The GCF was established in 2010 by the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) and was designated as an operating entity of the Financial Mechanism of the UNFCCC in 2011. The Financial Mechanism of the UNFCCC also serves the Paris Agreement, and in 2015 the Parties to the UNFCCC decided that the GCF, as an operating entity of the Financial Mechanism of the UNFCCC, shall also serve the Paris Agreement.
The objective of the GCF is to promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change.
The GCF is governed by a Board, comprising 24 members equally divided between developed and developing country parties to the UNFCCC. It is served by an independent secretariat located in Songdo, Republic of South Korea. The World Bank serves as the interim Trustee of the GCF.
The GCF became fully operational in 2015, and now has agreements with 59 international and national entities to implement projects and programmes. It has committed more than US$ 3 billion for mitigation and adaptation activities in 79 developing countries. It has received over US$ 5.5 billion in contributions to date from more than US$ 10 billion in pledges for its initial resource mobilization period (2015-2018).
The selected public international financial institution will be appointed as the permanent Trustee of the GCF. The Trustee inter alia, will receive, hold in trust, and invest the financial contributions from contributors, as well as transfer of such resources to beneficiaries, pursuant to GCF instruction. The Trustee will submit periodic financial reports to the GCF.
Potential applicants are invited to consider the:
Terms of Reference of the Permanent Trustee
Applications / letters of intent along with associated questions should be sent to before the application deadline of 17:00hrs 14th May 2018 Korean Standard Time (Seoul Time).