as a way to build upon and strengthen their own capacity, while leveraging others’ expertise.

Towards the end of the week, GCF delivered a full-day training session on mainstreaming women’s empowerment in the context of climate action, in partnership with UN Women, that zeroed in on the gender-specific considerations of project design and implementation. The last day focused on south-south exchange, which proved useful for participating countries to share project experiences across four themes: climate-compatible cities, climate-resilient agriculture, forests, and energy generation and access.

The Readiness Week demonstrates how the Fund’s country partners are committed to moving forward their most promising projects and programmes. It also highlights the paramount role of GCF in supporting countries realize the transformative changes that are needed to transition towards green and resilient economies and societies.

For GCF, the road ahead in this endeavour is clear. The Fund has a packed agenda for the second half of 2016 to advance the many areas that will help governments build their capacity and buttress the Fund. The Board has decided to meet in June, October, and December, in order to advance on our existing USD 1.5 billion project pipeline. For my part, despite the announcement of my departure from the Fund at the end of my mandate in September this year, there is also much work to do before then – so, time for reflection on the last three years will have to wait.

Héla Cheikhrouhou
Executive Director

Outcomes of the Twelfth Meeting of the GCF Board

At the March Board meeting, held 8–10 March in Songdo, consensus was reached across a range of policy areas. This included the adoption of the GCF Strategic Plan, together with the 2016 work programme, as well as the Fund’s comprehensive information disclosure policy that sets out the information the Fund will make publicly available. In this regard, and to promote greater transparency, the Board also decided to webcast future Board meetings so that they can be followed online.

Another significant decision was the Board’s green light to reinforce staffing at GCF Headquarters to provide more hands on deck. This will enable the Secretariat to grow from its current 56 permanent staff to an estimated 140 by the end of 2017.
The meeting saw an agreement to accredit 13 new entities to work in partnership with the Fund in support of low-emission and climate-resilient development. With these new entities, the Fund now has 33 institutions that are authorized to implement GCF-backed projects and programmes:

African Development Bank (AfDB);
Agency for Agricultural Development of Morocco (ADA);
Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB);
Development Bank of Southern Africa (DBSA);
European Investment Bank (EIB);
HSBC Holdings plc and its subsidiaries (HSBC);
International Finance Corporation (IFC);
International Union for Conservation of Nature (IUCN);
Ministry of Finance and Economic Cooperation of the Federal Republic of Ethiopia (MOFEC);
National Environment Management Authority of Kenya (NEMA);
Unidad Para el Cambio Rural of Argentina (Unit for Rural Change [UCAR]);
World Food Programme (WFP); and
World Meteorological Organization (WMO).

Project Pipeline Grows

Figures presented at the twelfth Board meeting showed that the Fund’s project pipeline continues to grow, featuring requests for mitigation and adaptation activities coming from all of the Fund’s regions. It is estimated so far that proposals are worth USD 5.4 billion, including a total amount of requested funding from GCF of USD 1.5 billion that may be ready to go to the Board in 2016. The Fund continues to develop its project pipeline in close cooperation with NDAs/FPs and AEs.

US Transfers First USD 500M of Pledge to GCF

The United States confirmed that it transferred a USD 500 million tranche of its USD 3 billion pledge to GCF into usable resources. The US Board member to the Fund made the announcement at the beginning of the Fund’s March Board meeting.

To date, more than USD 10 billion equivalent has been pledged by governments to the Fund since it launched its initial resource mobilization period in 2015. So far, USD 9.9 billion equivalent of the total pledged amount has now been converted into signed agreements and arrangements — representing more than 96% of the pledged total.

Accredited Entities Sign Accreditation Master Agreements

Two additional entities have completed and signed their Accreditation Master Agreements (AMAs) with the Fund. To date, three of GCF’s Accredited Entities have concluded their AMA with GCF: the Agency for Agricultural Development (ADA) of Morocco, Centre de Suivi Écologique (CSE) of Senegal, and Environmental Investment Fund (EIF) of Namibia.

AMAs are the final stage of the accreditation process with the Fund. They enable an Accredited Entity to receive resources and start implementing projects or programmes approved by the Board. The legal arrangements set out the terms and conditions for an entity’s use of GCF resources and holds it accountable for the delivery of results on projects supported by the Fund.

Mark Your Calendar

Bonn Climate Change Conference – Representatives from the Fund will attend the 44th sessions of the UNFCCC subsidiary bodies (SBSTA 44 / SBI 44) and the first session of the Ad Hoc Working Group on the Paris Agreement (APA 1), which will run from 16–26 May. The Fund will hold one dedicated side event during the conference and provide details on our website in due course.

Upcoming GCF Board meetings are scheduled for:

B.13 – 28-30 June 2016 – Songdo, Republic of Korea
B.14 – 18-20 October 2016 – Quito, Ecuador (TBC)
B.15 – 13-15 December 2016 – Apia, Samoa (TBC)

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