The Green Climate Fund (GCF) Board opens its 23rd meeting today at the GCF headquarters in Songdo, Republic of Korea.
The three-day meeting will consider 10 new mitigation and adaptation funding proposals, totalling USD 266.9 million in GCF funding, as well as policy decisions to further streamline GCF’s allocation of climate finance in developing countries across the world. GCF is currently funding climate action in 97 developing countries totalling USD 5 billion across 101 approved projects.
The Board will also consider accrediting four organisations to become GCF funding partners. Three of these are seeking to become direct access Accredited Entities, which allow for finances to be channelled directly to developing countries rather than through international organisations.
GCF is currently undertaking its first replenishment, with a pledging conference planned for later this year. The Board will consider a report on the replenishment process, as well as associated policy documents.
This will be the first GCF Board meeting attended by GCF Executive Director Yannick Glemarec, who the GCF Board appointed as head of the GCF Secretariat at the Board’s last meeting in February this year. GCF is governed by a Board of 24 members representing developed and developing countries equally.
The Board meeting will be attended by about 250 participants, including observers from civil society and private sector organisations, National Designated Authorities (NDAs), which are the national conduits to the Fund, and Accredited Entities and other partners who assist in delivering climate finance to developing countries.