GCF encourages more high-quality and ambitious proposals
At a briefing held during the 44th sessions of the Subsidiary Bodies of the UN Framework Convention on Climate Change (UNFCCC), GCF Board Co-Chair, Mr. Zaheer Fakir (South Africa), and GCF Secretariat representatives gave an update on recent progress as the Fund faces the challenging task of moving from resource mobilization to implementation.
“We have set an incredibly ambitious mandate for the GCF,” said Mr. Fakir, who also spoke on behalf of his fellow Co-Chair from Australia, Mr. Ewen McDonald. “To create something innovative and truly transformational—that has the backing of all countries, civil society and the private sector—is not a simple feat,” he added. “The Board and the Secretariat are working hard to equip the Fund to deliver and we are making real progress.”
Regarding the Fund’s USD 2.5 billion approvals target for 2016, delegates were informed that, as of this month, GCF’s project pipeline consists of 41 funding proposals worth USD 2.4 billion in GCF funding. It was noted, however, that proposals are in various stages of development and not all can be expected to be approved in 2016.
“GCF’s ability to deliver against the USD 2.5 billion target will depend on the Fund’s capacity to approve proposals, and on the volume and quality of proposals that it receives,” Mr. Fakir explained.
“We need countries, Accredited Entities, and National Designated Authorities not to wait, and not to hold back in terms of the number or ambition of proposals they submit to the Fund,” he added.
In 2015, the GCF Board approved an initial eight projects and programmes worth USD 168 million in GCF funding. The next round of funding decisions is expected at the upcoming GCF Board meeting in June, followed by two additional Board meetings in October and December this year.
Other recent developments shared with climate negotiators and key partners on the GCF’s progress included:
- Readiness support to countries: 49 countries have readiness support proposals approved focused on helping strengthen NDA offices and develop projects and programmes in line with national climate strategies and the GCF’s mandate. More than USD 13 million have been committed to support this area of work. Nearly 40 additional proposals are under development.
- Entities: Interest in working with the Fund has been immense; 33 entities have been accredited to date and 11 entities are currently being reviewed for presentation to the GCF Board. Additional applications are either already being processed or are expected for submission.
- Legal agreements: 7 Accredited Entities have concluded their accreditation master agreements with GCF, enabling them to start receiving funding.
- Signed contributions: USD 10 billion equivalent has been pledged by governments to the Fund since it launched its initial resource mobilization period in 2014. Of the total amount pledged to date, funding agreements have been signed for USD 9.9 billion equivalent—more than 96% of the pledged total.
The Bonn briefing also included a practical explanation of the means for engagement with the Fund, with speakers urging partners to engage early and often.
“Go home and start a conversation about the potential for engagement with the GCF, reach out to National Designated Authorities, and get working on your GCF proposals,” Mr. Fakir called upon delegates.
The next GCF Board meeting (B.13) will be held from 28-30 June 2016 at the Fund’s headquarters in Songdo, Republic of Korea. The draft agenda is available here.