This document presents a compilation of comments made by the Board on the guidelines as received by the Secretariat from 28 October to 31 December 2014 and the corresponding responses of the Secretariat. By 31 December 2014, the Secretariat received comments from one member of the Board.

A revised version of this document, including the relevant changes proposed by the members of the Board, will be presented at the last meeting of the Board in 2015.

This document reports on the administrative budget of the Green Climate Fund and its Readiness Programme for the period 1 January to 30 April 2015. It is intended to provide the Board with information on actual expenditures for the first four months up to 30 April 2015. Administrative Budget expenditures are set out in Table 1. The amounts shown cover actual expenditures of the Secretariat in Songdo, and the estimated expenses for the Interim Trustee in Washington, DC.

The financial report of the Green Climate Fund is provided in the annex to this document. The report, which encompasses financial information as of 31 March 2015, was prepared by the World Bank in its capacity as the interim trustee of the Fund.

Pursuant to decision B.07/09, a process of collective engagement in the Green Climate Fund’s (the Fund) initial resource mobilization (IRM) process was launched with potential contributors. The first IRM meeting was held on 30 June–1 July 2014 in Oslo, Norway, with Mr. Henrik Harboe serving as Chair, and a second technical IRM meeting was held on 8–9 September 2014 in Bonn, Germany, with H.E. Lennart Båge serving as the Chair and the facilitator of the IRM process.

During its eighth meeting, the Board endorsed the policies for contributions to the Fund set out in Annexes XIX, XX, XXI, XXII and XXIII to document GCF/B.08/45, which paved the way for contributors to make significant pledges to the Fund. Before the High-Level Pledging Conference of Interested Contributors to the Initial Resource Mobilization Process of the Green Climate Fund, close to US$ 3 billion1 had been pledged as part of the Fund’s initial resource mobilization process.

This document reports on the current status of resources, including the efforts to reach effectiveness.

It also reports on the administrative budget of the Green Climate Fund and its Readiness Programme for 1 January to 31 December 2014. It is prepared to provide the Board with information on the actual expenditures for the year to 31 December 2014. The amounts shown are based on the accounts of the Secretariat in Songdo, the United Nations Framework Convention on Climate Change (UNFCCC) in Bonn, and the Interim Trustee in Washington, DC. We have yet to receive a final accounting from UNFCCC and the Interim Trustee for 2014, so there may be some modifications when these are received. Please note that these numbers have not been audited. We expect to present the audited financial statements to the Board at its tenth meeting in June 2015.

The document also provides details on actual expenditures related to readiness activity up to 31 December 2014 against the Board-approved allocation of US$ 1 million.

The financial report of the Green Climate Fund Trust Fund is provided in this document. The report, which encompasses financial information as of 31 December 2014, was prepared by the World Bank in its capacity as the interim trustee of the Fund.