During its fifth meeting, the Board of the Green Climate Fund (GCF) developed a roadmap aimed at raising financial resources for the Fund to support developing countries in their efforts to address climate change.
11 October 2013: During its fifth meeting, the Board of the Green Climate Fund (GCF) developed a roadmap aimed at raising financial resources for the Fund to support developing countries in their efforts to address climate change.
During the meeting, held from 8-10 October 2013 in Paris, France, the Board decided to implement an initial resource mobilization for the Fund within three months after the adoption of arrangements that will enable the Fund to receive and manage funds. The inaugural Executive Director of the Fund, Héla Cheikhrouhou, expressed satisfaction with the development of the roadmap.
Furthermore, Board members agreed that the allocation of funds within the Fund will be made according to a thematic and activity-based approach, whilst maintaining the principle of country ownership, in order to ensure a balance between funding for adaptation and mitigation.
With the term of the first Co-Chairs coming to an end, the Board elected Jose Maria Clemente Sarte Salceda (Philippines) and Manfred Konukiewitz (Germany) as the new Co-Chairs for the next one-year period. [GCF Press Release] [GCF Website] [Fifth Meeting of the GCF Board Webpage]