The Board started with a short formal session on Monday 25 February where it announced the selection of Yannick Glemarec as its new Executive Director. It then reconvened on Tuesday morning to start consideration of other business, including new funding proposals and policy decisions.
If approved, the new funding proposals will add to GCF’s current allocation of climate finance which currently totals USD 4.6 billion – covering 93 projects across nearly 100 developing countries. The agenda for the 22nd GCF Board meeting, which will be held from 25 to 28 February, is available here.
The GCF Board will also consider applications by nine organisations headquartered in different parts of the world to act as GCF project partners to propose and carry out climate finance projects as Accredited Entities.
GCF’s 24 Board members represent developing and developed countries equally. This will be the first Board meeting to be convened by the new Board Co-Chairs for 2019 – Nagmeldin Goutbi Elhassan (from Sudan) and Josceline Wheatley (from the United Kingdom).
The Board meeting held at GCF headquarters in Songdo, Republic of Korea, will be attended by more than 300 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.
GCF Board meetings are generally held three times a year. This year marks a pivotal phase for GCF as it enters its first replenishment to marshal further funds to finance low-emission and climate-resilient ambition in developing countries. GCF-supported climate action on the ground has been increasing, highlighted by the milestone reached earlier this month with the value of GCF projects reaching USD 2 billion.