At its twenty-seventh meeting, the GCF Board adopted the Updated Strategic Plan (USP) for the first replenishment period 2020-2023 (GCF-1) and set new portfolio targets under the Fund’s investment framework. During this period, the GCF is required to maintain a 50:50 balance between adaptation and mitigation funding; with at least half of adaptation funding allocated to particularly vulnerable countries (SIDS, LDCs and Africa); appropriate geographical balance; significantly increase funding channeled through Direct Access Entities (DAEs) and its Private Sector Facility; and significantly increase mobilization of private sector finance. The GCF is also expected to exceed mitigation and adaptation results relative to the Initial Resource Mobilization (IRM) period (2015-2019) and improve its speed, predictability, efficiency, effectiveness and transparency to maximize the impact of GCF’s climate action.

To achieve these strategic objectives within its existing resource envelop, and ensure a balanced portfolio over time, the GCF will review and manage the funding proposal pipeline periodically and advise NDAs and AEs on programming directions and opportunities. In the short-term, this implies giving priority to projects and programmes on adaptation, those submitted by DAEs and those that mobilize private sector finance. In this regard, the GCF welcomes new and revised proposals that contribute to these strategic objectives with a view to building a strong, country-driven pipeline, delivering a paradigm shift towards low-emissions, climate-resilient development.

At its twenty-eighth meeting, the GCF Board also adopted Decision B.28/03 updating the operational modalities of the independent Technical Advisory Panel (TAP), and with it introducing rolling reviews of funding proposals submitted to the GCF. This reform will enable more efficient processing of funding proposals and more effective management of the pipeline strengthening programming outcomes for both countries and the GCF. It will also require an ongoing submission to and processing of funding proposals by the independent TAP. Towards this end, the timeline and key time periods for the thirtieth meeting of the GCF Board (B.30) is presented below.

* Per paragraph 17 of GCF’s Information Disclosure Policy, the AE shall disclose the ESS report/s in English and the local language (if not English) of the project/ programme location. The report/s shall be disclosed (i) on the AE’s website, (ii) in locations convenient to affected peoples, and (iii) to the Board and active observers by way of a notification via the Secretariat. The deadline for such disclosures shall be 120 days (A or I-1) or 30 days (B or I-2) in advance of the AE’s or GCF’s Board decision, whichever is earlier.

Note: Please note that all funding proposals submitted for B.30 should use the latest funding proposal template. The new revised template and relevant annexes can be found on the GCF website.

In light of various steps undertaken within the Secretariat before submission to independent TAP (including technical review, project appraisal, and endorsement processes by the Secretariat’s Climate Investment Committee), funding proposals that contribute to the above-mentioned strategic objectives should be submitted to the Secretariat as soon as possible for consideration at future Board meetings.